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Retail & Service Insurance

Ellerhorst Russell Insurance Agency will work with you closely to understand your needs and make sure you’re properly protected. We know the ins and outs of insurance.

Every business person understands that each day of operation means facing various risks. Your business and everyone associated with it are likely to face various kinds of unexpected events. You must protect your business, employees, and customers from risks such as theft, accidents, and cyberattacks, among others.

Retail & Service insurance ensures your retail business is covered against all uncertainties. Whether it’s employee harassment claims, theft, or workplace injuries, your retail store insurance cover will offer you protection.

What is Retail & Service Business Insurance?

A retail and service business provides products and services to customers directly. They deal with the consumers of their products and services. To serve and satisfy their customers, retail business owners invest a lot in inventory, hiring employees, and acquiring customers.

But as with other businesses, retailers face unique risks and challenges that might interfere with their operations. Theft, weather destruction, customer injuries, and employee accidents are just a few of the common risks that these businesses face.

Retail and service insurance protects your business from any risks that might cost it financially and reputation-wise. Insurance protects your business from all kinds of incidents starting from property damage to technological risks. With retail and service insurance, you can get compensation whenever you face any risks while operating your business.

The insurance will offer compensation for any losses resulting from theft, accidents, and lawsuits. The coverage you get will depend on the type and size of your business. You can contact an insurance agency near you to understand what kind of policy works for your business type.

Common Retail & Service Business Insurance Coverages

When it comes to insuring your retail business, there’s no one size fits all. Every aspect of your small business needs its own unique type of insurance. Here are the common types of retail insurance coverage in the market.
Illustration for Professional Liability Insurance - Retail & Service Insurance. A smiling woman with long dirty blonde hair wearing a dark orange sweater makes a credit card payment at a salon. The cashier's POS system is visible in the background, highlighting the seamless transactions safeguarded by our comprehensive coverage.

Professional Liability

While running your retail service store, you might also face lawsuits for mistakes and errors you make. Omissions, errors, or negligence can land you in trouble with the law. Commercial liability insurance will come in handy to ensure the lawsuit doesn’t affect your small business or reputation.

For instance, if you’re operating a beauty salon and a customer complains that you used the wrong product on them, you might face a lawsuit. Your professional liability insurance will cover all the legal fees and a settlement if needed.

Illustration for Professional Liability Insurance - Retail & Service Insurance. A smiling woman with long dirty blonde hair wearing a dark orange sweater makes a credit card payment at a salon. The cashier's POS system is visible in the background, highlighting the seamless transactions safeguarded by our comprehensive coverage.
Image: Visual representation for Business Interruption Insurance - Retail & Service. A chainlink fence displays a vivid orange sign with bold black lettering that reads 'Temporarily Closed for Construction.' The scene underscores the importance of safeguarding your business against unexpected disruptions with our comprehensive coverage.

Business Interruption

Retail business owners depend on daily sales for their income. However, business operations can get interrupted whenever there’s a disaster, such as a fire outbreak. When this happens, the business incurs financial losses and might be unable to take care of its expenses.

Business interruption insurance covers your business from losses incurred during the closure period. It will pay recurring expenses such as rent and salaries until you’re back in operation.

Visual representation for Employee Dishonesty Coverage - Retail & Service. Several credit cards are prominently displayed on a table, revealing their numbers. This image symbolizes the importance of safeguarding your business against internal risks and underscores the need for comprehensive coverage.

Employee Dishonesty

While it’s important to carry out due diligence when hiring, running a business still exposes you to working with dishonest employees. When an employee steals money, equipment, or inventory, your retail insurance will pay for the losses. Employee dishonesty insurance will still cover you even if the theft has been going on for a while and you only realize it at a later date.
Visual representation for Employee Dishonesty Coverage - Retail & Service. Several credit cards are prominently displayed on a table, revealing their numbers. This image symbolizes the importance of safeguarding your business against internal risks and underscores the need for comprehensive coverage.
Visual representation for General Liability Coverage - Retail & Service. Two men dressed in golf attire engage with a store employee in a well-lit golf store. The employee discusses a driver while the backdrop features an array of golf equipment. This scene captures the essence of comprehensive coverage for businesses, providing protection against potential liabilities in the dynamic retail and service industry.

General Liability

Commercial general liability insurance takes care of all the basic needs of your business. These needs are usually shared across businesses. They can include all the property that your business owns and damages caused by your employees. It can also cover medical expenses if someone is injured in your retail store.

