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Retail Commercial Insurance

Ruese Insurance Group Retail Commercial InsuranceRetail operations represent a wide range of insurance needs, extending beyond the basic property and liability protection. Below are some important coverages you should consider for your retail store:

 

 

Property Insurance
Description - Insurance which indemnifies a person with an interest in physical property for its loss or the loss of its income-producing ability.

Example- You have a fire on your premises damaging your building, contents, stock, finished products or property of others. This insurance will provide coverage up to the limits for each on your policy.
General Liability Insurance
Description - A liability contract designed to provide the owner of an operation with the liability protection needed for the special hazards that exist there. It includes liability for bodily injury, property damage, personal injury, advertising injury, and fire damage.

Example – A customer comes to your facility and slips on a patch of ice on the sidewalk into one of your buildings, breaking his or her arm. They file a lawsuit against your company and win. You are ordered to pay for the doctors bills. This payment would come out of your general liability insurance.
Business Income & Extra Expense Coverage
Description - A commercial property form providing coverage for "indirect losses" resulting from property damage, such as loss of business income and extra expenses incurred.

Example – Your business has a fire, forcing you to shut down production and move to another facility until the damage is repaired. Even though your production has stopped you still have expenses that need to be paid such as taxes, loans & payroll. Business income coverage covers these normal expenses. While extra expense coverage provides for those “extra” expenses involved with changing locations such as rent of the temporary location and the cost of moving the equipment.
Crime Coverage
Description – A policy that protects you from employee theft, forgery and alterations, and left of money and securities.

Example - Your bookkeeper begins fraudulently changing credit card charge amounts and corresponding work orders. They then credit their own bank account and credit cards with the extra funds they charged to the company. This loss would be covered up the limit on the policy for employee theft.
Employment Practices Liability Insurance
Description – Protects you against the risks of employment practices claims such as discrimination, sexual harassment and wrongful termination.

Example – An employee files a sexual harassment suit against another employee and your company. The filing employee wins and receives a cash judgment. Your employment practices liability policy would cover both the legal costs and the judgment amount up to your policy limits.
Umbrella Liability Policy
Description - A liability policy designed to provide liability protection above and beyond that provided by standard liability contracts.

Example – Your company carries a $1,000,000 general liability policy and a $1,000,000 umbrella policy. You are sued for a general liability claim and the judge awards the plaintiff $1,200,000. Your general liability policy will cover the first $1,000,000. Your umbrella policy will then cover the remaining $200,000.

 


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