All retail businesses need insurance solutions, and office supply stores face a number of potential risks and exposures that can lead to severe financial losses. A good Business supply insurance package can help you to mitigate these risks allowing you to focus your attention on making other important decisions and keeping your business growing and profitable. Business insurance protects your business property including providing protection from potential lawsuits.
While office supply and stationery stores are not considered high-risk retail establishments, it is still recommended that you find an independent agent available to discuss your needs and help you to insure your business. Without coverage, you could end up losing your business and that should be a primary concern.
You’ll need sufficient property damage coverage
Property insurance for your business helps to cover the building where you house your operations, which is necessary coverage if you own your own building. You may also want to purchase contents insurance to cover any merchandise, inventory, electronics, shelving components and other items you own or possess inside of the store. Nowadays, many office supply stores do a large percentage of their business through online ordering. In this case you may also have a warehouse storing items you’ll eventually ship once purchased. You’re going to need to purchase coverage for the warehouse as well.
General liability (GL) insurance is a standard among business insurance policies. It protects your office supply store from damages incurred from customers injured while in your retail space along with a host of other potential liability risks. By discussing your day-to-day operations with your insurance agent he or she can help you to determine whether additional liability coverage is necessary.
Another one of the most important ways a commercial insurance policy can protect your operations is through business interruption insurance. If your office supply store is forced to discontinue services due to damage caused by a covered event, coverage will provide you with continued income enabling you to continue paying key staff and maintain your monthly bills and expenses until you can resume normal business operations.
There are other exposures to address depending on the number of employees you have, as well as other insurable risks to consider. Speak to your agent about the various Business supply insurance options available to you.