Golf equipment stores sell not only all different types of golf clubs, but additional equipment like golf club bags, golf balls, clothing, shoes, and other accessories. Some golf equipment stores also offer golf lessons. As a retail store of expensive merchandise, one of your biggest risks is that of shoplifting. You are also at risk for customer injury and employee injuries, along with property damage that could damage your shop and the contents inside. To cover these types of risks, you need business insurance tailored to your golf equipment store.
Types of Golf Equipment Store Insurance
There are different types of golf equipment store insurance policies, so you choose them based on your probable risks especially those related to unexpected events.
General liability insurance is one of the most important business insurance policies to have. This is because it covers a variety of incidents, especially bodily injury occurring after an accident in your store. Expensive golf clubs hanging from a hook on the wall could fall and cause injury to a customer. This is something you would be liable for, but with general liability insurance, you don’t need to worry about trying to cover the cost. General liability also covers products liability and completed operations.
If you use a vehicle for business purposes, whether it is to deliver merchandise to customers, pick up supplies, or visit the bank, it should be covered by your business auto insurance. Any vehicle collisions, theft, or vandalism occurring during these business trips will be covered by the policy. This includes damage to your vehicle, other vehicles involved, and bodily injury.
Many people prefer shopping online, so selling your golf equipment from an online store is a great idea. However this also opens you up to more risks. Cyber crimes are very common and even with excellent security measures, can’t always be protected. Luckily, there is a type of insurance specifically for these types of crimes, called cyber liability insurance. It protects your business if a hacker steals your business data or the personal information of your customers.
As a golf equipment store, you rely on your business property to be in working order If something was to happen, such as a natural disaster that destroyed the property, you wouldn’t be able to conduct business and therefore would lose income. As part of your golf equipment store insurance package, business property insurance will step in if this occurs to help you pay for repairs to the building, replacing damaged items, and helping with some of the lost business income.
Worker’s compensation is a business insurance policy that covers any injuries or illnesses an employee suffers on the job. Every employee should be covered by worker’s comp which will help pay for diagnosis, medical treatment, recovery, medications, and missed income as a result of a work-related injury. An employee who is moving golf clubs to the front of the store and trips and breaks an ankle is going to have their medical costs covered by worker’s compensation.
Golf Equipment Store Crime Insurance
While you may not want to believe it, your golf equipment store is at risk for dishonest employee acts as much as other crimes like vandalism and shoplifting. You can’t always prevent these crimes, even if you have installed surveillance equipment and performed proper background checks for all employees. However if a crime was to occur and you had crime insurance at the time, you won’t have to suffer financially as a result.
After considering the different risks your golf equipment store is exposed to, you will be able to choose golf equipment store insurance policies to protect your business from lawsuits, litigation, crimes and other unfortunate events.