You’ve worked hard to open your boutique or other small store. But what would happen if disaster struck and all that effort was in jeopardy? Would you have the business insurance coverage you needed to ensure things went back to where they were? Here are three reasons why small retail stores need aimage of shop opening business owner's policy (BOP).

Reason #1: General Liability Coverage

General liability insurance coverage is a main reason why every small retail store needs a BOP. This type of coverage protects your business against lawsuits and claims due to injury or personal property damage to others. BOPs also cover the actions of your employees while they are on shift.

Here’s an example to consider. A woman comes into your store and trips over a ladder laying on the floor that was accidentally left out. The general liability part of your BOP would help take care of her medical bills and defend you if she took the case to court.

Reason #2: Property Damage Coverage

Another reason retail stores need a BOP is that it includes a section for property damage. This includes insurance for certain perils like fire, vandalism and more and covers the physical items located at the business.

What would you do if an electrical fire broke out in the middle of the night? What if smoke damaged a large part of your inventory, your point-of-sale system, and the fixtures in your business? Would you be able to rebuild immediately? This is where having proper business property insurance becomes important.

Reason #3: Business Interruption Coverage

What would you do if a fire happened and your retail store couldn’t open? Would the missing income seriously damage your ability to continue rebuilding your business? Would you even be able to keep the retail shop going?

Another part of a BOP is business interruption coverage. This part of your policy helps pay for some reasonable and necessary expenses while you work to reopen. For many small business owners, this is the difference between continuing off after a tragedy or having to close up shop for good.

While a BOP is definitely a must-have aspect to insuring your retail business, it is still important to consider other types of coverage that you might need. Speak with your local insurance agent at 757.583.1828 today for more information.

Also Read: Spring Storm Preparation for Your Business

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