How Insurance Needs And Retail Stores Grow Together

Every business has its growth path. Some start like the hare, gallop away to quick success, resting only when they turn into a multi-location and multi-faceted organization.  Others may start like the tortoise, grow slowly and steadily into the shape their ambitions allow. The retail industry that is the backbone of this country is a great example of this.


The National Retail Federation estimates that 95% of the industry is made up of independent or privately held players. And insurance is the valued partner for any retail entrepreneur, accompanying them on the journey of growth, standing with them through difficult times, and celebrating their successes, all the while understanding their probable liabilities and offering solutions when required. This is a relationship that is built on trust.


As a retail organization grows and multiplies, the insurance needs do so too. We at Gonzalez Insurance understand those needs having ourselves begun as a storefront at one time.


Let us track the growth story through an example of your retail store that would have started as a street store shop front as a single-person enterprise. First, you need the correct advice to take on a Business Owners Policy (BOP) from a reliable carrier. This policy of property and liability coverage is the bare minimum for a small business like yours, that would also give additional protection from any loss of income resulting from a disaster like a fire or other perils.


With your enterprise and hard work, success will soon come knocking, bringing an increase of work for which you have to hire employees to work in your business.  Your employees are reliable and efficient, and you know they are valuable assets to your organization and would want to extend them employee benefits.


Let’s see how business growth is now getting linked to insurance need growth.

Employee Liability :

How will you keep your employees safe and your small retail business free from the liability of injury while re-stocking shelves or organizing merchandise in the store? You would want to take a Workers Compensation Insurance or retail insurance that will help with Medical care, Disability benefits, and protection against lost wages if they have to undergo recovery time.

Harassment Claims:

With a growing workforce will come human behavioral dynamics, both good and bad! You are an equal opportunity employer and your now midsized retail store has employees of all sexes, colors, and cultures. In the event where an employee, vendor, or customer experiences, sexual harassment, unfair termination, or discrimination of any type in your store premises, the liability of the same will directly link to you. Considering the growth, we would advise you to include the Employment Practices Liability insurance that covers a gamut of liabilities from discipline, contract, harassment, and related issues.

Commercial Vehicle Liability :

With business needs increasing you may acquire a vehicle or more, to carry or deliver various materials and products. Vehicles moving on roads link you to liability in case of accidents involving you or your employees. We would study your company’s driving patterns and advise you on the actual coverage required for Commercial Auto Insurance.

Customer Injury:

Your Retail business is a busy place filled with customers and employees. Liabilities come in form of customers too! For example, imagine an older customer trips on a protruding stool leg, or slips and falls on some cleaning liquid spilled by an employee, and he needs to be rushed to the ER. The liabilities are yours; we will help you get Retail Stores Insurance or General Liability insurance, covering incidents and accidents on the premises.

Technology Issues:

All businesses today are dependent on technology. For a retail business, stock processes like maintaining the supply chain and re-stocking, to the customer, vendor, and employee payments, everything is computerized and digitized. The liability you face here is an interruption to business caused by cyber incidents related to hackers, monetary frauds, and online data thefts. This critical liability brings losses that can pull your business down. We at Gonzales Insurance understand your business and can provide customized insurance solutions to cover your probable future liabilities regarding cyber-attacks and loss due to them.

Flooding Disaster:

Today with extreme weather, flooding is rampant in all states. If your business is in a flood risk zone, you may also have to face greater risks. A retail store faces devastation in case of such an incident, leading to huge financial and material loss. Your general retail insurances do not cover a flood disaster. We being your insurance advisors, will give you timely advice on the appropriate coverage for Flood Insurance.


Insurance needs to grow with business growth. Coverage required to buy a Retail business evolves with time according to business plans and new vertical of business. You may choose to insure all your stock at cost price, may decide to sell high-value jewelry or art in your retail store, or even start selling licensable items like liquor. The insurance coverage for each one is different.

With insurance, the important fact remains, the cheapest option is not always the best for you! So contact us at Gonzalez Insurance today to understand the correct insurance coverage required by your growing business. We will work with you to understand, evaluate and guide you to make the right decision for a prosperous and secure business future.