Retailers across the country might be seeing higher sales levels, with consumer spending picking up, which can be beneficial. However, with more people in their stores, the owners of these retailers need to be concerned about slips and falls that could lead to a lawsuit.
For this reason, it is important to ensure liability insurance policies are adequate enough to provide protection against legal claims.
More customers likely frequented stores in June, as the Deloitte Consumer Spending Index edged up slightly to 4.3, from 4.2 in the previous month.
“Strengthening housing and job markets can have a profound impact on consumers’ ability and willingness to spend,” said Daniel Bachman, Deloitte’s senior U.S. economist. “Improvement has been slow but steady month to month, and both housing and employment have regained their footing since last year.”
Home price gains in May were likely a major contributor to the spending pick up in June. CoreLogic’s Home Price Index revealed a 2.6 percent month-to-month bump and 12.2 percent annual gain.
Any incident such as a fall that leads to injury could cause a lawsuit, and without the proper protection, small businesses could be forced to close for good if found liable for damages.