Owning any business has its share of risks and retail shops are no different. You constantly face theft or customer injury threats in a brick-and-mortar establishment. If you have an e-commerce website, you struggle with cybercriminals. Yet business owners across the country fight to stay in business for many reasons as you provide vital services to your communities. Because of your tenacity, you deserve to have retail insurance for your Mississippi enterprise that offers excellent protection.
5 Common Risks to Retail Businesses
While you may enjoy selling handmade goods to customers in your shop, it doesn’t keep you from risk. Instead, all retail stores face different scenarios affecting their business and bottom line. Retail insurance aids you in many ways to handle those times when others try to hurt your business. Here are five common risks that you should remain aware of as you run your store and service your patrons:
- Theft of Physical Items: Shoplifting has been around for a very long time and it probably isn’t going away anytime soon. Not only is it a headache, but it costs businesses and consumers money. To help mitigate theft, you can consider installing security systems with video-monitoring equipment, using sensor-based product tags, and locking display cases.
- Cyber Theft and Data Breaches: As more stores go online and collect customer information in data systems, e-commerce crimes also increase. Cybercriminals will do whatever they can to obtain your customer database, even hacking into the point-of-sale systems. They can also prevent customers from purchasing from your website. Cyber insurance helps to offset the effects of a data breach or other cyber threats.
- Damage to Inventory: Natural disasters happen, and you can lose precious inventory when they affect your local area. It’s not just stores that are affected. Warehouses holding merchandise for e-commerce businesses are under threat as well. Power outages can be costly for those companies with perishable items.
- Injuries to Customers: Wet floor signs are helpful, but they don’t prevent accidents. If your patrons fall and break an ankle, you need the right insurance policy to cover any claims they bring against you. Injuries also happen to employees, so having workers’ compensation is a must.
- Unexpected Forced Closure: Stores face the risk of a forced closure from fires, burst water pipes, or vandalism. When this happens, you lose income and can potentially lose your business. Utilizing business interruption insurance can provide protection in these instances.
Retail Insurance that Provides Peace of Mind When You Need It Most
Continue providing your customer with quality products while protecting your business when you obtain retail insurance from Hawsey Insurance. Our team is ready to discuss your current needs and find any gaps in your existing coverage. Depend on us to provide quality insurance protection at reasonable rates. Learn more when you contact us today for your quote!
Call Hawsey Insurance at (601) 856-7707 for a retail insurance quote in Jackson, MS. Feel free to contact us online or make an appointment to stop by one of our Madison, Jackson, Southaven, MS offices.