Whether it’s a residential or commercial kitchen, kitchen accessories and supplies store sell everything a customer might need to stock their kitchen. This includes linens like aprons, dish towels and oven mitts, glassware, pot holders, pots and pans, glass and aluminum bake ware, flatware, bar glasses and accessories, utensils, fancy silverware, dinnerware including plates and bowls, and occasionally appliances like microwaves, electric can openers, and toasters. Keep in mind; if you are operating a kitchen accessories store, you are at risk for liabilities like customers suffering an injury from a product or crimes such as shoplifting, among others. Protect your business from such risks with kitchen accessories and supplies store business insurance.
Types of Kitchen Accessories and Supplies Store Insurance
When choosing business insurance, you will notice there are different varieties to choose from. Consider the following types of kitchen supplies store insurance:
First and foremost, general liability insurance should be high up on your list of business insurance policies to obtain. This is a comprehensive policy, yet also a basic one. It includes coverage for premises liability, product liability, and completed operations. Premises liability is one of the most important aspects, because it covers any loss, damage or injuries occurring in your store. A customer might cut her hand while examining a set of kitchen knives, or slip and fall if a spill not cleaned up quickly enough. General liability covers medical and legal costs related to the accident. Completed operations is for any services you provide, such as providing custom etching on glassware, whereas the glassware later turns out to cause some sort of loss or damage.
Product liability is also included in a general liability policy. This lets you get sufficient coverage for the products you sell. If a customer claims your product had a defect that caused loss or damage on their part, it becomes your responsibility. This could be appliances that caused sparks from the wiring, or a cutting board that broke, causing their knife to damage their countertops.
If you operate your own vehicle in order to run business errands, it should be covered with a commercial auto insurance policy. Business auto includes full coverage, including bodily injury, vehicle damage and property damage. You can also get additional coverage for theft and vandalism. The coverage is for anyone in your vehicle and others involved in a collision. So if you happen to be involved in a three-car pile-up, your insurance is going to cover the damage.
Business property insurance is essential, as it includes coverage for damage done to your property and contents. Unexpected events like fire, flood, natural disasters, rain and snow storms are typically covered under business property policies. This means if there is a fire that destroys part of your kitchen accessories and supplies store building, and much of your merchandise, the policy helps repair the building and replace the damaged items. It includes coverage for items you sell, along with furniture and other contents.
If you have an online store, cyber liability insurance is vital. This kitchen accessories and supplies store insurance policy protects your business from cyber crimes like fraudulent activity, stolen credit cards used as payment, stealing customer financial information or hacking into your website. Even with excellent security, experienced hackers can accomplish these crimes. The best thing you can do is protect your business assets with a cyber liability policy.
Your employees should also be protected with a special insurance policy just for them. Workers’ compensation pays for any medical costs related to a work-related injury or illness. Your workers have a risk of injury, whether they’re lifting heavy boxes, unloading supplies that could potentially harm them, or standing high on ladders in the warehouse. If an employee falls off the ladder, cuts their hand open, or gets a repetitive motion injury, workers’ comp pays for all diagnostic, medical, and recovery costs. It will also indemnify your employee for lost wages.
Kitchen Accessories and Supplies Store Crime Insurance
Aside from cyber crimes with an online store, you are also at risk for a number of crimes at your local business. These crimes include theft of money, shoplifting merchandise, vandalism and dishonest employee acts, such as embezzling money. Crime insurance can protect your kitchen accessories and supplies store by replacing money or merchandise that was lost or destroyed during a crime.
By choosing from these most important business insurance policies, you are giving your kitchen accessories and supplies shop the best chance possible to succeed. Think about your common and not so common risks, and look for kitchen accessories and supplies store insurance to cover all of them.