Insurance For Department Stores
Department stores are massive one-stop-shop retail stores with many sections selling various products. Such stores are capable of single-handedly upholding our American consumerism. As profitable as a retail business can be, several challenges could pose a threat to your department store. A Department Store Insurance program will serve your business well when it comes to third party lawsuits, property damage, and other risks.
Department store owners must ideally consider purchasing the following insurance coverage:
- Commercial Property Insurance
- Business Interruption Insurance
- General Liability Insurance
- Commercial Auto Insurance
- Workers’ Compensation Insurance
- Employment Practices Liability
- Cargo Insurance
Commercial Package Policy
Inland Marine or Ocean or Wet Marine are both considered Cargo coverage, one protects your goods when they are in transit by land and the other by water. This insurance is a must for a department store considering the high values of goods shipped in this type of business. In the event of conveyance upset, damage to your goods in transit, you should have this type of coverage in your insurance program.
Commercial Auto Insurance Policy
Almost all retail stores whether a chain or independently owned, need a commercial vehicle(s) to transport goods to store locations. Commercial Trucking Insurance provides coverage for accidental bodily injury or property damage liability, physical damage coverage for owned trucks, Personal Injury Protection, or No-Fault coverage and accidents involving uninsured motorists. For example, if your driver hits a car from behind, and injures the occupants and damages the vehicle, this insurance will cover the other vehicle’s occupant’s bodily injury suits and repair costs for the damage to their car.
Workers’ Compensation Insurance Policy
Workers’ Compensation is mandated in almost all states. The insurance covers a portion of lost wages, medical expenses for the injured employee, or death benefits for the employee’s family provided these are resulting from a workplace injury.
Employment Practices Liability Policy
Employment Practices Liability protects the employer from employee lawsuits arising from various employment related incidents. Sexual harassment, discrimination in hiring or promoting, hostile work environment, wrongful termination, gender, race or religion bias, are examples of the types of claim to which this policy will respond. Other than the physical bodily injury to an employee, which is covered by workers' compensation.
State Licensing & Liability Coverage
States have varying coverage requirements, depending on your business industry and specific operations. However, in most, workers compensation is mandatory and of course, you will need general and trucking liability insurance to protect the public. Make sure you check with your state and local regulations to assure your business complies.
Any department store owner must purchase a customized insurance package befitting their store to holistically protect their business from damage or loss of assets and liabilities throughout the lifespan of their business.