The American economy thrives with the development and success of retail businesses. The retail industry is a vast industry that includes stores that sell anything from clothing to window drapery to cars, etc. According to the U.S. Census Bureau the total amount of sales for retail industries was around $4.13 trillion in 2009. Not only do retail businesses circulate money through our economy, they also provide jobs for many Americans who are avidly seeking work.
Times are tough, and these challenges have caused such businesses to go to extreme measures to improve business by keeping a small inventory, keeping lower payroll, improving customer loyalty/experience, opting for online shopping options, reintroducing coupons, etc. If you are to go through such effort to create a successful business, you will want to make sure you are properly insured in order to protect your business, but where do you start?
When it comes to starting a business the best policy to purchase would be a business owner’s policy, also known as a BOP. A BOP’s basic coverage is either building or business personal property or both and general liability. By purchasing a BOP, you will be able to receive good built-in coverages and special benefits. A company’s retail program covers a myriad of different businesses, from appliance stores and aquarium supply stores all the way to video rental stores and wig shops. Retail programs automatically provide coverages for glass, seasonal automatic increase, outdoor sign, money and securities, hired and non-owned auto coverage, employee related practices liability, employee dishonesty, and tenant’s property damage legal liability.
When it comes to your specific business, there may be separate endorsements you will want to purchase. For example, if your own hearing aid retail store, you will want to add the hearing aid professional liability. When it comes to which company to be insured with, it is smart to discuss with an insurance agent about your specific situation. We have many experienced agents here at Westgate-Jones that will be able to place you with a great Florida insurance company that will be tailored to your needs.
If you have any questions regarding your own Florida business insurance, please contact Westgate-Jones Insurance Agency at 352-787-7548 and check out our website at www.westgatejonesinsurance.com!