- Furniture Stores
- Clothing & Department Stores
- Outdoors & Adventure Stores (e.g. Hunting & Fishing)
- Sporting Goods Stores
- Gun Stores
- Marine Stores
- Electronics Stores
- Salons & Beauty Shops
- General Purpose Stores
- Discount Stores
- Gift & Book Stores
- Grocery Stores
>> LEARN MORE ABOUT OUR COMMERCIAL & SMALL BUSINESS INSURANCE PROGRAMS
Retail Business Insurance Services Snapshot
What is your current broker doing to ensure that you won’t be blindsided by an unforeseen lawsuit?
The retail environment presents many unique risks. Successfully navigating the minefield of potential liabilities requires a proactive approach to risk management and a broker who doesn’t take a one-size-fits-all approach to your coverage recommendations.
Are your workers’ compensation premiums through the roof?
The first step in reducing premiums is learning how to control your experience modification factor. Let us show you how.
Below is a very broad Coverage Evaluation Checklist, which can be used as an excellent starting point to determine if you’re buying the right coverage. This ensure we address every possible exposure with you. Feel free to download and save it for your own use or complete with our agency’s team.
As a retailer, your exposures are unique to the nature of the work you do. The below categories are the most critical areas of risk that most of our retail store clients needed to address through proper insurance placement, as well as risk management strategies.
If the property your retail store occupies experiences a loss (e.g. fire or wind), then you may lose income for a period of time. Business Interruption insurance can protect you against this loss of income.
BUILDING & PERSONAL PROPERTY
It’s critical you buy the right kind of Commercial Property insurance to protect your building, the build-out and/or your inventory and contents. Correct valuations will avoid coinsurance penalties and underpaid claims. If you occupy older buildings, then you may want Ordinance or Law coverage to protect against the increased cost of construction to comply with new codes after a loss. Our team will discuss all your needs and find a policy that matches your risks.
PREMISES & ONGOING OPERATIONS
Included in Commercial General Liability insurance policies, this coverage is extremely important for any type of business with that involve a lot of onsite “foot traffic”. If one of your patients or visitors is injured on the premises (i.e. the infamous “slip and fall”), then you’ll want insurance to provide coverage for defense, settlement and judgments from the alleged bodily injury.
PERSONAL & ADVERTISING INJURY
Also included in the Commercial General Liability insurance, this coverage primarily protects you against slander or libel accusations or infringements within your advertising.
PRODUCTS & COMPLETED OPERATIONS
Included in Commercial General Liability insurance policies, this coverage is extremely important for any type of retail store. If “your product” (i.e. goods you sold) results in bodily injury or property damage to a third party, then you could be held liable and this coverage would provide coverage for defense, settlement and judgement.
In most states, businesses are required to abide by state workers compensation laws, which obligates the employer to pay for any medical expenses and lost wages related to work-related injuries or illnesses. Workers Compensation insurance is required to ensure the financial resources are available to meet this obligation.
Implementing good safety and training practices into your retail business will help prevent work comp claims and keep your costs low – we have resources and expertise which can be shared with you.
Retail stores often have workers driving to and from delivery sites, between locations or running errands. Auto accidents are one of the most common causes of major liability losses so it’s important to address this exposure, even if your workers are driving their own autos (rather than company autos). Your business may face serious liability if the insurance is not adequate or is written incorrectly (e.g. if personal autos are being used, but coverage doesn’t address the exposure). If your company owns vehicles, then you would of course address the exposure with a Business Auto insurance policy.
EMPLOYEE LAWSUITS (EEOC)
Workers who accuse your retail business of wrongful termination, discrimination, harassment or other similar possibilities, you may have to spend a lot of money defending your company (or paying out settlements). Employment Practices Liability insurance is a cost-effective way to protect against this exposure.
If your company retains personally identifiable information (PII), including information on customer financial accounts, social security #s, birthdays, driver license #s, etc., and your records are breached by outside parties, then you may face significant liability. Buying a robust Cyber Insurance policy can help protect against these ever-growing and evolving exposures.
- “A Rated” Insurance Carriers
- Property – covers loss to buildings, personal property and loss of income from causes such as fire, lighting, wind, theft, etc.
- General Liability – covers liability arising from personal or advertising injury or bodily injury or property damage occurring on your premises or from your work, products or ongoing operations
- Errors & Omissions Liability – covers liability arising from a professional error or omission arising from work as a realtor, landlord or property manager
- Business Auto – covers physical damage to your owned, rented or non-owned vehicles, as well as liability arising from bodily injury or property damage to others
- Employment Practices Liability – covers liability arising from employment issues like discrimination, harassment, retaliation or wrongful termination
- Directors & Officers Liability – covers liability to director and officers of your company resulting from fiscal mismanagement, breach of duty, etc.
- Fiduciary Liability – covers liability to “fiduciaries” on behalf of beneficiaries of employee benefits, health/welfare plans and retirement plans
- Crime – covers losses resulting from employee dishonesty, funds transfer fraud, robbery or theft and forgery or alteration
- Cyber Liability – covers liability and expenses arising from data breaches
- Workers Compensation – covers your obligations to work-related injuries under workers comp statute, as applies in your state
- Tenant Legal Liability – covers you for damage caused by tenant negligence to your property
- Coverage Enhancement Options (theses are often excluded from coverage unless added by endorsement):
- Ordinance or Law – covers your property for increased costs of construction to comply with updated building codes after a covered loss
- Equipment Breakdown – covers equipment like generators, hvac systems, phone systems, computers, machinery and boilers from mechanical breakdown, explosion or electrical arcing
- Flood – covers your property from flood damage
- Earthquake – covers your property from earth movements
- Punitive Damages – covers loss resulting from judgments which impose multiplication of the general damages as a punishment to the defendant (note: punitive damages insurability by state)
- Mental Anguish – ensures coverage for bodily injury applies to mental anguish, which in some jurisdictions has been classified as such, but in others it’s not so clear
- Wage & Hour – coverage for employment practices liability resulting from disputes over salary vs hourly workers (i.e. exempt vs non-exempt employees)
Shields Insurance Agency is an Independent Insurance Agency based out of Birmingham, AL and we are licensed to write property & casualty insurance in AL, FL, GA, MS and LA. This includes commercial lines and personal lines insurance.
Representing several top-rated insurers, we are capable of writing commercial insurance policies for an array of business types with very competitive pricing and broad coverage terms.
Some of our primary specialties – industries for which we are most competitive – include:
Lets Reduce Your Rates and Improve Coverage
Most people don’t understand their unique risks or their insurance and are therefore buying the wrong coverage and paying too much. If you work with our insurance agency, we will implement our simple 3-step process to identify your key exposures, improve insurance coverage and reduce rates.