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What insurances should we carry at the very minimum to protect the company?

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As a retail store, what are the things that we are liable for and what insurances should we carry at the very minimum to protect the company?

Answer:   We are not insurance agents or brokers and do not give professional opinions on specific insurance coverage or policy limits, which vary by business situation. However, the following industry information discusses potential customer personal injuries and the many other insurance considerations for building supply stores and other retail businesses:

For example, the following insurance industry information indicates that $1,000,000 or $2,000,000 of general liability coverage may be common for many types of small businesses; however, with a larger business, $4,000,000 or $5,000,000, or more, may be recommended by your insurance agent.

Several factors influence liability (general, professional, product, etc), property, vehicle, workers’ compensation, and other insurance and bond coverage types, amounts, and premiums, including the types of services, amount of company and/or owner assets, the amount of business sales, number of employees, customer contract requirements, and professional licensing requirements. Because business insurance needs vary greatly, we generally recommend business owners work with a qualified business insurance broker or agent who can identify the insurance coverage recommended for their business, customize an insurance package for the business, and obtain competitive premium quotes. It is often important to work with an independent broker who can shop your insurance with several companies and not just one insurance company.

Also, professional and industry associations and organizations and your State Department/Division of Insurance can be resources for insurance coverage. You can find a local business insurance broker or agent through your Yellow Pages or an Internet search engine will generate resources like the following:

You can also review information on the various forms of business insurance at the following websites:

Published: July 25, 2013
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Rebecca Kincaid

Operating as a Chartered Life Underwriter, Rebecca specializes in life insurance for business and estate-planning purposes. Rebecca's background also includes regional management and sales positions with leading insurance firms such as Parker & Company and Old Mutual Financial Network. In addition to her consultative support, she also acts as the Director of Life Sales for Tarkenton Financial.

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