Cutlery stores, both local and online stores, sell a variety of cutlery for kitchens, whether for a home or commercial business. This includes kitchen cutlery such as steak knives and other cutting knives, butcher cutlery, slicing devices, and a variety of other kitchen and cooking supplies such as flatware, serving spoons, spatulas, dishes, cutting boards, mixing bowls, aprons, baking sheets, pots and pans. A unique risk for cutlery stores are getting injured from the sharp knives and other kitchen tools, both for employees and customers. Of course, that’s not the only risk, so be sure to protect all of your business risks by obtaining cutlery store insurance.
Types of Cutlery Store Business Insurance
There are many different types of cutlery store business insurance you can get, each policy covering a different risk you might have. The following are the most important ones to speak to your business insurance agency about.
One of the most important business insurance policies you can get for your cutlery store business is general liability. This covers a variety of risks, including completed operations, products liability, and personal injury. If a customer comes into your store and slices their hand open while examining a pair of kitchen shears, they can sue you for damages. With general liability insurance, you are responsible for the costs, but will be indemnified by your insurance company.
Products liability insurance, often part of general liability, will provide coverage in the event of an injury or damaged caused by your products. For example, if you sell someone a set of kitchen knives in which a blade comes loose from its base and causes injury, you have protection against the financial loss in the event of a lawsuit.
When you or one of your employees uses your vehicle for business purposes, you should be protected by a business auto insurance policy. This type of policy covers things like damage to your vehicle or other vehicles in the event of a collision, bodily injury from the accident, theft, or vandalism of the vehicle when you’re on a business errand.
If your cutlery business also has an online business, it is vital that you get cyber liability insurance. Cyber crimes unfortunately can occur even if you have taken the necessary steps to secure your website. In order to protect your business and customer financial and personal information, purchase a cyber liability insurance policy.
Your cutlery store property is at risk of unexpected events like damage from extreme weather conditions, natural disasters, flood, or fire. These events can’t be prevented but if you have business property insurance, your company is protected and you have help paying for the damages. Repairs of the building and replacing damaged goods will be covered by your business property cutlery store insurance policy, therefore saving your business from bankruptcy.
Worker’s compensation is a type of business insurance policy that benefits your employees and your business. Your workers are at a high risk of injury working with cutlery and therefore should have protection from work-related injuries. If a worker gets cut when packaging up a set of kitchen knives, their medical costs will be covered by worker’s comp. Furthermore, you won’t be responsible for these costs and can’t be sued for damages by the employee.
Cutlery Store Crime Insurance
As the owner of a cutlery store, you will have to deal with the risk of certain crimes including shoplifting, employee theft and embezzlement, and vandalism of your business property. You should install surveillance cameras and train employees to look for signs of shoplifting, but this isn’t always enough. To avoid dealing with a loss from crimes, obtain a crime insurance policy.
These cutlery store insurance policies will help you protect your business assets by covering expected and rare risks. You can’t always avoid certain events, but by getting insurance you are giving yourself the best protection available.