Imagine a customer bought something at your store and now wants to return it. The reason for the return might not even be your fault—it could have been an unwanted gift, a factory defect, the wrong size, or a color that wasn’t as advertised. Perhaps the item was damaged or spoiled during transportation. Regardless of the reason, the customer is always right, and you’ll need to either refund their money or provide an equivalent replacement. But can commercial insurance help cover these costs?

Check Your Policy

Whether commercial insurance covers the cost of returned merchandise depends on the type of policy you have. Here are some scenarios where specific types of commercial insurance may apply:

• Commercial Property Insurance: If returned merchandise is stolen or damaged, this type of insurance can cover the loss.
• Product Liability Insurance: If merchandise is returned due to defects, product liability insurance may cover the associated costs.
• Product Recall Insurance: In the event of a product recall, this insurance can help you recoup losses related to returned items.
• Business Interruption Insurance: If a disaster like a fire or flood damages your merchandise and leads to a significant number of returns, business interruption insurance may provide coverage.
• Chargeback Protection Insurance: If a customer claims merchandise was purchased using a stolen credit card and demands a refund, chargeback protection insurance can safeguard your business against such incidents.

Understanding your policy and its coverage limits is essential to ensure you’re prepared for these situations.

Contact Larry Burkman Agency in Huntsville, AL

If you’re in the Huntsville, AL, area and need commercial insurance, contact Larry Burkman Agency. Our team is here to help you find the right coverage to protect your business. Reach out to us today!

Larry Burkman Agency has assisted many Huntsville, AL companies in finding commercial insurance that keeps them secure. But what if you run a one-person business? Will you need protection? Absolutely! Here’s what you need to know about the insurance type that makes sense for you.

Yes, One-Person Companies Need Insurance: Sole Proprietorship Policies

While it might seem odd to insure a business when you’re the only employee, sole proprietorship protection is critical! It’s available to exactly who the name suggests: firms with only one employee! How do you know if you qualify? Did you file organization articles with Alabama? If not, you count!

Note: Sole proprietor companies and self-employed individuals are different! Typically, self-employed individuals include freelancers and independent contractors who work and get paid by other businesses. Sole proprietors literally own a business and control assets, debts, etc.

Insurance Types You’ll Need

When drafting your sole proprietorship business insurance policy, it’s critical to add a variety of protection types! After all, if you’re the only person liable for your business financially, protecting yourself is critical! Just a few types of insurance you should add to your company include:

• Liability protection to keep you safe from third-party claims (bodily injury lawsuits, etc.)
• Professional liability support to pay for negligence or mistakes in your business
• Business owner’s policy (BOP) that combines liability and property coverage
• Cyber insurance (if you handle sensitive information for your customers)
• Commercial auto (especially if you make deliveries, haul tools, transport passengers, etc.)

We’re Ready to Support You!

Do you run a one-person business and need commercial insurance you can trust? Call us at Larry Burkman Agency to get started! We’ll support your Huntsville, AL company by finding reliable commercial protection that keeps you safe and minimizes unnecessary and costly expenses.

Opening a food service business, such as a food truck, bakery, restaurant, or catering service, is often driven by a passion for cuisine. However, it’s crucial to understand the challenges and risks associated with such an establishment and to ensure you’re taking steps to protect yourself and your business from potential perils.

Commercial insurance for food service businesses in Huntsville, AL, can mitigate various liabilities commonly associated with these companies. Knowing you’re covered for many adverse events can provide peace of mind and allow you to focus on growing your business.

What Does Commercial Insurance Cover?

Every food service company’s commercial policy should address the unique risks associated with that specific business. Here are some of the most common types of coverages included in many policies:

• Property damage: This coverage can help offset the costs of repairing or replacing equipment, furniture, or the building when they’re damaged due to events like fires, natural disasters, water leaks, and other covered incidents.
• Liability coverage is often one of the most crucial coverages for food service businesses. It offsets costs associated with medical expenses, legal fees, and settlements if a customer suffers an injury, foodborne illness, or allergic reaction.
• Food and inventory loss: This coverage can help cover the costs of equipment malfunctions or power outages that lead to food spoilage or other inventory loss.

Some food service businesses may also need to consider liquor liability or commercial auto insurance coverage. Our team at Larry Burkman Agency can help individuals in Huntsville, AL, learn about the types of coverage they need for a food service business.