Your company makes a profit by selling conveniently offered supplies to the public. Here are three areas of particular concern to retailers.
The NFPA calculates that in the year 2015, some 113,500 non-residential structure fires caused some 1,425 civilian injuries and an estimated $3.1 billion in damage. Your business supply insurance policy can help reimburse the company for lost inventory and pay medical costs for any employees who may have been impacted.
Uniformed security guards and video surveillance can do much to deter crime. Determined burglars, however still target commercial locations, using force or a vulnerability to gain access to stock. Business supply insurance can include protecting your company from losses due to theft.
In October of 2012, Superstorm Sandy knocked out power, flooded streets and damaged properties in New York and several other states. A summary of activity up to June 2016 shows that NFIP payouts from this event alone reached some $8.2 billion. Certain locations are more prone to flood damage than others, but all should make sure that any insurance gaps are covered before a disaster occurs.
There are many ways that business supply insurance can benefit your company. If, in the future, your store takes a hit, such coverage can help your corporation to recover and move forward.