If your retail business is just starting up and you’re not sure which type of insurance you need, you can start with general liability.

Visual representation for Inland Marine Coverage - Retail & Service. A vibrant display in a grocery store's produce section showcases a diverse array of fresh fruits and vegetables. This image symbolizes the need for specialized coverage to protect goods in transit, emphasizing the importance of comprehensive solutions for businesses in the retail and service sector.

Inland Marine

This insurance protects your business’s property or inventory in transit or stored at third-party storage. It will protect against damage, theft, or weather hazards. If the vehicle transporting your goods gets into an accident and the items get damaged, your inland marine insurance will cover the replacement costs.
Visual representation for Inland Marine Coverage - Retail & Service. A vibrant display in a grocery store's produce section showcases a diverse array of fresh fruits and vegetables. This image symbolizes the need for specialized coverage to protect goods in transit, emphasizing the importance of comprehensive solutions for businesses in the retail and service sector.
Visual representation for Commercial Property Coverage - Retail & Service. A perspective down the aisle of a warehouse showcases vibrant orange shelves brimming with meticulously organized inventory. This image symbolizes the critical role of comprehensive coverage in safeguarding valuable assets within the retail and service sector.

Commercial Property

Commercial property insurance covers all the property that your business owns. Note that your personal property doesn’t fall here.

If you’re running a grocery store, commercial property insurance can cover your inventory against theft, fire, or destruction. It can also cover any building or vehicle under your business name.

Visual representation for Commercial Umbrella Coverage - Retail & Service. A modern white and glass office building stands as a corporate headquarters, surrounded by lush green landscaping under a serene blue sky with clouds. This image symbolizes the overarching protection our coverage offers to businesses within the retail and service sector.

Commercial Umbrella

Sometimes the damage to your business property or the amount you need to compensate your employees for workplace injuries may exceed your coverage limit. You don’t have to go back to your pockets to cover the difference. Commercial umbrella insurance will come to your rescue.

Commercial umbrella insurance offers an additional layer of protection for all the costs that go beyond your normal coverage. When your normal liabilities reach their limits, your commercial umbrella will cover the rest. For example, if your vehicle gets into an accident and the damage is so huge that your commercial auto insurance can’t cover it, you will turn to your umbrella insurance.

Visual representation for Commercial Umbrella Coverage - Retail & Service. A modern white and glass office building stands as a corporate headquarters, surrounded by lush green landscaping under a serene blue sky with clouds. This image symbolizes the overarching protection our coverage offers to businesses within the retail and service sector.
Visual representation for Workers Compensation Insurance Coverage - Retail & Service. Within a bustling warehouse setting, a skilled warehouse worker donning a reflective vest and hardhat adeptly manages a forklift, surrounded by an array of goods stacked on a pallet. This image signifies the importance of comprehensive coverage for businesses, safeguarding employees in the dynamic retail and service industry."

Workers Compensation

Every business has the mandate to ensure their employees work in safe environments. However, workplace accidents still occur, and employees get injured. When this happens, you’ll need to compensate your employees for the medical expenses and losses they incur due to the accident.

For instance, when an employee gets injured while operating a machine, this will be considered a workplace injury. Workers’ compensation insurance ensures your business doesn’t pay these expenses out of its own pockets. It will cover all the expenses, such as lost wages, medical bills, or death benefits for loved ones.

Visual representation for Commercial Auto Insurance Coverage - Retail & Service. A black Mercedes sedan is parked serenely between two elegant bridges, forming a harmonious tableau. This image symbolizes the protection and coverage extended to commercial vehicles within the retail and service industry, ensuring security during transit and operations.

Commercial Auto

When it comes to insuring your retail business, there’s no one size fits all. Every aspect of your small business needs its own unique type of insurance. Here are the common types of retail insurance coverage in the market.
Visual representation for Commercial Auto Insurance Coverage - Retail & Service. A black Mercedes sedan is parked serenely between two elegant bridges, forming a harmonious tableau. This image symbolizes the protection and coverage extended to commercial vehicles within the retail and service industry, ensuring security during transit and operations.

Additional Retail Business Insurance Coverages

When it comes to insuring your retail business, there’s no one size fits all. Every aspect of your small business needs its own unique type of insurance. Here are the common types of retail insurance coverage in the market.
Visual representation for Cyber Liability Insurance Coverage - Retail & Service. An illustration of a man seated at multiple computer screens, his gaze intent on lines of code. Depicting a hacker scenario, this image symbolizes the importance of safeguarding businesses from cyber threats within the retail and service sector.

