Business · By industry · Retail
Retail insurance should reflect the products you sell, the stock you hold and the channels you use. A storefront, an online operation and stock held by a fulfillment provider don't necessarily raise the same insurance questions.
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What to review
Identify stock at the premises, in outside storage, in transit and held by others. Review ownership, valuation provisions, location limits and seasonal peaks, and include leased equipment and tenant improvements where they're your responsibility.
General liability can address specified third-party injury and property-damage allegations. Products coverage deserves attention when you import, private-label, modify or sell higher-risk goods.
Describe your e-commerce, delivery and fulfillment arrangements, payment providers and the information your business handles.
Consider a covered closure during the period when your store earns most of its revenue.
A pipe bursts overnight in early December and damages stock and fixtures. Property coverage can address the damaged stock and fixtures, subject to valuation and limits; if the store has to close, business income coverage may address lost income after its waiting period. Whether the stock limit was set for the season's peak makes a difference. A real claim depends on the facts and the policy.
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