As a retail store owner, you likely know that insurance is a crucial aspect of protecting your business. However, as a True Value retail store owner, there are specific problems and risks that you face that are unique to your industry. In this blog, we'll discuss some insurance tips that are tailored to True Value retail store owners.
Protect Your True Value Retail Store with Business Property Insurance
One of the most significant risks that True Value retail store owners face is damage to their inventory. It's essential to have property insurance that covers damage from events such as fire, theft, or vandalism. According to the National Retail Federation, retail inventory shrinkage (loss) costs the industry $61.7 billion annually. Having insurance coverage for your inventory can help you recover financially if something unexpected happens.
True Value Stores Protect Their Customers with Business Liability Insurance
True Value retail store owners are responsible for the safety of their customers while they are on their premises. This includes protecting them from slips, falls, and other accidents that can occur while shopping in your store. Liability insurance can help cover the costs of legal fees and damages if a customer is injured while on your property. According to the National Safety Council, slip and fall accidents are the leading cause of non-fatal injuries for people aged 65 and older.
Workers Compensation Insurance at True Value Retail Stores
True Value retail store owners also need to protect their employees from workplace injuries. Workers' compensation insurance can help cover the costs of medical bills and lost wages if an employee is injured on the job. According to the Bureau of Labor Statistics, retail workers are at a higher risk of workplace injuries than workers in other industries.
Does My True Value Store Need Cyber Liability?
Yes! True Value retail store owners rely heavily on their reputation to attract and retain customers. If your business is hit with a lawsuit or negative publicity, it can damage your reputation and, in turn, hurt your bottom line. Cyber liability insurance can protect your business from the financial and reputational damage caused by data breaches and cyberattacks. According to the Identity Theft Resource Center, the retail industry had the second-highest number of data breaches in 2020, accounting for 13.3% of all breaches.
Will Business Interruption Insurance Help My True Value Store?
If something unexpected happens, such as a fire or natural disaster, that causes your store to close temporarily, business interruption insurance can help cover the lost income and expenses while your business is closed. According to the Insurance Information Institute, 40% of small businesses never reopen after a disaster. Having business interruption insurance can help ensure that your business can survive a temporary closure.
True Value retail store owners face unique risks that require specialized insurance coverage. Protecting your inventory, customers, employees, reputation, and business interruption are all critical aspects of insuring your business. By taking these steps, you can help ensure that your True Value retail store is protected and can continue to thrive in the face of unexpected events.