Insurance Tips for Retail Owners
In 2024, roughly $1.2 trillion were made in online sales in the United States, according to FTI Consulting Group’s 2024 Online Retail Report. This represents a 9.8% increase from 2023. This Valentine’s Day, as more consumers shop for their loved ones from online stores and storefronts, it’s crucial to know which coverages your retail business may need.
Key coverages for your online or storefront shop include:
✔️ Property insurance to protect your goods in case of physical damage
✔️ Product Liability to make sure your product performs as you promised to your customer and/or covers you in case your product causes a consumer bodily harm or damages their property
✔️ Cyber insurance which can protect your business in case online accounts are compromised.
✔️ Theft coverage, especially if your shop includes jewelry sales!
✔️ Liability insurance for potential slip and falls or onsite injuries
✔️ Product Off Premises coverage in case you are doing a pop-up shop or moving your product to a different location
Contact your insurance agent to see if you have these coverages in place and review Frederick Mutual’s coverage for retail owners here! https://lnkd.in/eMcyyNXF
Safeguarding your Sales this Valentine’s Shopping Season
