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Retail store owners have invested substantial time and money into their businesses, and those investments ought to be protected when possible. One way Vermont retailers can protect their businesses is by purchasing retail insurance.
Retail insurance is commercial insurance tailor-made for retail stores. Policies typically combine coverages that help protect stores, inventories, and against lawsuits.
Most Vermont brick-and-mortar retailers should have retail business insurance. Not purchasing insurance leaves businesses exposed to major risks, and these tend to be the best policies for retailers.
Online retailers should also have coverage for their business, and retailers that sell in-store and online must take into account the various risks that each mode of selling presents. For help securing retail business insurance that’s suitable for online operations, owners should work closely with an insurance agent who specializes n these policies.
Retail business policies typically provide a variety of protections, which is why these policies can offer robust coverages. The available protections include both property coverages and liability coverages.
Property coverages are primarily designed to protect the assets that a retailer owns. These might include protections such as:
Liability coverages primarily protect when a retailer could be sued for injury, property damage or other harm. These protections might include:
Stores might also want commercial vehicle coverage,, utility interruption coverage, money and securities coverage, fidelity coverage, backup sewer and drain coverage, or other protections. A knowledgeable insurance agent can help retailers explore all of the coverages available to them.
Our business was with the same trusted agent for over 20 years. Mike Bancroft offered to evaluate our policies and see if he could save us some money on both Workmen's Comp and general liability. He did, and in the process even moved us to better coverage. Mike also offers a superb quality of service. Cannot recommend highly enough.
Mike Bancroft has been great to work with. He has assisted with my Business Auto, Tool Coverage, Homeowners and all other types of insurance needs. I wouldn't be surprised if they change their name to Paige, Campbell & Bancroft soon!
Extremely prompt, personable, and professional service! Despite only needing a workers' comp policy for one employee, Paige & Campbell was very receptive and ensured to shop my policy around to ensure I received a great price that was almost half of what another broker quoted me.
Workers compensation coverage generally protects against job-related injuries that employees might suffer. Vermont state law normally requires businesses that hire employees to carry workers comp, and thus, most retailers need the coverage.
Sometimes workers compensation is purchased as part of a retail policy. Other times, it’s procured through a workers comp-only policy. The coverage is readily available in either case.
The premiums that insurance companies charge for retail business insurance policies vary substantially. A retailer’s number of stores, square footage, products sold, past claims history, and numerous other details can influence premiums.
Retailers can find out how much insuring their store(s) will cost by getting customized quotes from an independent insurance agent. Independent agents can request quotes from multiple insurance companies, which makes comparing different policies’ coverages and rates easy.
For help insuring a store that’s in Vermont, contact the independent insurance agents at Paige & Campbell Insurance. Our agents will work closely with you to determine coverage needs, and then we’ll help you find the best available retail insurance policy that meets your store’s particular needs.
Mike Bancroft is simply an amazing agent. When my business got burglarized, I was so upset and didn't know what to do. He was very prompt in calling me back and he put my mind at ease. He made me feel so much better and handled all of the paperwork immediately. His customer service is top notch and I highly recommend him!