Retail & Wholesale

As a retailer or wholesaler, you face a number of challenges running your business; demanding clients, intense competition, finding efficient ways to manage inventory, keeping up with paperwork and managing employees.

You have to be an expert in accounting, employment management, time management and banking. You also have to understand the psychology of the buying public by knowing what they want and when they want it. You have a lot to keep up with and need someone that work for you to assure you do not loose everything because a risk to your business was missed.

Risk is not bad. We take risks everyday. Trouble comes when you are not aware of a risk or do plan for the consequences.
Planning for risks is called Risk Management!

There are a myriad of risks that can jeopardize your business. Let’s face it, being in business is risky. But risk is not bad as long as you know the risks exist and have taken steps to reduce, transfer or fund the risk. Installing a surveillance camera system is a risk reduction. Contracting with an outside company with their own insurance to maintain your building is an example of risk transfer. Buying an insurance policy is risk transfer or risk funding. For example, you transfer the risk of losing your building due to fire or wind to an insurance company and “fund” the transfer by paying insurance premium. Together, these steps are known as risk management.

Property is a large concern. When do you take possession of inventory is important: FOB origin or destination? Is your stock valued at its retail value or your cost? How quickly can you replace lost inventory. What about shrinkage protection? Do your inventory values fluctuate? Do you hold property of others in your care and custody? All of these questions determine what insurance you need.

Liability concerns range from premises exposures to product exposures. Do you retail someone else’s product under your label? Have you altered or valued-added a product? Are you selling a hazardous product? Have you reviewed slip and fall hazard for customers and employees. Do you install or demonstrate products?

Good employees are the key to a successful company. Employees are also a risk. You are legally responsible for their safety and care in the event of a work related injury. Crime exposures from employees include your product and theft of clients’ property, including the growing problem of identity theft. Do you perform background checks on employees? Have you identified who is and is not an employee? Often contractors hired to do work for you can be determined to be “employed” for purposes of workers’ compensation unless you have taken very specific steps to prevent the situation.

These are a examples of just a few of the questions that must be asked to assure that all risks that could harm your business are addressed.

Call Conner Agency today to let us review the risks your company faces and provide solutions to
reduce those risks and your cost.

 agent@connerinsurance.com