Cabinet stores carry everything the customer or contractor would need for building or upgrading cabinets. This includes wood and metal cabinets for businesses, kitchens, bathrooms and other specialty purposes along with things such as knobs and pulls, hinges, handles, tracks for shelving and additional accessories. Risks of a cabinet store are that of employee theft, shoplifting, property damage, and other liabilities. Protect these risks with cabinet store insurance.
Types of Cabinet Store Insurance
To fully protect your cabinet store, you should choose different insurance policies for the different risks your business is exposed to. The following policies are the most important for your type of business:
The first policy you should seriously consider getting for your cabinet store is general liability insurance. This is a basic, yet comprehensive, type of policy. It covers bodily injury and personal damage along with completed operations and product liability. Injuries in your store are a significant risk due to the tools and types of supplies you sell, therefore you should always have a liability policy. For example, if a customer comes in to look for new cabinets and cuts her hand on a sharp edge of wood that was not put away properly, her medical costs are your liability. General liability covers these costs.
Any time you use your personal vehicle for business purposes like dropping off cabinets for customers or picking up supplies, you’re putting yourself and business income at risk. Protect these risks by getting a business auto insurance policy. If you’re in a collision, bodily injury of people in your vehicle and others involved are covered by the policy, along with any property damage. You can also add on extra coverage for theft or vandalism.
Unexpected events like natural disaster, rain or snow storms, heavy winds, fire or flood could occur. They usually come without warning and cause severe damage to your store and the contents. However, with business property insurance, you get help making repairs and replacing any items that can’t be salvaged.
If you sell cabinet products from an online shop, you should get a unique type of crime insurance policy called cyber liability insurance. This policy is relatively new, but available for online stores. Cyber crimes like fraudulent activity and hacking into your website could cause damage not only to you, but your customers as well. Protect these risks with a cyber liability insurance policy.
Your employees also have risks when working for your cabinet shop and should have protection against work-related injuries. In a cabinet store, employers are not completely safe from injuries, such as hurting themselves when moving boxes or opening boxes with a box cutter. They are also prone to getting back or neck injuries from handling heavy crates and boxes or sustaining repetitive motion injuries. However, with workers’ compensation, the medical costs and recovery care is covered by the insurance policy. You also get additional protection for your business because the employee can’t sue your company for damages.
Cabinet Store Crime Insurance
Crimes such as theft, shoplifting, vandalism and dishonest employee practices are big risks for a cabinet store. To mitigate these risks, you should not only have proper security measures such as surveillance and background checks on employees, but crime insurance as well. That way if a crime is committed, your business income won’t suffer for it.
You have spent time, money, and sweat equity getting your cabinet store running, so don’t put it all in jeopardy by failing to have the right kind of business insurance. Pay close attention to your risks and what cabinet store insurance policies will cover these risks effectively.