Sporting goods stores at the retail level offer a wide range of sporting equipment, ranging from fitness equipment and protective gear to camping supplies and baseball bats. It can be a fun business, especially for individuals with a passion for outdoor activities and sports in general. After investing time and money into your business, the last thing you want to do is end up in financial turmoil over an unexpected event. Risks such as employee injuries, property damage, theft, and fire exist in a sporting goods store. Sporting goods stores insurance policies can protect these risks and more.
Types of Sporting Goods Stores Insurance
As the owner of a sporting goods store, you have a wide range of business insurance policies available that will offer your company the best coverage possible.
Many items in your sporting goods store contain risks to customers who frequent your establishment. If any of your merchandise was to harm a customer, such as a customer tripping over a golf club that fell on the floor, you could be faced with a lawsuit. Protect yourself from these types of risks by obtaining general liability insurance.
To offer your sporting goods store the best protection available, consider getting a business owners policy (BOP) as part of your sporting goods stores business insurance portfolio. A BOP is typically acquired when you want general liability insurance as well as other types of coverage, as you can combine different insurance coverages in a single policy.
Vehicles are often used for sporting goods stores, for tasks such as picking up new fitness equipment. When a vehicle is used for business purposes, commercial auto insurance becomes a necessity. For example, if your driver had a vehicular accident on the way to picking up the equipment, damage to your vehicle or another vehicle would be covered by commercial auto insurance.
Unexpected events like theft, fire, extreme weather conditions, and natural disasters can occur at any time and make a huge dent in your business assets. Protect your sporting goods store from these types of events by obtaining property insurance. Sporting goods stores often carry guns and other items that are prone to theft; however if you purchase property insurance, you will be covered even if a theft was to occur.
Crime insurance policies protect businesses against common acts of dishonesty as committed by employees and customers. Even if you have proper safety and security monitoring equipment in your store, a crime can still be committed causing a significant loss in assets. Protect your sporting goods store from theft, burglary, or building damage with crime insurance.
Proper sporting goods store insurance includes worker’s compensation insurance. Not only is it required by most states, but it protects your employees from potential risks at work. Any work-related injury, such as an employee breaking a foot from heavy sporting equipment, is covered by worker’s comp. With proper workers compensations insurance, medical diagnosis and treatment will be paid for, and your store won’t be liable for the damages.
Acquiring proper sporting goods stores insurance will help protect your company and assets from risk exposures. Your store is open to a number of risks, each of which can be protected with these important business insurance policies.