If you own and operate an upholstery shop, you help customers with furniture that is stained, ripped, or otherwise no longer in a style they desire. You provide them with upholstery services to give their furniture a brand new look. With your type of business, there is a lot of potential for profits, though you are also open to risks, such as professional liabilities and possible damage to your business property. Upholstery shop insurance helps you cover these risks.
Types of Upholstery Shop Insurance
Since you have different types of business risks associated with operating an upholstery shop, you also need different types of business insurance. These types of upholstery shop insurance policies are the most essential:
General liability is one of the most vital policies you need for your upholstery shop business. It includes premises liability for injuries occurring on your business property, products liability to protect against products you sell, and completed operations if a service you have already provided causes damage for your customers. All coverages are important for your type of business, as they covers nearly every liability you might face. If you provide upholstery service for a customer’s antique recliner, but an accident occurs that ruins the recliner, you could be liable for the cost. General liability covers these costs under completed operations.
Upholstery Shop Business Owners Policy
If you want to get a package policy to include multiple types of coverage for your upholstery shop, you can do so with a business owner’s policy. Also called a BOP, this policy includes general liability, plus lets you customize it with coverages like electronic data, buildings and contents, equipment breakdown, dishonest employees, business income or newly acquired buildings.
With business property insurance, you have important coverage against an unexpected event or peril. This includes fire, natural disasters or severe weather conditions, all of which can cause damage to your business property and contents. If there is a hurricane, it can not only cause severe damage to your property, but the water damage to your materials, equipment and furniture can be devastating. With the business property insurance policy included in your upholstery shop insurance portfolio, you have coverage for these types of damages.
Using a vehicle for business errands is common with an upholstery shop. You may need to deliver finished furniture to your customers, pick up new upholstery material, or simply visit the bank. If you or an employee is involved in an accident while driving for work purposes, the accident and bodily injuries are covered by business auto insurance. You can also choose to add other coverages to the policy, such as theft and vandalism.
Your upholstery shop may advertise its services online, get local business through SEO strategies, or sell upholstery furniture that has been repaired on its website. Regardless of the main purpose of your website, you are open to certain cyber crimes. Identity theft of customers, stolen customer or employee financial information, or malware or a virus on your website could all occur. With cyber liability insurance, any legal costs associated with these crimes are covered.
Workers’ compensation insurance is a policy that is required by law and helps protect your employees. If an employee suffers a work-related injury or illness while working for your upholstery shop, the medical or recovery costs they have are covered by this policy. For example, you may have an employee that cuts his or her hand while cutting upholstery for a sofa. Other examples include an accident or illness from chemicals used in your upholstery cleaning services, or even repetitive motion injuries, like back or wrist injuries. These are all considered work-related and the care the employee receives is covered under workers’ compensation.
Commercial umbrella insurance is a type of policy that extends the limits of your other insurance policies.
The liability policies for your Upholstery Shop Business (General Liability, Business Auto, etc.) all have coverage limits. Umbrella liability insurance therefore is used to increase your liability limits for all of these risks under one policy to protect your business for claims that exceed your primary policy limits
Protecting your upholstery shop with these insurance policies is the best way to protect your financial assets. After working hard to build your business and helping it become profitable, the last thing you want to do is put it at risk by not purchasing an adequate amount of upholstery shop insurance coverage.