Commercial insurance for retail businesses isn’t a luxury for business owners today, it’s a necessity. It’s something any retail business cannot afford to operate without. The problem is that retail business insurance isn’t a one size fits all businesses proposition. Different retail establishments have different needs when it comes to insurance coverage.

That’s what sets us apart. We work with you to identify the unique insurance needs your retail business has based on the risks your industry faces. Then we work with you to find the right combination of coverage options to mitigate those risks.

What Types of Retail Businesses of Phoenix Insurance Group Cover?

We offer coverage for a wide range of businesses within the retail industry. While we can create a customized plan for any retail business, we offer products that work well with most including the following:

·         Dry Cleaning Businesses ·         Furniture Shops
·         Florist Businesses ·         Department Stores
·         Home Improvement Businesses ·         General Stores
·         Clothing Retailers ·         Supermarkets
·         Auto Parts Retail Shops ·         Pharmacies
·         Convenience Stores ·         Online Retailers

Keep in mind that this list is not, by any means, inclusive of all the types of retail establishments we can work with.

Retail Risks Insurance Provides Protection Against

The risks businesses face today are very real. One wrong event or disaster has the potential to put you out of business for days, weeks, months, or even for good.

Retail businesses face some unique risks that aren’t as common to other businesses, such as shoplifting and employee theft. The better you understand the risks your business faces, the better able you are to protect your business against the financial impact and devastation these events leave in their aftermath.

Here are just a few of the types of risks you face as a retail business, and why you need adequate insurance coverage.


Perhaps the biggest risk for retail environments is crime. While much attention is placed on shoplifting as a problem for retail stores, the fact is the employee theft and embezzlement as well as damage to inventory, store fixtures, and equipment also costs businesses plenty of dollars each year.

According to estimates from the U.S. Chamber of Commerce, nearly 75 percent of employees steal from their workplaces and most of them do so repeatedly.

Liability Issues

These issues impact your business in multiple ways. First, there is a risk of injuries on your property that can result in liability for your business whether it’s inside your retail store or as a result of icy sidewalks outside your business.

Second, there is the risk of injuries resulting from the products you sell. The right liability coverage for your retail business can help relieve concerns over legal expenses and potential damages awarded as a result of these injuries.

Cyber Crime Risks

Technology presents a wide range of risks that many businesses are just now beginning to understand – especially retail establishments that have personal information about customers, including financial information.

Most businesses today rely heavily upon computers. Unfortunately, hacker technology seems to be advancing much faster than the technology that prevents hacking from happening.

That’s why you need insurance that specifically deals with the financial fallout and liability issues related to cybercrimes.

Commercial Insurance for Retail Businesses Coverage Options

Now that you understand the specific types of risk you face as a retail business, it’s time to explore the insurance products that can help you minimize your financial exposure as a result of these risks. The following coverage types are just a sample of those well worth considering:

  • Business Owner’s Policy (BOP)
  • Business Crime Insurance
  • General Liability Insurance
  • Commercial Property Insurance
  • Equipment Breakage
  • Employment Practices Liability Insurance
  • Umbrella Liability
  • Spoilage or Food Contamination
  • Workers’ Compensation Insurance
  • Income Protection Insurance

Phoenix Insurance Group understands the unique needs retail businesses in central and north New Jersey face. Call us today to learn the type of retail business insurance and coverage amounts that will serve your business needs best.