After countless hours of work, sleepless nights, and unmeasurable dedication, store owners have taken their dream of a business and brought it to life. Now that the business is up and running it is important for it to stay that way. As a store owner, if you are not equipped to deal with unforeseen problems such as employee on-the-job injuries, damage to the building, personal business property or personal property of employees and clients, the state of your business may suffer.
Having an insurance plan in your back pocket is a wise choice for most store owners so that in the event of an injury or accident, their business will be protected. In store ownership, there are a variety of common threats that store owners are exposed to. Some of those common injuries and damages include:
- A burst pipe causing damage to inventory
- Inclement weather causing power lines to go down
- A lawsuit against one of your vendors is filed for a product that was purchased through your business
- A fire destroys or ruins your inventory
- A major fire destroys your main supplier’s manufacturing plant
- One of your delivery trucks is involvedin an accident caused by another driver
- A nearby car accident involving a transformer causes a power surge that damages your electrical equipment
- An employee is responsible for an accident while driving one of your business’ trucks
- After delivering merchandise to a customer, it is stolen from their loading deck
- Your business’ computer system is compromised during a data breach
- Unexpected mechanical or electrical breakdown affects your business equipment
- An employee is injured by merchandise falling off a shelf
- The unexpected death of a key business partner or yourself
While this is not an extensive list, these are some of the main issues store owners face that are easier to manage when covered by insurance. Protecting your business with an insurance plan improves the risk management and crisis response given to the situation at hand. When companies go without insurance coverage they risk at minimum a negative financial impact from what is listed above. If any of these concerns registered with you and you would like to learn more about what insurance can do to protect your business, contact McCartin Insurance today.