Florida Retail Insurance quote and information.

1. How do insurance companies define Retail Store?
2. What risk exposure do Retail Store have?
3. What is the price of Retail Store insurance?
4. Is insurance for Retail Store required in Florida?
5. What coverages are common to Retail Store businesses?

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How do insurance companies define Retail Store?

Florida clothing stores can sell a variety of new and used clothing and accessories for men, women, children, and infants. Some are "specialty" stores that sell to one group (i.e., just for men) or sell a specific type of merchandise (i.e., hosiery, or wedding dresses, or athletic wear). Tailoring or alteration services may be provided. Financial condition of the operation is a concern, as well as the inventory control and turnover. Careful consideration needs to be given to these items to ascertain sound operations. Property exposures are limited, but if a fire should occur the clothing provides a combustible fire load and is highly susceptible to water and smoke damage. Florida theft may be a concern if any of the items sold have high value. Appropriate security measures should be in place.

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What risk exposure do Retail Store have?

• Crime Exposures Crime exposures are from Employee Dishonesty and Theft of Money and Securities either from holdup or safe burglary. Employee dishonesty is controlled through inventory monitoring, control of the cash register, disciplined controls and division of duties. Theft prevention requires controls of monies kept in the cash drawers and regular bank drops.
• Premises Liability Premises liability is always a concern in a retail exposure where the public comes to the premises. Floor covering must be in good condition with no frayed or worn spots on carpet and no cracks or holes in flooring. Sufficient exits must be provided and be well marked, with backup systems in case of power failure in Florida. Dressing rooms must be well maintained and privacy carefully guarded. Shoplifting procedures must be fully understood and utilized by all employees.
      Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slip and fall. If the Florida business is open after dark, adequate lighting and appropriate security for the area must be present.
• Products Liability Products liability for this type of operation is normally low. Direct importing of clothes and tailoring can add to the exposure.
• Workers Compensation Workers compensation exposure is from lifting, which can cause back injury, hernia, sprain, and strain. What kind of training do Florida employees receive, and what types of material lifting or conveying devices are used? If tailoring services are offered, injuries due to sewing and cutting injuries are possible.

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What is the price of Retail Store insurance?

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Is insurance for Retail Store required in Florida?

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What other insurance should a Retail Store consider?

Business Personal Property, Business Income, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, General Liability, Employee Benefits, Umbrella, Hired and Nonownership Auto, Workers Compensation