What Insurance Should Businesses Carry for Black Friday?

What Insurance Should Businesses Carry for Black Friday?

While the average insurance provider doesn’t offer a specific Black Friday insurance plan, there are certain types of insurance protection that are wise for all business owners to invest in prior to Black Friday sales. For those who are new to the wonderful world of retail on this busy shopping day each year, there is one rule of thumb to remember – the parking lot may be a jungle, but inside the store is a zoo on Black Friday. Having the right Black Friday insurance can make or break your holiday season and, in many cases, your take-home from the year altogether.

Identifying Your Black Friday Risks

Business is risky any day of the year. The added crowds, early morning shopping hours, and savings frenzy can enhance those risks. It’s important for business owners to identify and address their enhanced risks and plan accordingly. What are those risks? Some of the biggest include the following:

  • Limited space within the store.
  • Increased risks of theft (not only of merchandise but also of wallets, purses, credit cards, etc.).
  • Increased risk of cyber-attacks.
  • Injuries inside and outside the store.
  • Damage to property, inventory, and equipment.

From employees getting crushed upon opening doors to inventory getting destroyed by customers who feel if they can’t have coveted items, no one should have them, there are a lot of things for busy store owners to be watchful of.

Some that can be costly in terms of financial losses, public relations nightmares, and goodwill from the public. There are things you can do, however, to help mitigate those risks.

Mitigating Risks on Black Friday

The key to successfully navigating the Black Friday retail quagmire as a business owner is to plan ahead for all the likely risks and to insure your business adequately for the ones you haven’t thought of yet. Working with a local, independent real insurance agent can help you identify some of the risks you haven’t thought of yet and protect yourself from others. Some things you can do to reduce Black Friday risks, include:

  • Bringing in extra staff for security.
  • Have someone patrolling the parking lot throughout the Black Friday rush for things like managing crowds, keeping carts corralled, and reporting suspicious activities to management and security.
  • Invest in two-way radios to communicate more effectively about inventory, potential problem customers, money needs, and more.
  • Train staff to watch out for suspicious activities concerning theft of store goods and of the wallets and purses of customers as well.
  • Upgrade computer security and reset passwords within one week of Black Friday.
  • Keep aisles clear of debris to avoid trips and falls.
  • Limit the number of people allowed into the store at any given time.
  • Check all fire alarms, smoke detectors, and safety equipment the week of Black Friday.
  • Have a disaster plan. Post it. Distribute it. And train employees to follow it.

These things might not seem huge, but they are actually types of Black Friday insurance in and of themselves.

Having the Right Insurance to Manage Your Risks

Finally, having the right insurance to manage your risks is the most important gift you can give your business during this busy holiday season. That means you’ll need specialized insurance protections such as Cyber Liability or Data Breach insurance; Cloud Services Interruption insurance, Business Owners Plan, Commercial Liability Insurance, Product Liability Insurance, Workers’ Compensation Insurance, and Special Event coverage.

Don’t wonder if you have the right insurance for your Black Friday protection needs. Contact Hummel Group today and be confident that your needs are covered.