This weekend is the series of shopping-related “special days” that some shoppers and retailers hold to, while others ignore entirely. There’s Black Friday for huge deals on big-ticket items (and huge crowds early in the morning) and Cyber Monday for online shopping. In between is Small Business Saturday, the one I’m looking at here.
The idea is to encourage shoppers to head to local businesses, not nationally known chain stores, to do their holiday
and other shopping. Retail stores are an enormous part of the American economy, of course, and small stores are a
big portion of that;
about 98% of all retailers are considered “small,” with 50
employees or fewer.
Small stores are a big part of business here at Hastings Mutual, too: We offer coverage for many types of small business, including florists and barbers and beauticians. Our Businessowners coverage can be used with many kinds of commercial enterprises, like gift stores.
What does our Businessowners coverage offer to our small retailer customers? Quite a bit, starting with your actual building and the materials in it.
We have equipment breakdown coverage for the machinery in the building. If something happens that requires serious repairs, your Hastings Mutual Businessowners policy also features business income and extra expense actual loss sustained coverage. That helps keep you afloat if your business has to be shut down for a brief time because of those repairs or something similar.
Liability is found in several other key coverages.
Basic liability, an additional coverage on our Businessowners policy, starts at $300,000, with higher limits available. That’s if someone is hurt in your shop, like in a slip-and-fall incident.
Cyber liability protects your business if it’s hit by hackers or internet thieves. One report finds that 43% of businesses reported internet attacks in 2021, most often in the technology, financial services, and energy industries. It’s assumed hackers are after personal data like credit card and Social Security numbers, so they more often attack large businesses with many customers. But small businesses aren’t invulnerable; the same report shows about 23% of small companies were attacked online.
Like anything else, the best way to avoid online danger is to prevent it in the first place. Be aware of email red flags and be cautious of anything you do on the internet, whether it’s for your business operations or when you’re working with your customers’ data.
The Mutual Understanding blog and Hastings Mutual videos are made available for educational purposes only. The information referred to is not an official company statement, corporate policy, or offer of coverage. Refer to your insurance policy for specific coverage. There is no representation as to the accuracy or completeness of any information found by following any link on this site. Please contact your local independent insurance agent with further questions and for more details on any insurance policy-related information you read here.
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