Types of insurance coverage for retail businesses
When you own a retail business, it's important to know how different insurance coverages can help you recover from unexpected situations, such as a fire or theft. Whether your business sells clothing, furniture or musical instruments, or you own a small franchise, Allstate Business Insurance coverages can help give you key protection and peace of mind.
Below are coverages that may be available for your business. An Allstate agent can also help explain what coverages are standard and which are available as add-ons so you can craft a business owners policy (BOP) that fits your needs. Some coverages are subject to deductibles and limits.
Damage to property while off premise
While in transit to a customer or vendor's location, you are involved in an accident, and your tools and equipment are damaged.
Property in transit/off premises
This covers your business property while it's away from your location and/or being transported by vehicle to another location. This coverage is included in Allstate's standard business owners policy.
Building or property damage
If your business building or business property are destroyed due to a covered loss, such as a fire or theft, costs could add up quickly.
Business building/personal property coverage
This coverage pays to repair or replace your owned business building and/or your business personal property, up to the limits you select.
This coverage can help pay for you to set up at a temporary location during repairs.
Money stolen from your company in a theft or burglary could lead to hardship.
Money and securities coverage
This optional coverage helps protect your business against loss of money or securities due to theft, disappearance or destruction. This coverage may provide reimbursement whether the loss occurred on or off your business premises.
A pipe bursts and leaks all over a filing cabinet containing your critical documents. Many documents are damaged and others are completely destroyed.
Valuable papers and records
This helps cover the cost of restoring important business documents that are damaged or destroyed by a covered loss. This coverage is included in the basic BOP and can be increased if you opt for additional coverage.
Your business receives checks, credit card payments and sometimes cash for work that you do. When reviewing the receipts for the week, you notice that the deposits were lower than usual.
Employee dishonesty coverage
This coverage helps pay for a loss if an employee steals money or property from your business. It is typically an optional coverage.
It is discovered that someone hacked into your bank account and transferred funds out of your account.
Computer fraud and funds transfer fraud coverage
These optional coverages kick in if someone uses a computer to fraudulently transfer money, securities or other property to someone else.
You can't open your business
Your business is damaged due to a fire and you cannot operate until repairs are made.
Business income and extra expense coverage
This coverage helps with loss of income and fixed expenses, such as rent or payroll, while your business is temporarily closed for repairs after a covered loss.
This coverage provides your business with up to 12 months of coverage.
Billing records are destroyed
There is a fire and your company's billing records are destroyed. This makes it difficult for you to collect payments from customers.
Accounts receivable protection
This covers the increased cost of collecting payments and the expense of reestablishing the records of accounts receivable.
Computer virus attack
You get an email from a client, but you open it to discover that it contains a virus.
Electronic data coverage
This provides coverage for repairing and restoring data due to harmful code that damages or destroys any part of your company's computer system.
This coverage is included in a basic BOP, but you have the option to increase coverage limits.
You are sued because somebody was injured after slipping on a recently mopped floor at your office.
General liability protection
This provides coverage for injury to others at your premises and helps protect you from lawsuits filed against you.
Wrongful termination lawsuit
A former employee sues you for wrongful termination.
Employment practices liability coverage
This provides coverage and support in the event of a lawsuit related to wrongful termination, sexual harassment or discrimination. This is typically an optional coverage.
Customer data loss or theft
Customers' confidential personal and financial data that you maintain is lost or stolen.
Data compromise coverage
This optional coverage provides case management, legal support, credit monitoring and legally required notifications after customer data is affected.
An employee causes an accident
While performing work for you, your employee gets into an accident and causes injury or damage to another person or their property. You could be held liable.
This coverage helps pay for someone else's medical bills and/or repairs to their vehicle, even if it's due to your employee's negligence.
Damage to your vehicle, whether your driver was at fault or not, can result in unexpected repair bills.
This protection pays to repair damage or replace your car if it is a total loss.
Hail can cause damage to your business vehicle, such as large dents and broken glass.
This protection pays to repair hail damage to your business vehicle. This coverage may also help repair damage from other non-accident-related events, such as fire, theft or vandalism.
You are injured by an uninsured driver
If you or your employee are in a collision with an uninsured driver and sustain serious injuries, your livelihood could be at risk.
Uninsured motorist coverage
This coverage helps pay for your medical bills if you are injured in an accident that is caused by a driver with no insurance. Or, you may have the protection you need, depending on your policy's bodily injury limit. (Coverage restrictions apply in some states, so be sure to talk to your agent.)
You owe money on a damaged vehicle
If you still owe money on a loan or lease, you could be responsible for the cost of replacing the vehicle after an accident.
Lease and loan gap coverage
This helps you pay off your car loan if your vehicle is totaled or stolen and the amount you owe is more than the car's depreciated value. This coverage comes standard in an Allstate Business Auto Insurance policy.