Retail stores are everywhere. Some are on main street and other in large, sprawling shopping malls, but when you are a retailer yourself the only store that really matters is yours. There is a lot of satisfaction that comes with being in retail. The opportunity to develop relationships with your customers often tops the list. The variety of retail stores is vast. Their offerings can include anything from clothing, accessories and costume jewelry to glassware, pottery or toys. Some stores even offer engraving, personal shopping and delivery services. Most have an online shopping component as well. As a retail establishment grows, so do the risks.
Being a retailer can be a very rewarding experience. Offering people products that they want makes retail a very satisfying profession. For as much as retailers love their customers, it is those very customers that also create the greatest risks. You can protect yourself from those risks. All retailers, regardless of specialty, face risks that should be covered by an appropriate errors and omissions policy.
There is a lot involved in running any type of retail establishment. Retailers are busy hiring employees, keeping customers happy, updating websites or displays, managing inventory and producing sales reports. Believe it or not that doesn’t even include the time spent punching-up marketing materials and scoping out service providers. It’s understandable that a well-intentioned retailer could occasionally make a mistake. That is why errors and omissions coverage is essential. Operating without it is extremely risky. If your business is sued, you could end up facing steep legal costs. Having a sufficient E&O policy in place to help compensate for these damages is the only way to prevent this type of event from devastating your business.
Unfortunately, we live in a litigious society. Although the likelihood of a claim being filed against you may be small, if a claim ever was filed, the results would be devastating. So, it is wise to get that added protection and the peace of mind that comes with it. ACE Financial offers errors and omissions coverage that can be quickly and easily obtained by answering a few questions on our online quote form. Get started now.