Cyber Liability

While technology has made things easier for businesses and individuals, it has also brought some risks. Cyber security has been on the rise, and businesses incur a lot of losses due to data breaches and virus attacks. The good news is that cyber liability has your back whenever your business incurs losses due to cybersecurity issues.

For example, if your retail store business is hacked and your customer data is leaked, your insurance will compensate the customers for their losses. It will take care of all the expenses your business will incur and the cost of setting up a more reliable security system.

Visual representation for Cyber Liability Insurance Coverage - Retail & Service. An illustration of a man seated at multiple computer screens, his gaze intent on lines of code. Depicting a hacker scenario, this image symbolizes the importance of safeguarding businesses from cyber threats within the retail and service sector.
Visual representation for Employment Practices Insurance Coverage - Retail & Service. A blonde woman in a white dress shirt is seated at a table, attentively focusing on a laptop. Her hand rests on the mouse as she engages with the screen, showcasing the contemporary work environment within the retail and service sector.

Employment Practices Liability

If you have employees in your retail store, you’ll likely face various claims and allegations. Some of these allegations include discrimination, wrongful termination, harassment, and wage complaints, among others. Employees can cite the above reasons when taking legal action against your business.

Employment practices liability insurance will protect your business against financial losses and reputational damage amid such allegations. They will take care of legal fees and compensate victims for their losses.

Visual representation for Equipment Breakdown Insurance Coverage - Retail & Service. An illustration of a person engaged in repairing a point of sale machine by inserting a receipt roll. This image symbolizes the protection and support offered to businesses in the retail and service sector, ensuring operational continuity and swift recovery from equipment breakdowns.

Equipment Breakdown

Some businesses need heavy machinery and equipment to operate. Some things that cause equipment breakdowns include power surges, operation errors, and mechanical issues. If this equipment breaks down, the cost of repairs or replacement can be too much for the business.
Visual representation for Equipment Breakdown Insurance Coverage - Retail & Service. An illustration of a person engaged in repairing a point of sale machine by inserting a receipt roll. This image symbolizes the protection and support offered to businesses in the retail and service sector, ensuring operational continuity and swift recovery from equipment breakdowns.

Where to Start with Retail Business Insurance

There are many insurance coverages that retail and service business owners need. However, you can’t get all of them at once. It’s advisable to start with the Business Owners Policy (BOP).

Business Owners Policy

Business Owners Policy cuts across all businesses, regardless of industry. The type of coverage combines three types of insurance coverage, including:

  • General Liability
  • Commercial Property
  • Business Income
These are the types of insurance coverage that your business will need, regardless of its size or industry. They will cover your business against all claims and losses resulting from your business operations, which can include bodily injury, theft, or disasters. As you continue to run your business, you can add other types of insurance coverage as you need them.

For instance, once you start getting employees, you can add workers’ compensation. When you purchase your first business vehicle, you can add commercial auto insurance.

Visual representation for Business Owners Policy Insurance Coverage - Retail & Service. A woman business owner sits at a well-lit desk in her office, her genuine smile directed at the camera. This image conveys the confidence and assurance provided by comprehensive coverage, catering to the needs of entrepreneurs within the dynamic retail and service sector.

Get The Right Retail Business Insurance

Having the right retail store insurance will go a long way in protecting you against any losses, damages, and claims that result from your operations. You don’t have to lose your property or go bankrupt whenever a disaster strikes or you face a lawsuit. You also need to understand that different types of insurance cover various aspects of your business.

If you’re yet to get the right insurance for your business, then no worries. Ellerhorst Insurance Agency LLC will help you get the right retail business insurance to cover you against anything that can threaten your operations. Get in touch with us, and our agents will explain all the policies available for your business.

Top Retail Business Insurance Agency in Northeast Ohio

If you’re running a retail business in Northeast Ohio, you understand that you need to cover your business against disaster, theft, and lawsuits. To do that, you need an insurance agency that understands your business needs and is ready to walk with you every step of the way.

Ellerhorst Insurance Agency will ensure your business runs all its operations without interruptions by offering the right policy for your needs. We have a dedicated team who will take their time to come to your store, review your situation, and explain your coverage needs. We will ensure you get the right coverage to run your business with complete peace of mind.

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Ellerhorst Russell Insurance Agency will work with you closely to understand your needs and make sure you’re properly protected.​

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