Orlando, Fla.—In line with all restrictions caused by Covid-19, and the extended holiday shopping season— this year, many retailers have made changes to their return policies. Many families started their shopping at a much earlier time this year, for many valid reasons. First, a lot of customers shifted their shopping pattern buying mostly online, in order to avoid crowds and/or exposure to the virus in areas of high incidence, or with stricter restrictions. Some others decided to start early just to take advantage of Black Friday and Cyber Monday deals, which this year started earlier and stayed longer to accommodate to the current public health issue.
Also this year, many big box retailers extended their return windows: In many cases, as long as you have the original receipt -- or your gift recipient has the gift receipt -- you’ll be eligible for a full refund on any unopened or unused items through January 2021. You may even have longer, depending on the retailer.
Christmas is now just around the corner, and if you have a retail business you also need to be prepared to manage the flow of returned merchandise and have a clear posture on what to expect if the gift recipient needs to exchange or request a refund. Shipping delays could also represent another issue, if the presents didn’t arrive on time and may need additional time to process any requests.
On the other hand retailers face a number of challenges to keep their business up to speed, especially now, including everything from regulatory issues and theft, to competition within the industry. Sometimes even a simple piece of paper called a Certificate of Insurance (COI) can help you set your business apart. A COI is a statement of coverage issued by the company that insures your business, and is
usually one pager that provides a summary of your business coverage.
Your retail business deserves the best protection possible. No matter what type of retail business you own – a flower shop, an appliance repair shop, a dry-cleaning operation, a clothing boutique – shop insurance may be helpful to help you protect your business against financial losses.
The following are some insurance options for retailers you may want to consider:
If your business is forced to close temporarily due to direct physical loss or damage to property from a covered cause of loss, business income insurance can help you. For example:
- Replace lost net income during the period of restoration that you would have earned if no physical loss or damage had occurred.
- Pay for necessary continuing normal operating expenses, including ordinary payroll expenses.
- Pay for relocation expenses and advertising fees if you set up shop at a temporary site.
At Garzor Insurance our experienced professionals are dedicated to providing commercial insurance coverage for businesses in Florida as well as Georgia, Texas, and now many other states across the U.S.A. If you have questions about business insurance, or any other commercial insurance aspects, please do not hesitate to visit us online at Garzor Insurance, or you may want to call us directly at (321) 206-8035.
Mariana Morante
Licensed Insurance Agent
