Art supply and drafting supply stores carry everything someone would need for their art and drafting projects. This includes drafting and craft tables, paints, pastels, oils, paint brushes, framing supplies, an assortment different types of paper and canvases, and many more supplies. As a retail store, crimes like theft and shoplifting are your biggest risks, alongside general liabilities like customers slipping inside your store. Protect these and other risks with business insurance.
Types of Art Supply and Drafting Supply Store
With a variety of risks exposed to you as the owner of an art and drafting supply store, you should also be protecting your business with an appropriate matching of insurance policies.
General liability insurance is the most basic of business insurance policies. It will protect all types of liabilities relating to your business premises, the products you sell and services you provide. For example, if you offer framing of artwork and the frame comes apart, cutting the customer, medical costs are your responsibility; general liability will protect this type of claim. Additionally, any accidents occurring in your store is covered by the premises liability section of general liability insurance.
Business auto is a commercial auto insurance policy that covers bodily injury, property damage and vehicle damage if you get into an accident. This includes coverage for your vehicle and others involved in the collision. If you are using a vehicle for business errands, it is highly advisable that you have a business auto insurance policy.
A variety of unexpected events could occur in your art supply store, especially considering you carry flammable items like paint thinner and adhesives. Protect your business from fire and natural disasters with a business property insurance policy. Business property ensures protection from these events, by helping you with repairs and replacing any items that are beyond repair.
You rely on your equipment to be in working order and if it was to break down, you would not be able to perform your daily business functions. Equipment like your cash registers and computers are essential to operating every day. If you have equipment breakdown insurance coverage, you can get equipment repaired or replaced quickly so you can get back to work right away.
If you have an online store where you sell art or drafting supplies, it should have its own insurance policy. You are at risk for a number of cyber crimes, such as fraud and virus activity, which could mean losing a good deal of business income. If this was to occur, you would be responsible for the loss in income, along with any damages to your customers. Cyber liability insurance will cover these types of crimes.
Workers’ compensation is important for an art supply and drafting supply store, because your employees are at risk for injury. This could be wrist pain from using the cash register, a cut on the hand from a box cutter or slipping on newly mopped tile. If they receive an injury while on-the-job, worker’s comp pays for their medical and recovery costs, as well as lost income in many cases.
Art and Drafting Supply Store Crime Insurance
As an art supply and drafting supply retail store, theft and shoplifting is one of your biggest risks. While you should be sure to have extra security measures, it isn’t always enough to prevent such crimes. For this reason, you should also have a crime insurance policy. It ensures you don’t suffer financially as a result of a crime, whether it’s vandalism from a passerby, shoplifting from a customer or theft of money from one of your employees.
Now that you know of the most important insurance policies for your business, you can protect your art supply and drafting supply store effectively. Keep your risks in mind when deciding which art supply and drafting supply store business insurance policies will be most beneficial.