If you own and operate a plumbing supplies and plumbing fixtures store, you are susceptible to a variety of risks. The products you sell include pipe fittings and pipes, plumbing tools, faucets, cabinets, sinks, shower units, bathtubs and many other tools or accessories. You are at risk for theft, vandalism and property damage from things like natural disasters, fire and extreme weather conditions. If you want to protect your business, start by getting plumbing supplies and plumbing fixtures business insurance.
Types of Plumbing Supplies and Plumbing Fixtures Store Insurance
To properly protect your business and assets, you need business insurance for each area of business risks. These are the most important ones to consider:
The first policy most businesses get is general liability. Your plumbing supplies and plumbing fixtures store benefit from it by getting coverage for products liability, premises liability and completed operations. If a customer is inspecting items on your shelves, and a hazardous chemical spills, they could become ill from this spill. Premises liability is going to cover any medical or legal costs. Completed operations is for any services you provide, such as if you install sinks or bathtubs, or provide plumbing services.
The bottom line is that you need a business auto insurance policy if you use your own vehicle for business errands, It covers bodily injury, property damage, theft and vandalism, depending on the type of policy you get. If you are hit from the side by another vehicle, the damage to your car and any bodily injuries are going to be covered by the commercial auto policy.
Your plumbing supplies and fixtures store is particularly susceptible to wiring, electrical equipment and overheating risks. These can cause fire in your building, as well as damage from other unexpected events like natural disasters or flood. Your products are at risk for damage from unexpected events, as well as the building structure itself. The best way to protect your business from these occurrences is with business property insurance.
If you sell plumbing items or fixtures from an online store, you should have a cyber liability policy as an essential plumbing supplies and plumbing fixtures store insurance protection. This protects you from various types of cyber crimes, such as a customer paying with a stolen credit card, or your website getting hacked into. You are at risk for your own funds being stolen, having to fix your website after it is hacked into, or legal costs from customers who are victims of cyber crimes.
Workers’ compensation is required in most states because it protects your employees from work-related injuries or illness. After this type of event, workers’ compensation insurance helps pay for the medical costs and lost income until they’re able to return to work.
Plumbing Supplies and Plumbing Fixtures Store Crime Insurance
Your plumbing supplies and fixtures store is also at risk for a multitude of crimes, including theft, vandalism, shoplifting and dishonest acts from employees, such as embezzlement of money from your business. The best protection, aside from surveillance and extra locks, is getting a crime insurance policy. This ensures you are covering your business from potential crimes, so you don’t suffer financially.
With these business insurance policies, you prevent potential loss of your business or assets following an unexpected event. You can’t stop these events, but you can make sure your store is protected with plumbing supplies and plumbing fixtures store insurance.