Retail Insurance in Vermont
What is retail insurance?
Retail businesses require substantial investments in equipment, inventory and space. Those assets should be protected against loss whenever possible, and businesses too should protect themselves from potential lawsuits. Retail insurance may help retailers in Vermont shield themselves from many risks.
Retail insurance is specialized commercial insurance for retail businesses. Policies typically provide multiple property and liability protections in order to provide robust coverage.
What Vermont businesses should have retail business insurance?
Retail business insurance is generally well-suited for brick-and-mortar stores. Vermont retail chains, independent stores, boutique shops and ski shops might purchase this insurance.
E-commerce retailers often need some similar coverages, but they don’t always have the exact same needs. Businesses that sell exclusively online might be better served by e-commerce insurance. An insurance agent who specializes in retail and e-commerce policies can help businesses determine which option is better for them.
What coverages are available through retail business insurance?
The majority of coverages that retail business insurance policies make available can be categorized as either property protections or liability protections. Property ones typically protect assets against damage and/or loss. Liability ones typically protect against situations where a store could be sued for causing harm to another party.
Common property coverages that stores might want to look for are:
- Building Coverage, which may protect a store’s owned brick-and-mortar building
- Tenants Betterment Coverage, which may protect a store’s build-out in leased space
- General Property Coverage, which may protect merchandise that’s in stock
- Computer Property Coverage, which may protect POS systems, computers and CCTV recorders
- Signage Coverage, which may protect exterior signs and awnings in front of a store
- Income Loss Coverage, which may protect against revenue losses that follow natural disasters
Common liability coverages that stores might want include:
- General Liability Coverage, which might cover slip-and-fall accidents and false advertising
- Product Liability Coverage, which may cover harm and property damage caused by sold products
- Cyber Liability Coverage, which may cover data breaches that compromise credit card numbers
- Commercial Umbrella Liability Coverage, which may cover expensive suits with secondary protection
Stores can typically also purchase fidelity coverage, utility interruption coverage, money and securities coverage, commercial auto coverage, backup sewer and drain coverage, and others if desired. A knowledgeable insurance agent can help sort through all of the available options.
How much are premiums for retail business insurance policies?
Premiums for retail business policies can vary greatly. A store’s square footage, location, product mixture, annual sales and many other factors can impact cost. Large and multi-site retailers should generally expect to pay more than small boutiques with a single location, but there are exceptions for stores that sell high-risk products and in other situations.
Stores can quickly find out how much they’ll have to pay for insurance by comparing policies with an independent agent. Independent agents aren’t obligated to promote any one insurer, and thus can show stores quotes from several companies.
How can stores in Vermont get retail insurance?
For help insuring a brick-and-mortar store that’s located in Vermont, contact the independent insurance agents at T.S. Peck Insurance. Our agents have worked with many retailers in the state, and we’ll make sure you find a retail insurance policy that will provide your business with robust protection.
