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As a retail shop owner, you rely on your employees to keep your business thriving. They assist your customers, stock your aisles and keep your business running in a variety of other ways. Even if you've implemented multiple measures to create a safe and stable working environment, unexpected injuries and accidents can happen without notice. Fortunately, with retail
workers' compensation insurance
coverage through AmTrust Financial you can be prepared before an issue arises.
Workers’ Compensation Coverage for Retail
By securing workers' compensation insurance, you can help
safeguard your retail business
in a multitude of ways. Most states require retail shop owners with employees to carry workers' compensation, although there are certain exclusions that may apply. However, because of the many benefits that these policies feature, many retail shop owners with employees will opt to carry workers' comp insurance, even when they aren't required to do so.
Protecting Your Business and Employees with a Workers’ Comp Policy
Salespeople and other employees are the backbone of any retail business, so it only makes sense to help ensure they're financially protected in case a work-related accident occurs. Because your employees are on their feet and responsible for a variety of tasks on a daily basis, they can be exposed to risks. For example, while keeping track of inventory, an employee could fall off a ladder and become severely injured. An employee who serves as a cashier may suffer from a repetitive motion injury, such as tendinitis or carpel tunnel syndrome. Other potential scenarios include an employee who slips on a recently mopped floor and fractures an ankle, or a worker who has an allergic reaction to a product you sell.
Regardless of the type of products you offer, workers' compensation is designed to provide financial compensation to an employee who suffers an accident, injury, or illness while working at your store. With adequate coverage, the injured employee is generally covered for:
A portion of lost wages
The costs of surgeries and treatments from specialists
Rehabilitation and job retraining
Perhaps most importantly for business owners, workers' comp policies can keep you from having to pay for all of these expenses out-of-pocket and can even limit legal claims made by employees who are injured or become ill at work.
Key Benefits of Workers' Compensation for Retail Shop Owners
Depending on the specific terms of your policy and state laws, carrying workers' comp can help cover your store from costly claims resulting from work-related injuries and illnesses. While workers' compensation is best known for its coverage for medical treatment, it also has another specific purpose: to cover or prevent lawsuits that may stem from an employee's injury. This segment of the policy is generally referred to as "employer's liability."
What is Employer's Liability?
Depending on the circumstances, this part of the policy could help you pay for legal fees for a lawsuit related to a workplace injury, including hiring attorneys, court costs and any settlement costs. In many states, workers' compensation is a no-fault policy that covers both you and your employees, no matter who is at fault for the accident, illness, or injury. However, an employer can be found at fault in a few states depending on the circumstances, leading to lawsuits by the employee or other third parties. For that reason, it's important to understand what regulations and procedures your specific state mandates and ensure you have the correct policies and coverage limits in place, which is an area AmTrust can help.
Additional Types of Insurance Policies for Retail Shop Owners
In additional to workers’ compensation, retail Insurance often includes four other basic types of insurance that are common to most small business owners. These insurance types include:
Employment Practices Liability
Also, depending on the specific circumstances of your business, such as if it handles perishable items, hazardous materials, and so on, you may need additional coverage. Let us know and, our representatives will be more than happy to help you find a flexible insurance solution to suit your business.
Coverage for Retail Property
Property damage is something you need to take seriously as a retail store owner. Theft, from both shoplifting and break-ins, is a common problem. Additionally, if your retail business sells food and perishable items, then an equipment malfunction or power outage could result in you losing your stock. Finally, your business faces other risks, such as from fire, falling tree branches, and storms, that could cause significant property damage.
is designed to cover your business for property damage, including lost stock. Additionally, it can also offer compensation if your business has to shut down temporarily or move to a new location.
Protection Against Claims
Third-party claims are a serious threat to retail shops, especially slip-and-fall claims. You are responsible for ensuring that spills are cleaned up, pathways on your property are free of snow and ice, and that floor surfaces don't present tripping hazards, such as uneven tiles. While you may work hard to mitigate these risks, an accident is still possible. Without General Liability insurance (which is a part of our Retail Insurance package) you could be facing the prospect of paying for a costly lawsuit against your business completely out of pocket.
Former employees could also bring a claim against you, especially for allegations of discrimination, unpaid wages, or wrongful termination. Even if you win the case, the cost of litigation is high. Our Employment Practices Liability coverage helps protect your business from the expenses associated with employment-related claims.
Where Can I Learn More about Retail Workers' Compensation and Additional Insurance Policies for Retail Stores?
Don't be fooled into thinking that your retail business is immune to accidents and risks. Every small business owner needs insurance to help protect them from the cost of claims and damage. You want to keep your business and employees protected, but choosing insurance and coverage limits isn't always easy.
Let AmTrust help you insure your retail shop and your employees. For more information about workers’ comp for retail stores and other
small business insurance
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