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By: Dax Kastrin

Owner of Elemental Risk Management

505-933-6511

General Liability Insurance

Property Insurance

Worker's Compensation

What Insurance is Needed for Retail Stores in New Mexico, Utah and Texas?

Insurance is vital for retail store owners since you need protection against losses, damage, and liability claims. It is also an investment to protect future savings since you want to avoid the costs that a lawsuit can bring.

Insurance not only protects your assets, but it also offers you an opportunity to diversify your investment portfolio.

One common insurance policy that is customized for retail is "commercial property insurance." It protects you from risks such as theft, damage, vandalism and natural disasters. Commercial property insurance can also cover business liability issues like customer slip-and-fall claims. It can also provide other types of coverage like workers' compensation, vendor's legal liability and crime coverage for employee theft and embezzlement. Some plans can even offer protection for lost inventory and business income if your retail store has to be repaired or rebuilt after damage or a natural disaster.

We'll get into all the coverage you'll need for your retail location below.

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Reasons to Get Insurance for Retail Stores

Managing Common Risks

Store owners need to realize that there can be a great risk for store owners than renters or homeowners because more people and processes are involved.

There are many issues you can face since goods are on display, property damage can occur, inventory could have been purchased but not sold, and customers could get injured inside the retail store. All such situations are covered under retail insurance.

Insurance Required by Law

There are some insurance types that are necessary by law if you want to start a business and have employees. Some states have their own requirements under the law that you need, even if the only one working at the store is you.

This is why all insurance requirements should be fulfilled before you start to bring in the customers.

Protecting the Assets

Creating an LLC can protect personal assets, but business insurance helps to protect business assets too. The insurance type you need depends on the kind of business you have.

For example, for physical stores, you will need to keep your inventory, customers, premises, and employees in mind when getting insurance.

Coverage for Claims

Common accidents that can occur at any time in the retail store can lead to all sorts of liability claims that you should be protected against. Falls, trips, and slips occur 27% more than the 900,000 injuries that occur at work annually. Such incidents can lead to quite high costs if someone is suing the retail store after the accident.

1. Commercial General Liability

This is one of the most popular insurances for retail stores since it can cover some of the most basic needs for the retail store. This includes any injury or bodily harm that occurs on the store’s premises. It also covers any physical damage that was caused by the employees. You should check out different insurance plans that offer different coverage types.

2. Commercial Property

Commercial property insurance offers you financial protection that can save you in a dire situation. It can give you coverage for the inventory you have and offers protection against hazards like vandalism or fires. If you own the building you are using for your commercial store, the insurance can also provide coverage for the buildings.

3. Business Interruption

In any situation where the premises for the store is damaged resulting in it being closed for some time, the insurance can cover you. It will provide you with the coverage you need to compensate for the profits that you have lost. It covers rent, lost revenue, loan repayments, mortgage payments, and wages for employees.

4. Worker's Comp Insurance

If any employees are injured, you will get coverage under the worker’s compensation insurance. It offers protection for businesses from lawsuits and covers any compensation for injuries of your employees. You will need to get this coverage by law in most states.