So you’re interested in commerce insurance, eh? We hope to not disappoint you. We’ll explain a little about this special type of insurance coverage and point you toward some of the best links where you can learn about great (yet cheap, hopefully) commerce coverage plans.
Before we get into the several types of retail insurance, let’s review a basic definition together. Liability coverage means that your business is protected in the event that it causes harm to anyone through mistakes or negligence.
Now then, here are some of the different aspects of this kind of insurance. These kinds are probably necessary if you want the best levels of coverage:
- Business income loss protection – some insurers will cover you against a loss of income for up to one year. They might even be able to pay to keep your business running in the meantime.
- Employee dishonesty – This coverage protects you in case your employees do anything dishonest, and can range up to $250,000 or perhaps more.
- Inventory – This can cover your business inventory if it is lost or stolen.
- Seasonal coverage – If you are running, say, a florist shop whose sales tend to spike at certain seasons of the year (like Valentine’s Day and Mother’s Day), this coverage can increase your protection especially at those most profitable times.
In addition, consider the following optional coverage types:
- Glass damage – This could apply to both internal and external glass and windows.
- Mechanical Cover - Protection against machine breakdowns and other mechanical problems.
- Electronics Coverage – Insures you in case of special damage to data and computer systems or other electronics.