The retail sector is a key driver of the U.S. economy, with nearly four million establishments providing 29 million jobs and generating more than $1 trillion in gross domestic product (GDP).
However, whether you have a single shop or three locations, sell flowers or electronics, running a business comes with risks. Just a single instance of cybercrime, product recall, customer injury, or theft without the right insurance coverage could force you to close your doors.
Whether you have a single shop or three locations, sell flowers or electronics, running a business comes with risks.
So, how can you reduce your exposure to risks and protect your retail business? Here are a few actions you can take to reduce the risk of losses and keep your employees and customers safe:
- Understand your potential risks. These may vary depending on the location and type of retail store you run, but the basics include employee injuries, property damage, extreme weather, and shoplifting.
- Practice good housekeeping. Assess the parts of your store that may put employees, customers, or vendors in harm’s way. Steep stairs, narrow passages, and uneven floors are all potential hazards. Install adequate lighting and keep floors clean and clear of clutter.
- Establish a security plan. Install and monitor in-store security cameras, and make sure locks and alarms work properly. Inventory merchandise and audit money in registers on a regular basis, while limiting access to cash and financial records.
- Implement safety practices. Train employees on how to manage crowds, safely stock inventory shelves, handle equipment, and address difficult situations with customers.
- Protect your online presence. Keeping your security software up-to-date and limiting access to sensitive information can help minimize the risk of cybercrime and data loss.
No plan is full-proof and losses do happen. Talk to an independent insurance agent for additional safety tips.
This website is general in nature, and is provided as a courtesy to you. Information is accurate to the best of Liberty Mutual’s knowledge, but companies and individuals should not rely on it to prevent and mitigate all risks as an explanation of coverage or benefits under an insurance policy. Consult your professional advisor regarding your particular facts and circumstance. By citing external authorities or linking to other websites, Liberty Mutual is not endorsing them.