Tom's Blog
As a storeowner, you have to juggle a lot of tasks on a daily basis and protecting your livelihood is right there at the top of your priorities. As you know, you have to be prepared to handle any unexpected mishaps that can and will occur, so while you know your business can be risky, you can minimize financial risks to protect your unique investment by being aware of the most common risks storeowners face.
Can You Afford for This to Happen?
Imagine getting a phone call at night stating that your store is up in flames, your building and entire inventory is destroyed, and now you can’t deliver promised goods to your customers. This means a lot of money lost in inventory, possible contract penalties, and potential loss of vendor business.
If you aren’t altogether aware of this type of risk and don’t have your business and inventory adequately covered, you could end up facing a complete business shutdown. This type of example is just the tip of the iceberg when it comes to unique risks storeowners face.
Some Common Risks You May Face As a Storeowner, but Not Limited to:
Knowing what risks are most readily projected is one of the best ways for you and your N.C. independent insurance agent to determine what type of customized insurance policy will best protect your business at an affordable price. Below are some of the most common examples of risks storeowners may face:
- One of your employees, while driving the company truck, causes a multi vehicle accident resulting in major damages and extensive injuries to the other vehicle(s) and occupants.
- A burst water pipe in your building breaks and damages your entire inventory. Another example would be your inventory being damaged by smoke and/or fire.
- Your business receives a lawsuit after a customer is injured after he/she receives faulty/defective merchandise that you sold.
- One of your employees slips and falls on a carpet roll resulting in a broken patella, surgery, and permanent disability.
- Merchandise that is delivered to your customer is stolen before your customer receives it, and now you have lost inventory and a potential lost customer.
- Your computer system suffers a data breach and now all of your clients’ information (credit card information) is exposed, leaving them vulnerable to identity theft. You must contact each of these vendors/clients to let them know.
- Your building loses electricity for 48 hours due to the weight of ice/snow on the transmission lines, resulting in temporary shut down of your business operations and subsequent loss of revenue.
As a storeowner, be aware that any of these situations could happen and you must be protected with the right type of business coverage that is most appropriate to your store needs and budget. As you can imagine, knowing which type of insurance is best suited for your store is multifaceted and that’s why you should always consult with your N.C. independent insurance agent for assistance.
Paramount Insurance Agency is a N.C. independent insurance agency that has been insuring storeowners since 1994 and we can provide hands on guidance so you will have peace of mind about the coverage your store needs and deserves.
