Lighting fixture and lamp stores carry a multitude items, including floor lamps, desk lamps, table lamps, work lamps, different types of light bulbs, chandeliers, and other lighting fixtures. Many lighting fixture supply stores also have repair services and installation services. This type of business has a number of risks, including theft, vandalism, business property and general liability, among others. Protect your business with lighting fixture and lamp store insurance.
Types of Lighting Fixture and Lamp Store Insurance
You need to be prepared for different types of risks, by choosing different types of insurance policies. The following policies are the most vital for a lighting fixture and lamp store:
General liability is one of the most essential insurance policies to get for your business. It covers premises liability, product liability and completed operations. Premises liability is for any accidents or injuries that occur in your store, such as a customer getting their hand cut on a light that has broken, or slipping on freshly waxed floors. Completed operations is coverage for any damage caused by the services you provide, such as installing a chandelier which subsequently causes damage after it is put to use.
Product liability offers coverage for any damage or loss caused by the products you sell. This could be a floor lamp that malfunctions and breaks, causing damage to a nearby curtain, or a light bulb that shatters and injures the customer. These types of risks may be covered by product liability insurance.
As an integral component of your lighting fixture and lamp store insurance protection, a business auto insurance policy is ideal if you use your own vehicle for business errands. This could be picking up supplies, making deliveries, meeting a vendor or attending a local trade show. If you get your car vandalized or broken into, or get into an accident, the resulting damage or bodily injuries are covered by your business auto insurance policy.
Business property insurance is there to protect you from loss after an unexpected event. This event could be an earthquake or other natural disaster, extreme weather like snow or rain storms, or a flood or fire in the building. These types of disasters cause damage inside and outside of your business, which could cost thousands to repair. With business property insurance, you have help with the repairs and replacing any lamps or lighting fixtures that were destroyed.
If you operate an online lighting fixture and lamp store, you should protect your business assets with cyber liability insurance. Cyber crimes can occur at any time, and include different types of fraudulent activity, hacking into your website, and the theft of financial and customer information. You could lose income and face legal costs due to damage suffered by your customers. By getting a cyber liability insurance policy, you have sufficient coverage for these cyber crimes.
Workers’ compensation is an important policy to have in order to protect your employees. They are at risk for work-related injuries, such as cutting their hands when cleaning up broken glass, falling off a ladder while re-stocking shelves, or getting a back or shoulder injury from lifting heavy boxes and merchandise. With workers’ comp, they have their medical and recovery costs paid for, and you don’t need to be worried about being sued for damages.
Lighting Fixture and Lamp Store Crime Insurance
You are also at risk for a number of crimes not related to cyber crimes. In your store, you risk crimes committed by customers like vandalism and shoplifting, and your employees, such as embezzling money. To protect your business from such crimes, get a crime insurance policy as part of your lighting fixture and lamp store insurance coverage. This can’t prevent the crime from occurring, but it helps avoid financial ruin with the loss of merchandise or money.
Offer your business the best protection available with these different insurance policies. You owe yourself the best coverage you can muster, and with these policies, your lighting fixture and lamps store is well protected.