Business insurance is a need, not a last-minute addition, for retailers
New challenges continue to arise that make running a retail business harder than ever. Besides the rapidly changing retail landscape, hardships like a shortage of labor, inventory management, potential lawsuits from third parties, manual handling and safety concerns, liability concerns, cybersecurity risks, real estate expenses and more all make it hard to keep cash flow balanced.
For clothing retailers, grocery merchants, ecommerce brands, wholesalers and other merchants, it’s now more important than ever that leaders take charge and examine every aspect of their business including profit margins, where company resources are allocated and what spending can be reduced to protect the bottom line.
One area that often is overlooked when searching for ways to decrease spending is business insurance. A must for retailers to protect your property, workforce and more, business insurance is a necessary cost that can save in the long-run. Various options like business personal property insurance and business interruption insurance can help keep day-to-day operations running smoothly while ensuring your business and your employees are protected. Options like inland marine insurance protect your inventory while it is in transit. In the case where property is lost, broken or stolen en route to a shipment center, your insurance will cover claims for the damages. And of course group health insurance is important for many of your team members. The list goes on and on, but saving money is the best place to start.
How can merchants reduce their cost of insurance?
Most merchants don’t realize that there are tons of savings to be uncovered within your business insurance policies, including group health insurance and property insurance – all without having to lose any necessary protections.
For merchants, business insurance may be at the bottom of your list to handle and you most likely relied on your agent to take care of all the fine print. While it is their job to deal with the paperwork, it’s not in their best interest to make sure they give you the best insurance rate. Agents work hand-in-hand with carriers, whom they receive incentives and kickbacks from – meaning they get paid more if your premiums are higher. And since agents aren’t motivated to work harder to showcase multiple rates and plans from various carriers, you may be overpaying for your policy.
Merchants can get the best commercial insurance rates for their companies
Begin this process by putting your insurance agent to work – ask for multiple quotes from different carriers, different types of plans and ask questions along the way. If you are unsure about what questions to ask or what plan to even look for, seek an unbiased third-party that truly knows the industry. A business insurance advocate can review all quotes, assist you with what questions to ask, negotiate on your behalf and ultimately, steer you in the right direction. Unlike agents, our team at RateCraft is comprised of industry experts who only get paid if they save you money and we can do it in around less than two hours of your time. RateCraft is here to level the playing field of business insurance and help protect your bottom line – we have a proven record of saving businesses an average of 35% on business insurance costs.
No Matter What Kind of Merchant You Are, Insurance is Critical For Your Business. So Is Saving Money On It.
- Department Stores
- Specialty Stores
- Grocery Stores and Supermarkets
- Convenience Stores
- Discount Stores
- Hypermarkets or Super Stores
- Warehouse Retailers
- Internet and Mobile Retailers
- Corporate Chain Store
- Voluntary Chains
- And More