Stock and premises
Use peak inventory values and check how property at each location is valued after a loss.
Retail
Retail Business Insurance.
Retail insurance should reflect your busiest stock levels, every sales channel and the income you could lose if a store or key system stops operating.
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What we look at.
Products and customers
Review products sold, imported or privately labeled, alongside customer injury exposures.
Theft and digital sales
Separate property theft, employee dishonesty, payment fraud and cyber events when comparing coverage.
General Liability
Review bodily injury, property damage, products or completed operations, and required additional insured endorsements.
Commercial Property
Building, equipment and inventory values, catastrophe deductibles and coverage restrictions.
Business Interruption
Income loss and qualifying continuing expenses after a covered interruption. Review the trigger, restoration period and extended income provisions.
Workers Comp
Review payroll, classifications, work locations and employer's liability. Statutory requirements vary by state and circumstances.
Crime Coverage
Selected theft or fraud losses. Review who and what is covered, discovery provisions and payment-fraud restrictions.
Cyber Liability
Incident response, liability and selected first-party losses. Review security conditions, business interruption and fraud provisions.
Hired and Non-Owned Auto
Business liability arising from rented or employee-owned vehicles, subject to the insured use and policy terms.
Commercial Umbrella
Excess liability over scheduled underlying insurance. Verify attachment, exclusions and policy coordination.
Questions & answers
Good questions to ask.
How should seasonal inventory affect our insurance?
Share peak stock values and where goods are stored. Compare those values with policy limits and any seasonal increase provision; an average inventory figure may understate the amount exposed during busy periods.
Does opening an online store change the review?
Yes. Describe the products, sales territories, payment systems, customer data and fulfillment arrangements. Confirm that liability, cyber and property coverage reflect how the online business actually operates.
Are employee theft and missing inventory the same insurance exposure?
No. Review crime coverage and property theft terms separately, including who must have caused the loss and what evidence is required. Do not assume an unexplained inventory shortage is insured.
How much business income coverage should a retailer consider?
Start with income, continuing expenses and the time needed to repair, restock and resume trading after a covered loss. Seasonal sales and dependence on one location can materially affect the calculation.
From our journal
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