Importance of Retail Store Insurance: How to Find the BEST Insurance Policy?

Florida Business Insurance

Do you own a retail store or shop of your own? Then you must have a retail store insurance for that too. If you do not have, then you need to work on it fast. There are so many risks that your retail store can go through. In order to protect your store from all those risks and dangers, you must have a proper insurance coverage for the store. It is always better to work on improving your business more and more. The insurance policy for a retail store acts like a risk management tool to cover the losses and damages caused. By paying relatively smaller amount as premium to the insurance company, you can protect your retail store against a significant financial loss and the possibility of the store going bankrupt.

Protect your store

Your store is your livelihood. Don't leave its protection to chance.

What Are The Major Risks Faced By Retail Store?

Owning a retail store is a great thing but with that comes bigger responsibilities too. Of course, your retail store is open to many customers and also there are some employees who work over there. Hence, there are also some risks associated with this. It can be man-made as well as natural too. Some of the common risks that a retail store may face are:

  • Physical damages by nature: This can happen anytime and anywhere due to many reasons. Specially In Florida where hurricanes historically affect the state every year.
  • Man-made damages: There can be a huge risk of fire damage in your retail store which can cause significant destruction. Of course vandalism and theft are a huge problems for retail stores. Theft cost retailers $32 billion a year.
  • Bodily injuries: Accidents can happen anywhere and anytime, be it customer or employee. If any of your customers get injured while visiting the store, the business may have to pay for the medical treatment.
  • Sleep and Fall claims file against retailers are on the increase. Not only it can very costly to settle with the client but the cost of hiring a competent attorney is about $75,000.

In order to cover all these risks, there are some insurance policies especially for retail store. These policies can provide coverage for all the losses and damages caused by the risks mentioned above. Simply put a $50,000 or $100,000 loss will put many retail stores out of business. You cant risk your business and the lively hood of your family by choosing not to purchase this protection.

How Costly Can These Risks Be For Your Business?

One of the most important steps to avoid these losses is to have a proper retail store insurance policy that will cover all the probable damages that can be caused to your store. Simply put a $50,000 or $100,000 loss will put many retail stores out of business. You can't risk your business and the lively hood of your family by choosing not to purchase this protection.

Steps To Lower Your Insurance Premium

The insurance premium for retail stores does not have to be expensive. When you talk to an commercial insurance agent at L and C insurance provider we go through steps to help and lower your premium. Here are some of the essential steps for you to take in order to save you money

  1. Remove unneeded or overlapping coverage.
    Make sure the coverage is up to date. There are often some unneeded coverages included in the policy which are not needed but still it adds to the premium.  All retail stores are not the same, coverage should be tailor to your specific needs.
  2. Research to find the best deal.
    There are many insurance companies in the market that provides the best insurance policy at a much lower rate than others. Of course, you have to do a bit of researches before you end up with them.  Let us at L and C insurance help on that research by obtaining 14 Different store insurance quotes.  We only work with Rated A+ insurance companies
  3. Ask for a list of the discounts.
    Often when you talk with the agent, you can ask for discounts. These discounts can help you to reduce your insurance premium. But are you reviewing the quote provided to make sure the discounts are listed. There are 10 major discounts available to retail stores. Make sure that all of the ones applicable to your store are included.
  4. Pay the entire premium upfront.
    Generally the premiums for the insurance are paid monthly. But if you pay your entire premium upfront, then you can get savings on average of 20%. This can be a great benefit for you to lower your insurance premium for the retail store.

Insurance is one of the things people think they can do without... Until they need it. Don't make the mistake of underestimating the cost of poor or even worse, no insurance coverage. At LNC Insurance Providers, we specialize in providing tailor made services to customers throughout Florida.

We pride ourselves in excellence and always go the extra step. Whether you need a personal insurance or protection for your place of business, we want to help.


Thus, it is evident that having a retail store insurance is very much important for your business. Weather, crime and accidents cannot be predicted and thus damages can happen anytime. You can at least be at complete peace of mind if you know that your retail store is completely insured. So, make sure to take a quick action and let the agents at L and C insurance help you save time and money on your store insurance.

Leave a Reply

Your email address will not be published.