Insurance for Retail Stores in Florida

Retailers in the Sunshine State should not operate without General Liability Insurance. This policy guards against any potential financial losses resulting from accidents or incidents involving property damage, bodily injury, and personal injuries. With this coverage at their disposal, retailers have a reliable form of security for their business operations.

General Liability Insurance covers:

• Bodily Injury: Bodily Injury coverage helps pay for medical expenses, legal costs, or other damages if a customer or visitor is injured on the premises of the retail store.
• Property Damage: Property Damage coverage helps provide protection for business owners from claims related to damage to or loss of customers’ and vendors’ property due to an incident that occurred at the retail store.
• Personal and Advertising Injury: Personal and Advertising Injury coverage helps protect against claims resulting from libel, slander, copyright infringement, or any other injury caused by advertising activities.
• Medical Payments: Medical Payments coverage helps pay for necessary medical treatment for a customer or visitor who is injured on the premises of a retail store, regardless of fault.
• Defense Costs: Defense Costs coverage helps pay for the legal fees associated with defending against claims covered under General Liability Insurance. This coverage also helps protect business owners from financial losses due to judgments or settlements resulting from such claims.
  

Workers' Compensation insurance is a type of commercial insurance that helps protect employers from financial liability if employees are injured or become ill due to their work duties or environment. In Florida, Workers' Compensation is mandatory for all businesses with four or more employees — including those in the retail industry — unless they have opted out through the state's opt-out program.

Workers’ Compensation Insurance covers:

• Medical Expenses: Medical Expenses coverage helps to pay for the medical bills resulting from an employee’s work-related injury or illness. This includes emergency care, hospital visits, and physical therapy costs.
• Lost Wages: Lost Wages coverage helps provide compensation for wages and other salary benefits lost due to an employee’s temporary disability due to a work-related illness or injury. 
• Death Benefits: Death Benefits coverage helps provide financial security for the family of a deceased worker if they were killed on the job. This coverage helps to ensure that the family does not have to bear the financial burden of an unexpected death.
• Rehabilitation Costs: Rehabilitation Costs coverage helps pay the cost of rehabilitation services, such as physical therapy and job retraining, necessary for helping injured employees return to their former level of health and ability to work. 
• Legal Expenses: Legal Expenses coverage helps pay for the legal expenses associated with defending a business against any claims related to a work-related injury or illness, such as wrongful termination or disability discrimination lawsuits.
  

Retailers in Florida should also consider obtaining Commercial Auto Insurance to cover their business-owned vehicles. This policy offers protection against any financial losses resulting from an accident involving one of their vehicles. 

It covers the cost of repairs, medical expenses for injured drivers and passengers, and other damages that may be incurred due to a collision.

Commercial Auto Insurance covers:

• Bodily Injury and Property Damage Liability: Bodily Injury and Property Damage Liability coverage helps pay for medical expenses or property damage caused by accident involving one of the retailer’s vehicles.
• Comprehensive and Collision Coverage: Comprehensive and Collision coverage helps provide protection for the repairs or replacement of a business-owned vehicle in the event of an accident, theft, or other covered incidents.
• Uninsured/Underinsured Motorist Coverage: Uninsured/Underinsured Motorist coverage helps to protect against financial losses resulting from an accident involving another driver who does not have sufficient insurance coverage to pay for the damages incurred.
• Medical Payments Coverage: Medical Payments coverage helps to provide reimbursement for any medical expenses incurred by drivers involved in an accident with a business-owned vehicle.
• Collision Coverage: Collision coverage helps pay for any repairs to the business-owned vehicles caused by accident.
  

Retailers in Florida also need to consider obtaining Commercial Property Insurance. This policy provides financial protection against any damage or destruction of their business property due to natural disasters, fires, and other covered events. It typically covers the cost of repairs or replacement of business-owned property and equipment and financial losses due to theft or vandalism.

Commercial Property Insurance covers:

• Building Damage: Building Damage coverage helps pay for any damage to a business’s building or other structures, such as fences and garages.
• Equipment Coverage: Equipment coverage helps cover the cost of repairs or replacement of any business-owned equipment damaged due to a covered event.
• Inventory and Stock Coverage: Inventory and Stock coverage helps reimburse retailers for any losses incurred due to theft or destruction of their merchandise.
  

Retailers in Florida should also consider obtaining Commercial Crime Insurance, which covers employee dishonesty or theft losses. This policy helps protect businesses from financial losses due to theft, fraud, or other criminal activities.

Commercial Crime Insurance covers:

• Theft of Money and Securities: Theft of Money and Securities coverage helps pay for any losses incurred due to the theft of cash, checks, or securities by employees or outsiders.
• Forgery or Alteration: Forgery or Alteration coverage helps pay for any losses resulting from fraudulent checks, credit cards, or other financial instruments.
• Employee Dishonesty: Employee Dishonesty coverage helps reimburse retailers for any financial losses resulting from theft by employees.
• Robbery and Safe Burglary: Robbery and Safe Burglary coverage help cover the cost of any items stolen from a business and damage caused to the premises during a robbery.
• Computer Fraud: Computer Fraud coverage helps reimburse retailers for any losses resulting from fraudulent use of computers or other electronic devices.
  

Retail stores in Florida should also consider obtaining Employment Practice Liability Insurance. This policy helps protect businesses from financial losses due to wrongful termination, discrimination, or sexual harassment lawsuits. It also covers legal fees and settlements associated with these types of claims, as well as any other related costs.

Employment Practice Liability Insurance covers:

• Wrongful Termination: Wrongful Termination coverage helps pay for any legal expenses and damages associated with a claim alleging an employee was wrongfully terminated without cause.
• Discrimination: Discrimination coverage helps pay for any legal expenses and damages resulting from a claim related to discrimination based on age, gender, race, religious beliefs, etc.
• Sexual Harassment: Sexual Harassment coverage helps reimburse retailers for any legal expenses and damages associated with a claim of sexual harassment in the workplace.
• Employment Defamation: Employment Defamation coverage helps pay for any legal expenses and damages associated with a claim alleging an employee was falsely accused of misconduct or other inappropriate behavior.
• Third Party Liability: Third Party Liability coverage helps pay for any legal expenses and damages resulting from a claim brought by an outside party, such as a customer or vendor.
  

Business interruption insurance is a type of commercial insurance that helps provide financial protection to businesses if an unexpected event causes them to suspend operations temporarily. This coverage is vital for retailers as a service disruption can result in loss of income, customers, and reputation.

Business Interruption Insurance covers:

• Profits: Profits coverage helps to compensate the retailer for any income lost due to a disruption in service.
• Fixed Costs: Fixed Costs coverage helps pay for expenses such as rent, utilities, and payroll that continue even when operations are disrupted.
• Relocation Expenses: Relocation Expenses coverage helps cover the costs of relocating the business to another location if necessary due to damages or other disruptions in service.
• Extra Expense Coverage: Extra Expense Coverage helps reimburse businesses for additional expenses incurred while trying to resume operations after an interruption in service. This includes costs such as temporary staffing and rental equipment used during this time period.
• Civil authority ingress: Civil Authority Ingress coverage helps protect businesses from the financial losses caused by a civil authority restricting or prohibiting access to their premises if they are located in an area affected by a natural disaster.
  

Have Questions? Contact Bellken Insurance Group Today!