Retail store insurance in North Carolina

What insurance does a retail store in NC need?

Most retail stores benefit from a Business Owner's Policy (BOP) that bundles commercial GL, commercial property (building if owned, contents, inventory), and business income. Additional coverages may include: product liability (for what you sell); crime coverage (employee theft, robbery); and workers comp if you have employees. The BOP can be customized with endorsements for specific retail needs.

What is product liability for NC retail businesses?

Product liability covers claims arising from products you sell that cause bodily injury or property damage. Even if you did not manufacture the product, as a retailer you can be named in a product liability claim. Standard retail GL typically includes products-completed operations liability, which covers this exposure.

What inventory coverage do NC retail stores need?

Commercial property covers your inventory at replacement cost or actual cash value, depending on the policy. Inventory values fluctuate, especially seasonally, so it is important that the policy limit reflects peak inventory levels. Some policies allow for seasonal inventory adjustment endorsements.

What crime coverage do NC retail stores need?

Employee theft and robbery are real risks for retail businesses. Crime coverage (also called commercial crime or fidelity coverage) covers employee dishonesty, robbery, and burglary. Standard property coverage typically does not cover employee theft, which requires a separate crime policy or BOP endorsement.