While a comprehensive insurance package with multiple policies can be a good option for large retail operations, there are many reasons why a customized business owner’s policy, or BOP, may be a better fit for many local business owners.
What a Business Owner’s Policy Includes
Insuring your retail business through a BOP can provide essential coverage, such as:
- General Liability: This coverage helps protect you if your company is held responsible for bodily injury or property damage incurred by third parties on your premises or as a result of your operations.
- Building Coverage: This provides coverage for your building – whether leased or owned – and other business property.
- Building Contents Coverage: This coverage can help protect your products and goods that are located on-site.
Learn More About a Business Owner’s Policy
Additional Coverages to Consider
As a retail business owner, it’s important to look at additional coverage options beyond what’s typically included in a business owner’s policy. Here are a few you might want to consider.
Employment Practices Liability
Lawsuits alleging failure to hire or promote, wrongful termination or discrimination are on the rise. Unfortunately, many small business owners don’t see the need for employment practices liability coverage, but no business, no matter how big or small, is exempt from these claims.
Employment practices liability insurance (EPLI) can help your business with costs associated with defending covered allegations of employee rights violations. This may include legal expenses, settlements and judgments.
Commercial Umbrella Liability
As a protective safeguard, an umbrella policy can provide excess coverage over your general liability policy and potentially other policies, such as commercial auto or employer’s liability, should you exceed a policy’s limits. Without an umbrella policy, if you exceed these limits, you may be held responsible for the remaining costs.
Cyber Insurance
Smaller businesses often think that hackers only go after big companies, but the reality is that no business is safe from cybercriminals. In fact, small businesses are arguably at greater risk, since they’re less likely to have the infrastructure and funds to handle a cyberattack and its fallout. Cyber liability insurance can help to mitigate this risk.
It’s important to note that if cyber coverage is included in a business owner’s policy, this coverage is typically very limited and often will not be enough protection if a cyber incident occurs. Fortunately, your retail business can secure a cyber insurance policy for additional coverage.
How Higginbotham Can Help
At Higginbotham, we understand the complexities of running a retail business, and that’s why we work to create customized insurance solutions for our clients based on their individual needs. Connect with one of our business insurance specialists today to learn more.
