Common Insurance Needs for Retail Businesses

A crucial, often overlooked way to support retail health is helping to ensure independent retailers maintain the right insurance coverage to help them stay resilient in the face of unexpected setbacks.

Here are a few common types of small business insurance coverages that can be important for retail businesses to consider:

Business Owner's Policy (BOP): BOP insurance conveniently bundles commercial property and general liability insurance and can include business interruption coverage as well.

Commercial Property Insurance: Typically covers damage to premises, fixtures, and inventory due to covered events which may include fire, theft, vandalism, and storms.

Commercial General Liability (CGL) Insurance: CGL insurance typically covers third-party claims, such as customer injuries and slip and fall incidents, as well as advertising liability.

Business Interruption Insurance: Also known as business income insurance, it typically covers lost income and operating expenses if a covered disaster forces temporary closure.

Workers' Compensation: Worker's comp is required in most states for businesses with a certain number of employees, it typically covers medical, rehabilitation, and lost wages for job-related injuries or illnesses.

Product Liability Insurance: Important for retailers that manufacture, package, or resell items, it helps protect against claims of injury or damage caused by products.

Commercial Auto Insurance: Generally required for business-owned vehicles used for deliveries or errands, for example, it typically covers claims arising from accidents and property damage.

Cyber Insurance: Cyber insurance typically protects against claims arising from data breaches and online fraud—especially critical for retailers that process payments or collect customer information.

Umbrella Insurance: Provides additional liability coverage beyond the limits of existing liability policies, helping to offer additional financial protection against large claims.

Some Other Endorsements or Policies to Consider: Crime insurance typically covers claims arising from theft or employee dishonesty. Spoilage coverage can be helpful for grocers. Inland marine insurance can be crucial for movable property, including deliveries of equipment or inventory to clients or markets.

Acrisure can help independent retailers understand their risks and find the right coverage.