If you are opening up your first retail store, you need to have several forms of insurance, but the most important policy you will have is for liability. Any business that has the public coming onto their property needs to have this type of policy. There are a few things you need to understand about liability insurance.
For a retail store, it can be expensive
Retail stores have more people on their property than any other type of business. There are exceptions, such as arenas and stadiums for sporting events, but retail stores are very high on the list, at least for everyday businesses. Unfortunately, this type of insurance can be expensive but not just because people get hurt in stores. Another factor is a fraud perpetrated against the store and the insurance company. There are two things you can do to fight against high premiums.
Make your store safe
You must first address issues of safety to prevent genuine injuries in your store. Do not stack merchandise high, so there is a danger of products falling on customers. Another big issue is inventory laying on the floor between the shelves. Most of this will be due to your customers or children in the store, but you need to be diligent about keeping the floors clear of any obstacles. Customers are not looking down to the floor and can easily trip over something. Good safety practices will keep down the claims against your insurance; therefore, your insurance premiums will be kept down.
Get a good security camera system
Cameras are small and affordable with today’s technology. Most retailers think of cameras as being a deterrent to shoplifting, and also evidence against shoplifters when they are caught. However, an additional and equally important benefit of these cameras is recording people who are faking injuries. If someone were to fake their injury, you will have the evidence for your insurance company to reject the claim. Law enforcement can also use the video to prosecute for fraud.
Before you open your doors to the public, make sure you speak to a liability insurance orlando fl agent about your requirements.
