The U.S. Department of Labor lists the retail trade industry as a high growth industry. It is this country’s largest employer, providing jobs for more than 16 million Americans. While these businesses offer high potential for growth and financial gains, they also face risks of low sales during tough economic times and losses caused by natural disasters, crime and liability lawsuits. Fortunately, business insurance for the retail industry is designed to provide exactly the type of coverage that business owners need to protect their retail trade investments.
The NAICS, or National American Industry Classification System, enables economists to collect, analyze and report on financial data from a variety of U.S. industries by classifying every business type into specific industry sectors. Currently, the NAICS lists 1,848,093 U.S. businesses as falling into the retail trade industry.
The retail trade sector includes businesses that deal primarily with the final step in the distribution of merchandise, small-quantity sales directly to the public. These establishments may also engage in after-sale services such as repairs and installations. The retail trade industry is comprised of, but not limited to, the following business types:
When you run a retail business, you have several inherent risks. If your retail merchandise is damaged or stolen, you can face large financial losses. If a customer is injured in your store or parking lot, you may face a liability lawsuit. It is important for all business owners to protect their investment with a business insurance policy, and for retail store owners, the property insurance aspect of this coverage is of particular importance.
Business insurance policies for the retail trade sector are designed specifically to meet your industry’s coverage needs. Some coverage options you may want to give serious consideration to include:
These are just some of the many coverage options available to you with this type of business insurance plan. Before purchasing a policy, it is important to consider all of your potential hazards so you can ensure that you have all the coverage you need.
Because business insurance policies involve several different coverage options, it can be difficult to put together a well-suited policy without the help of an insurance professional. Agents in the Trusted Choice network are independent of any particular insurance company, so they are free to work for you to help you find the right coverage at a competitive rate.
Contact aTrusted Choice agent near you for ethical advice, a coverage-needs assessment and the answers to all of your insurance-related questions. With your agent’s help, you can soon start comparing policies and rates for coverage that is designed specifically for your retail trade business.