Retail Store Insurance
Retail stores have unique needs when it comes to insurance that are specific to them. Few insurance agencies understand this better than Insurance Center of North Jersey. We have more than 80 years of experience serving the needs of retail stores and shops throughout New Jersey to bring to the table for you.
Unique Needs New Jersey Retail Businesses Have for Insurance
Retail stores have many insurance needs that are fairly common to all businesses. These include the following types of insurance, some of which may be included in a standard Business Owner’s Policy, or BOP. They include the following:
- Business Property Insurance
- Business Interruption Insurance
- Liability Insurance
- Umbrella Liability Insurance
- Commercial Auto Insurance (if your business happens to make deliveries)
The coverages listed below go beyond the basic types of coverage mentioned above and address the needs that retail stores face that other businesses may not.
Business Crime Insurance
This insurance extends to a wide range of crimes, not covered by other policies, that are committed against a business. These crimes include robbery, computer fraud, employee theft, forgeries, employee dishonesty, and more.
Employee Theft Coverage
This offers protection for your retail store in the event that an employee steals money or inventory from your store. While no business owner wants to think employees would steal from the company, the numbers related to employee theft are shocking. It’s better to be safe than sorry.
Equipment Breakdown Insurance
If a power surge occurs that takes out your cash register equipment this helps to replace your equipment. This extends to mechanical breakdowns, operator errors, and more as well.
Product Liability Insurance
If your store sells products that lead to bodily harm or damaged property, you could be found liable for the injuries or damage. This insurance protects your business from legal fees and damages awarded when liability issues related to these products arise.
Workers Compensation Insurance
This protects your business if employees are injured at work by covering the costs of their medical care and replacing a portion of their wages until they are able to return to work. In the state of New Jersey, most businesses are required to provide this insurance protection to their employees.
Cyber Liability & Data Breach Insurance
As the world becomes more dependent on computers for keeping, storing, and sharing information; retail stores and other businesses become more vulnerable to hacking. It’s not just the big retailers that are attractive target for hackers and the damages can be far-reaching for a hacking event. This insurance provides protection for your business should someone gain access to private and personal information about your customer, such as credit card numbers and other identifying information, as the result of a breach.
Inland Marine or Property in Transit Coverage
This coverage extends to inventory that your retail store transports. It covers losses that occur on your premises, while coming to your store or leaving your store, and while in storage.
Accounts Receivable Insurance
In the event that documentation detailing money owed to your retail store are damaged or lost as a result of a covered event, this coverage may provide coverage for the loss of those records.
Outdoor Signs Coverage
If you’ve installed outdoor signage for your retail store, you don’t need anyone to tell you, it’s an expensive proposition. Not only does it involve the costs of having the signs created, but also installing them. When they are damaged by named events, like lightning, hail, or fire, the costs of repairing or replacing them can be challenging. This coverage helps to mitigate those costs so that you can focus on getting back to business.
Food Spoilage Insurance
If you have a prolonged power outage or equipment failure that results in spoiled food for your grocery store, butcher shop, or supermarket, the costs of replacing that food can put a real damper on a slim operating budget. Food spoilage insurance helps you cover the costs of replacing food that’s gone bad without going into the red.
Storefront Glass Coverage
Storefront glass is not at all inexpensive, the first time around. Replacing the glass when things go wrong, is just as expensive. Having the right insurance coverage can mitigate the costs of replacing the windows, along with costs associated with boarding up the windows, repairing frame damage, and providing security while the windows are waiting to be boarded up or replaced.
You should also keep in mind that there are some types of insurance coverage that are available to certain types of retail businesses. Always ask your agent about specific insurance needs you have not only as a retail store, but as a retail store in your field.
Why is Insurance Center of North Jersey the Right Choice?
Not only do we have 80 years of experience serving New Jersey’s retail business insurance needs, but we have 80 years of getting to know the needs of New Jersey businesses and earning the trust of New Jersey business owners. We take pride in our long history of service and work to provide the best rates for your policy along with an honest estimate of the cost.