Small Business Guide to Insurance: Retail, Beauty, and Food Industries
With all of the changing restrictions and legal matters to keep in mind, owning a small business can be extremely hard. This article highlights things to keep in mind related to insurance for small businesses trying to succeed in the market.
Retail Industry
The retail industry can be tough to break out of because there are so many different types. Some of the most popular include clothing, beauty, and other convenience items. Some important insurance types to keep in mind for the retail industry:
Public Liability Insurance, which is to protect business-owners from being liable for accidents within the store. This insurance protects the owners from paying compensation for things that may arise within the store and third-party injuries related to the storefront.
Theft Insurance is also important because by storing products worth money in the stores, the store becomes a prime target for thieves. This insurance helps protect the company and store from theft of products, stocks, and other valuable goods.
Commercial Property Insurance protects you for accidental damages to the property. This includes damage from weather, like floods, storms, or earthquakes. Anything that is unexpected will be protected by commercial property insurance.
Glass Insurance, the most self-explanatory one of them all. A lot of the times, there might be windows and glass that can break for different reasons. And this insurance helps protect the cost of replacing glass if and when necessary.
Beauty Industry
The beauty industry is also one where there are frequent interactions with consumers, which can heighten the importance of being protected with insurance. Here are some insurance types to keep in mind for the beauty industry:
General Liability Insurance is similar to Public Liability Insurance, but is more generalized. This type of insurance takes care of claims made related to third-party and clientele bodily injuries, and property damage. This one is particularly important because they can happen during normal daily operations and business functions, and without coverage, the owner would have to pay out of pocket.
Commercial Property Insurance protects you for accidental damages to the property. This includes damage from weather, like floods, storms, or earthquakes. Anything that is unexpected will be protected by commercial property insurance.
Professional Liability Insurance helps protect professional advice. These are claims made that relate to a civil lawsuit, and this type of insurance are important for service-providing professionals and companies.
Workers’ Compensation Insurance is the type of insurance that covers workers, providing wage replacement, and medical benefits for employees injured throughout normal daily operations of the job. This provides security to your workers and makes the small business more appealing to potential new employees.
Food Industry
Restaurants and the food industry are more complicated because there are people involved, but also goods and products, so it’s like a combination of the beauty and retail industries. Below are some of the most vital forms of insurance needed to run a restaurant (a non-exhaustive list):
Workers’ Compensation Insurance is the type of insurance that covers workers, providing wage replacement, and medical benefits for employees injured throughout normal daily operations of the job. This provides security to your workers and makes the small business more appealing to potential new employees.
Equipment Breakdown Insurance is the type of insurance that protects your company from unexpected compensations for the breakage and stopping of running electrical, mechanical, and computer equipment and technology used to run the business. This insurance helps cover the cost to repair the equipment, loss of income, spoiled inventory, and other expenses during the period of equipment breakdown.
Commercial Property Insurance protects you for accidental damages to the property. This includes damage from weather, like floods, storms, or earthquakes. Anything that is unexpected will be protected by commercial property insurance.
Business Interruption Insurance is the insurance that covers the company when disasters happen. Coverage includes but isn’t limited to loss of income, and extra expenses incurred when a business is affected by a disaster. COVID-19 is an example of such a disaster which needed many extra expenses to be incurred to protect consumers.
Glass Insurance, the most self-explanatory one of them all. A lot of the times, there might be windows and glass that can break for different reasons. And this insurance helps protect the cost of replacing glass if and when necessary.
Theft Insurance is also important because by storing products worth money in the stores, the store becomes a prime target for thieves. This insurance helps protect the company and store from theft of products, stocks, and other valuable goods.
By no means are these exhaustive lists of types of insurance to buy to protect your small business. More research should be done when looking more deeply into the topic and seriously considering all of the liabilities that need to be covered for when running a business for the first time.
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