A painting and wallpaper supplies store is a great investment for anyone with a passion for home décor and creating new styles. As an owner of this type of store, you’ll supply everything a customer needs for painting and wallpapering their home or office, as well as providing other services, such as painting consulting, and classes for beginner painters or wall paper hangers. If you are a painting and wallpaper supplies store business owner, you should take note of possible risks, which include an injury to a customer from a misplaced can of paint, theft of money or supplies in your storage, or damage caused by a flood. To continue running a successful shop, be sure to obtain painting and wallpaper supplies store insurance.
Types of Painting & Wallpaper Supplies Store Insurance
The following types of painting and wallpaper supplies store insurance policies will give you the best protection for risks associated with running your business:
General Liability Insurance
With a general liability insurance policy, your paint and wallpaper store is protected from a slew of risks. General liability includes completed operations, products liability, and premises liability. A customer who suffers an injury from a paint sprayer on your premises, can sue you for damages. Those damages are covered by premises liability. If on the other hand, a customer has a lawsuit following an injury or other damage from a product you sold, products liability will offer you protection. Lastly, completed operations will offer your shop protection if you provided services, and damage was done to a client’s home which was found out after the services were rendered.
Business Owners Policy
A business owner’s policy provides painting and wallpaper stores with optimum coverage. Also known as a BOP, a business owner’s policy includes an array of insurance coverages in one package policy. You will personalize the BOP according to your specifications, and can choose from employee dishonesty coverage, electronic data, business income and extra expense, buildings and contents, and newly acquired buildings. For example, if there is a natural disaster that destroys your building and contents, you will be unable to perform your daily operations until repairs have been completed. The business income and extra expense portion of the BOP will offer you financial coverage until you can re-open your shop.
Commercial Auto Insurance
If your paint and wallpaper store makes deliveries of products and supplies to customers, you should get commercial auto insurance. Commercial auto offers coverage for any vehicle that is used for business operations. Should an employee get into an accident while dropping of wallpapering supplies to a customer, the damage caused by the accident is covered by your commercial auto insurance policy.
Business Umbrella Insurance
Every business liability insurance policy has a maximum limit of coverage. Sometimes it isn’t enough to cover the damages. A significant liability loss may cause more damage than the policy covers. In this case, business umbrella insurance helps to cover the remainder of what you owe.
Business Personal Property Insurance
With a painting and wallpaper store, you carry supplies like varnish and paint that is flammable and has a high threat of fire. If a fire were to occur in your building, you could lose everything in your shop in a very short amount of time. That is why business personal property insurance is essential for any store carrying paint and wallpapering supplies.
Any time you hire an employee, you should always check their references and run a background check. But even if you were vigilant during the hiring process, some employees may steal from your company. If a crime is committed by an employee, the damages done can be protected by obtaining crime insurance.
Workers Compensation Insurance
Providing each of your employees with worker’s compensation insurance not only makes good sense, but many states require it. If an employee was to get ill from paint fumes or a spilled bottle of varnish, worker’s comp will help cover the costs of medical treatment and medications. It also protects your painting and wallpaper store if you are sued.
It is your responsibility as the owner of your store to protect risks exposed to your business. Continue running a lucrative business by purchasing these essential painting and wallpaper store insurance policies.