By Oliver Wright, Account Executive
As a retail business, whether you own a bakery, clothing store, boutique or flower shop, you have a very unique set of exposures. From your products to your employees, there’s not always a one-size-fits-all policy when it comes to having the proper insurance coverage in place.
If you’re looking to make sure you’re properly covering your retail business, here are a few things you should know when it comes to finding the right policy for your needs.
While a commercial insurance policy may be a good option for large retail operations, there are many reasons a customized business owner policy, or BOP, is likely going to be a better fit for many local business owners.
For any retail business that sells consumer goods, we’ll typically write a BOP that applies more to your smaller operations, not necessarily mom and pop stores, but locally-owned businesses.
Insuring your retail business through a BOP is going to provide the necessary coverages, including:
As a retail business owner, it’s also important to take a look at additional coverage options beyond what’s typically included. Here are a few you might want to consider talking with your agent about.
As a retail business owner, it’s essential to have an advocate on your side who has multiple carrier options and extensive experience in covering countless business just like yours. While a direct writer can potentially leave many gaps in coverage, there are so many benefits to working with an independent agent who can tailor your policy to meet each and every one of your needs in the most cost-effective manner.
An independent agent has the ability to see how different carriers view the insurance needs of your business. We know exactly how each carrier is going to manage your exposures and mitigate those risks, and ultimately, this inside knowledge and expertise is going to benefit you, the client.
Byars|Wright, Inc.. is a locally owned and operated independent insurance agency with four offices in the greater Birmingham area that has developed into a major provider of commercial and personal insurance. Since 1946, the agency has made acquisitions to expand its scope of business and delivers a wide-range of insurance products with quality coverage at competitive prices. Byars|Wright has been designated a Best Practices Agency by the Independent Insurance Agents and Brokers of America and was also named “Best Companies to Work For in Alabama” by Business Alabama in 2016, 2017, and 2018. Byars|Wright, Where Relationships Matter. www.byarswright.com.