Hearing aids stores fulfill a much-appreciated need — selling hearing aids. Hearing aids help the hearing-impaired and are worn behind the ear or inside the ear. Hearing aid stores, whether brick and mortar or e-commerce, also sell a number of other related items like batteries for the hearing aids, devices for wearing different types of hearing aids and additional supplies and accessories. A variety of business risks exist for hearing aids stores, including theft, dishonest employee practices, damage to the property from unexpected events, and various liabilities. Protect these and other risks with hearing aids store insurance.
Types of Hearing Aid Store Insurance
Since there are a wide range of risks with a hearing aids store, there are just as many insurance policies to choose from. Consider the following essential business insurance types:
The first business insurance policy you should obtain as part of your hearing aids store insurance protection is general liability. This type of business insurance policy includes coverage for premises liability, completed operations and products liability. Premises liability is one of the most important, because it covers any injuries or damage that might occur on your premises. If a customer visits your store and slips and breaks her arm on a wet floor, you are responsible for any medical or legal costs associated with it. General liability will cover these costs so your business assets don’t suffer as a result. Completed operations is for any services you provide, such as making custom hearing aid fittings that end up causing damage or injury for the customer.
Product liability can also be included in your general liability policy. This will protect you from any lawsuits or medical costs with the products you sell. If you sell a hearing aid that malfunctions and causes damage or injury to your customer, they can sue you. Product liability insurance will offer financial coverage for legal and medical costs.
Business auto insurance is a type of commercial auto policy, covering any vehicles used for business purposes. This might be for making a bank deposit, meeting clients or delivering merchandise to customers. If you get into a vehicle accident while picking up new supplies from a vendor, any damage to the vehicle, property, or bodily injuries, will be covered by the business auto insurance. You can also choose to get coverage from theft or vandalism, which is helpful if you make stops while having expensive merchandise in the vehicle.
Unexpected events can occur at any time, whether you live in a risky area or not, and most likely have no warning. They could cause significant damage to your store and contents. Protect your business from damage with a business property insurance policy as a part of your hearing aids store insurance. This includes coverage for a number of events like fire, flood, natural disasters and extreme weather such as rain or wind storms. It usually includes assistance with replacing merchandise that was destroyed and making repairs to your business structure.
If you sell hearing aids or accessories from an online store, you should be covered by cyber liability insurance. This type of business insurance policy offers protection from cyber crimes, such as paying with a stolen credit card, any number of fraudulent acts, or even getting a virus on your website. With cyber liability insurance, you don’t need to worry about losing business income or assets, or getting sued following a cyber crime.
When you operate a hearing aids store, you should also provide protection for your employees. Worker’s compensation is required by law in most states because it is the best way to protect your workers. With workers’ comp, work-related injuries and illnesses are covered. This means if an employee gets an injury while on-the-job, the policy pays for all of their medical costs. It also prevents them from suing you for damages.
Hearing Aids Store Crime Insurance
You are at risk for a variety of crimes, like theft, shoplifting, vandalism or dishonest employee practices. If an employee embezzles money or items are stolen from your hearing aids store, you are responsible for the loss and any impending lawsuits. With crime insurance, you don’t need to worry about financial struggle following a crime because it protects your business and assets.
When protecting your hearing aids store, focus on your most significant risks and go from there. You have multiple hearing aid store insurance policies to choose from, each of which is going to cover a different category of risk exposures.