Retail Shop Insurance
Get customizable and cost-effective insurance solutions for your retail shop in South Coast MA & RI
It’s probably an understatement to say that, as the owner of a local retail business, you have your hands full. Depending on the type and size of your shop, you could be responsible for store and staff management, customer service, buying and marketing, financials, setting a long-term vision for your business, and more. So, wouldn’t it be nice to know there’s at least one thing you don’t have to worry about? Let the local insurance professionals at HIG make sure you have the right insurance coverage to protect your retail shop and all your hard work. Our team is committed to getting to know your retail operation inside and out, identifying risks that might be a threat to your store today and in the future, and assisting you in securing a cost-effective and comprehensive retail shop insurance solution.
HIG offers customizable insurance solutions for the following types of retail stores across the south coast of Massachusetts and Rhode Island:
- Clothing and Apparel
- Computer and Computer Repair
- Dry Cleaning
- Grocery and Liquor
- Hardware and Home Improvement
- Household Appliance
- Lawn and Garden Supply
- Office Supply
- Pet Supply
- Sporting Goods
- And More…
Even if your type of store is not listed here, the odds are that HIG can help you with your retail shop insurance needs. Please contact us to find out how we may be able to help secure retail shop coverage tailored to your specific business and budget.
What kind of insurance does your retail shop need?
For us to make an informed recommendation about the type of insurance solution your business needs, it’s best that our team meet with you, preferably at your retail space. Among other things, we want to see where your shop is located, tour the building, and learn more about the types of risks facing your business. However, we are glad to share information about the following three insurance coverages, which are the protections most retail shops typically should consider:
- Commercial Property Insurance: This is critical coverage for any retail shop owner to have because it provides protection for your business’s physical assets, including the retail space you rent or own and all the equipment in it, such as your furniture, computers, and inventory. Should your store experience a fire, theft, weather-related damage, or another commonly covered event, having this insurance may help you pay for the cost of repairing or replacing items that have been ruined.
- General Liability Insurance: No matter how much focus you put on providing a safe and comfortable space for your customers, you can’t eliminate the possibility that someone might slip, trip, or fall and injure themselves in your store. For this reason, general liability is another critical coverage for virtually every retail shop owner to have. This insurance may help protect you against lawsuits and other financial liabilities that result from a variety of incidents, including a customer injury in your store. It also may provide important protection against advertising injury claims, such as copyright infringement, slander, libel, and more, making general liability essential protection not only for brick-and-mortar businesses but for e-commerce retail operations, as well.
- Business Income Insurance: We understand how vital it is to keep your store open for business, not only to maintain customer satisfaction but also to continue to have a steady flow of income. But there may come a day when, due to events beyond your control, like a fire, severe weather, vandalism, or another covered loss, you’re forced to shut down temporarily to repair the damage that’s been done. Being closed for business, even for just a few days, can be financially devastating, especially if you’re a smaller shop. But if you have business income insurance, you may be able to get reimbursed for both your net income losses during this time and ongoing expenses such as rent, utilities, and payroll. This insurance might also help cover the costs of leasing a temporary location for your business until you’re ready to reopen your shop.
These are a few of the most common coverage options that retail shop owners generally require. Depending on the type and size of your store, whether you have employees or use vehicles for business purposes, and your shop’s other unique risk factors, such as location, your business may require the following additional coverages:
- Employment Practices Liability
- Equipment Breakdown
- Flood and Earthquake
- Inland Marine
- Liquor Liability
Through our relationships with many of the top national and regional insurance carriers, HIG has access to a variety of customizable insurance solutions for retail operations, including a potential money-saving option for smaller retail shops called a Business Owners Policy. Our team will help you select the coverages that may provide the best level of insurance protection for your business and fit your budget.
HIG is here to help you keep your retail shop safe and secure
Having the right insurance solution through HIG may give you peace of mind that you’re covered if an accident happens, but, of course, the best scenario is to never have to use it. So, we want you to know that our team is here to assist you with more than just insurance coverage.
As our client, you may have access to value-added services such as premises liability reviews, sprinkler system evaluation and analysis, and supervisor accountability programs, to name just a few. These types of additional offerings can help you better navigate your business exposures and assist you in identifying risks, understanding best practices, and, hopefully, minimizing claims occurrences.
Please contact the HIG team today at (508) 676-5949 for more information about insurance for retail shops like yours. We look forward to providing you with products and services that help you keep your store open for business for the long term.