What is covered by retail business insurance?
Bullfrog offers two areas of insurance for retailers:
- Commercial general liability insurance
- Property insurance
Commercial general liability insurance can protect retailers if the company or an employee is held liable for causing injury or property damage to a third party due to negligent acts. What are negligent acts? They are a failure to exercise appropriate care in a specific situation.
Here are a few examples:
- An employee makes an offhand comment about the competition in a news interview and your company is sued for harming the reputation of your competitor.
- A customer slips and falls outside the front door of your retail shop, injuring themselves. They sue you for damages due to their injuries.
- A vendor’s equipment is accidentally damaged by an employee and the vendor sues you for damages.
Your legal expenses including defence costs, judgement awards, and settlements are covered if you’re sued for causing property damage or bodily injury due to negligent acts. This applies regardless of the outcome of the lawsuit.
We offer a few levels of liability protection:
- $2 million
- $3 million
- $4 million
- $5 million
The amount of coverage you need depends on the likelihood of a lawsuit, the estimated cost of a lawsuit, the number of employees you have, your retail store’s annual revenue, where you operate, and what you sell.
Property insurance covers damage to property owned by your business so long as the damage was caused by an insured peril. This can include fire, theft and vandalism.
We offer two levels of property insurance for retailers:
Consider how much it would cost to replace your company’s property, including furniture, inventory, and equipment. This should also include unit improvements and betterments.
Your policy documents will outline what’s covered and if you have any questions, don’t hesitate to ask.