Your insurance options as a retail business owner

Image by Abdul Rehman from Pixabay

By Brooke Chaplan

Being a business owner comes with a myriad of responsibilities. Although it may seem optional, you should always have retail insurance. In some cases, you won’t be able to rent your storefront without it.

If you’re new to owning a business and need help choosing the right retail coverage, a business insurance expert will give you options dependent upon your specific needs. Here’s a list of your most common retail insurance options.

General liability insurance

Typically, your business insurance broker will advise you to get general liability insurance. This option covers customers and other third-party individuals who are physically hurt in your business. Property damage is also covered, which is beneficial in case someone else’s property is damaged within your store.

Being sued for slander? General liability insurance can cover the settlement costs you’ll be responsible for. So, this type of coverage should definitely be on your retail insurance priority list.

Commercial property insurance

Commercial property insurance is beneficial because it protects assets like machinery and other important equipment. Anything can happen to your store, whether it’s a natural disaster or an accidental fire. When these occur, you want your property to be replaced.

If you experience a burglary or someone purposefully damages your shop, you’re also covered. Usually, most natural disasters are covered. Conditions like a flood or an earthquake often require additional coverage, especially if you aren’t located in an area where these conditions occur often.

Additional coverage options

In addition to purchasing the previously mentioned insurances, you may need to invest in some coverage that caters to the business you’re in. For instance, if you own a delivery company, it’s a good idea to purchase commercial auto insurance to protect the driver and damages to the car.

If your employees regularly climb ladders or carry heavy packages, workman’s compensation will cover the cost of a potential accident. Everything from slips to broken bones is covered with workman’s compensation insurance. Have to temporarily shut down? Business interruption insurance covers your financial responsibilities until you can resume regular business hours.

Being a responsible business owner means being prepared for anything including natural disasters, work injuries, and even potential lawsuits. By investing in retail insurance, you protect yourself and your business from anything that can negatively affect your bottom line. If you can, set a budget and acquire as much coverage as you can comfortably afford.

If you are a new business owner, it is recommended that you work with an experienced broker that specializes in business insurance. Working with an experienced professional will help you determine exactly what kind of coverage will protect your business the most efficiently.


Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most of her time hiking, biking, and gardening. For more information, contact Brooke via Facebook at or Twitter @BrookeChaplan.

Leave a Reply

The Self-Employment Survival Guide can help you succeed. Learn all about it here.

Self-Employment Survival Guide book cover