Retail trade is listed as one of the highest growing industries according to the U.S. Department of Labor. The retail trade is an extremely vital apart of our everyday lives. The industry is comprised of vehicle dealers, boat dealers, home dealers, stores, vending machine operators, fuel dealers and many more. Majority of the parts of this industry are the ones that deal with the final step in distribution.
When running a retail business, there are always routes that will lead to inherent risks. For instance if merchandise can be stolen or damaged, it can greatly affect your financial income. As business owners, depends your customer, your protection of assets are priority. There are a few different packages to obtain in the retail trade industry.
The retail trade industry is a combination of many services. It is part of the trade, transportation, and utilities super sector. Products such as clothing go from a wholesaler to retailer and ultimately to the customer or another individual business. In this business there are two types of retailers: store and non-store. Stores are known as a “brick-and-motor” which is in a fixed and steady location to attract customers. They use ads and radio, as well as other forms of advertisements. Non-stores are not in a permanent fixed location. Their business involves more door-to-door sales and infomercials. This is a large growing industry and will continue to expand.
As a retailer and a business owner, you want to make sure your customers, employees, and property. It is important to proactively examine all the risks you may face and allow our specialists to help you feel protected. Here at Diversified Risk Solutions, LLC, we want all of our customers to remember why they started their business and all the good things that have come from it. Let us worry about your insurance needs.
While working on projects such as ones with a large investment rate and multiple complex parts, there many types of risks that can threaten a business. They can range from contractual and surety needs to environmental exposes and federal protected areas to security of the site. In this industry, it is a must work with the insurer and have a complete understanding and commitment. Our brokers can help to customize the coverage your business needs. For example, a contractor working on a small project such an addition to a single family home, would want to look into contractors liability and builders risk insurance. This would cover necessary medical expense, legal and court fees and if it went so far as a settlement. Builders risk insurance could take care of damages, theft, and fire on the premise.
Throughout the construction industry there are countless ways for accidents to happen. It is best to stay ahead of the traffic and keep everything simple the first time around with our help.
Employment: Employs more than 16 million Americans
Face low sales during tough economic times
Face losses caused by natural disasters and crime
NAICS lists 1,848,093 U.S. business as part of the retail trade industry
Outlook: Will grow 7%, adding about 1 million more workers to this industry by 2022
Challenges in the Industry:
DBA: Divrisk®; Logic Risk Insurance Solutions(in CA)
154 Grand Street, New York, NY 10013
Tel: 1-855-348-7475 Fax: 1-973-215-9995