Owning and operating a furniture store can be an appealing and profitable career. If you have a passion for furniture and home design in general, you will find loads of benefits to choosing this type of business. Part of your responsibilities, however, is being sure your business is properly protected with insurance. Just as important as selecting the business location, merchandise and hiring employees, is business insurance. Furniture store insurance will cover the risks associated with your business including possible customer or employee injury from the furniture in your store, legal liability claims, theft, and damage to your property from extreme weather conditions, fire, or natural disasters.
Types of Furniture Store Insurance
There are several types of furniture store insurance policies available to you. It’s important to understand what each one covers and be sure all of your risks are properly protected.
Business Property Insurance
The property where you conduct business will become your livelihood; without it, you won’t be able to complete normal business operations and would be without business income. Protect that property by obtaining a business property insurance policy. With business property insurance you have protection against property damage that may be caused by fire, natural disasters, vandalism, or extreme weather conditions. It also protects the contents against theft and the property against damage caused by accidents. For example, if a water main breaks that causes a flood, it can damage the building and much of your furniture and other merchandise. The business property insurance policy will help you cover the costs of repairs and replacing the ruined furniture.
Business Owner Policy
If you’re looking for one insurance policy that covers a wide range of risks, then a business owner’s policy (BOP) is going to be it. A business owner’s policy includes different policies you choose in order to customize one single policy. You can include coverages such as property damage, personal injury, legal claims, business interruption and extra expense, personal property, and more. It covers virtually every type of risk associated with owning and operating a furniture store.
Commercial Auto Insurance
As a furniture store owner, you most likely use a vehicle for business purposes at one point or another. When you’re using a company vehicle, it is important to be covered with commercial auto insurance. In the event of an accident, theft, or vandalism, the costs of repairs or replacements are covered by commercial auto insurance. For example, if you are delivering furniture to a customer, and get into an accident that causes damage to the van as well as another vehicle; commercial auto insurance will help cover the cost of damages to both vehicles.
If you have at least one employee working for you, worker’s compensation is mandatory. As it is required in most states, all of your employees should be covered by worker’s comp. Worker’s compensation insurance protects employees who may become injured or get an illness in the workplace, and will protect your company from being responsible for the injury and associated medical costs. If while moving furniture from the warehouse to the showroom, a staff member trips and the piece of furniture causes a physical injury, their medical costs and loss of income is covered by worker’s comp.
Don’t risk losing your business assets by not having the right kind of business insurance. Furniture store insurance is as essential part to the longevity and success of the company you have worked so hard to build.