If you own a retail store, it is very important you have a business protection plan in place to safeguard your assets. No matter how well your business may be doing, or how happy your customers are with your offerings and services, you should never ignore the fact that there may be possible circumstances and situations, which lie outside of your control as a store owner. These situations can cause grave physical, emotional, and financial harm to you and your business. It is therefore important to be always ready!
Retail insurance gives you peace of mind that your store and inventory are always protected. However, with so many insurance policies available for retail stores, getting retail store insurance in Jackson heights that perfectly meets your requirements can be confusing. Here are 3 things you must consider before buying retail insurance-
- Insurance Type – Depending on your requirement (and state), you can either opt for property, general liability, or workers’ compensation insurance. Workers’ comp usually covers things like medical expenses, lost income, and rehabilitation for employees who got injured on the job. Property insurance, on the other hand, protects your building and everything in it, from inventory to furniture. General liability insurance offers you protection against reputation damage caused after the injury of someone at your premises who is not an employee, such as a customer, supplier, or anyone else.
- Credentials and Licensing – Insurance companies try to win your business by using exaggerated sales pitches and information that isn’t always true. The best way to ensure you are getting retail store insurance in Jackson heights from a legitimate company are to check for proper credentials and licensing. Because the insurance industry is regulated by state governments, it should not be very difficult for you to find this information online through the state’s directory of licensed agents.
- Deductible – The amount you are liable to pay in the event of a covered claim is your deductible. Though a retail insurance policy with a higher deductible may seem tempting as it is generally offered with premiums, it is important to realize you might be financially burdening yourself, especially in the long run. There are also retail store insurance policies with a deductible, which come with slightly higher premiums, however, you should not take on a deductible that may put your finances at risk. As a rule of thumb, your deductible should not exceed the amount of loss you could afford out of pocket. Try to determine how much of the incurred loss you can afford on your own, and how frequently you might actually incur a covered loss.
When it comes to insuring your retail business, the scope for committing mistakes is almost negligible. Choose Linx Insurance to lock down the best policy for your retail store. We first understand your business needs and based on your requirements, provide you with retail insurance that is just right for you and can offer you peace of mind.