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How Retail Shops Can Minimize Business Risks

Houston continues to develop new commercial, office, and residential properties at an astounding rate, far surpassing economic growth in other areas of the country. Our city's robust economy allows many individuals to take a leap of faith and become small business owners. However, owning a small business such as retail shop comes with both high rewards and high risk. Thankfully, there are proactive steps retail shop owners can take to minimize risk and protect their business. Today's blog post will look at four specific ways retail business owners can reduce their exposure to risk on both an immediate and long-term basis.

Make Security A Priority

One of the biggest risks of any retail shop comes from potential theft of inventory, cash, electronic equipment, customer transaction records, and other assets. Reducing risk and theft opportunities starts with installing security cameras, securing inventory, and limiting access to business office, personnel records, computer systems, and cash safe. In addition, businesses can also obtain Customer Information Protection, a popular new commercial coverage that protects from losses or theft of customer banking or credit card information. Also, retail owners can implement a safety program for employees in the event of a customer or store emergency, and also to teach proper handling and lifting of materials and inventory. This program can minimize Workers Compensation claims and also protects business property and assets.

Know (and Support) Your Community

Market to the strengths of the community as well as resident demographics by offering specials for targeted groups, such as discounts for senior citizens, or special events for families with young children. This helps ensure a steady and loyal customer base that can help weather any downturns in the local economy, as well as customer support in the event of a disaster. Make the business a cornerstone and positive focal point of the neighborhood by offering amenities for residents to enjoy throughout the year. This also reduces the likelihood of theft or vandalism, as businesses with community support are less likely to be targeted by criminals.

Build Strong Relationships With Wholesalers and Suppliers

This proactive step can reduce the risk of a retail shop by ensuring that the business has the best possible inventory to choose from, all at competitive prices. A strong store to supplier relationship reduces the risk of business interruptions due to shortages in stock, production slowdowns, or transportation delays. Also, a strong relationship with suppliers and wholesalers ensures that your retail shop can always meet immediate customer needs. In an age of instant customer feedback on social media, any steps a retail shop (or any small business) can take to improve the overall shopping experience can go a long way to build brand awareness, positive feedback, and customer loyalty.

Get Commercial Insurance Tailored To Retailers

Many small business owners do not realize that there are many types of commercial insurance policies that can be tailored to their specific industry. For example, there are commercial insurance packages just for retail shop owners as they have very specific and unique insurance needs that would not apply to a restaurant, attorney, farmer, plumber, or other commercial industry or profession. Retail Insurance offers financial protection to retail shop owners by protecting the value of business assets such as inventory, equipment, and delivery vehicles. Customized Retail Insurance can be bundled along with Customer Information Protection, Workers Compensation, General Liability, and Commercial Property Insurance to save business owners money on annual premiums.

Aegis is proud to support local businesses with top-quality, reliable commercial insurance solutions at competitive rates. Aegis offers a full range of commercial insurance policies, including Business Owners Policy, General Liability, Workers Compensation, Commercial Property Insurance, Commercial Auto coverage, and Excess Liability coverage. Call our team of Commercial Insurance experts today at 713-850-7622 today for more information, or go online to request a free quote!

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