Toy stores sell a wide range of toys for kids of all ages. This includes board games, handheld electronic and console video games, antiques and collectibles, modern toys, handmade toys, stuffed animals, building blocks, action figures, educational games, train sets and many more options. The biggest risk for toy stores owners is that of theft or shoplifting. Next is potential damage to the building or merchandise that could destroy everything in the store. Other risks include vandalism, general liabilities, and injury caused by the toys themselves. Protect all of your probably risks by getting toy store business insurance.
Types of Toy Store Insurance
The goal to selecting adequate insurance for toy stores is covering each and every risk you are exposed to. To do this, you need to choose from a variety of insurance policies, such as those listed below:
General liability insurance is the most basic type of insurance policy available for toy stores. This policy will protect liabilities and personal injury caused by your toys or other events occurring in your store. Consider this example: if a customer is shopping for toys and slips on building blocks on the floor, medical costs or lawsuits will be covered by general liability. The policy also covers completed operations, so if you sell a game to a customer that is later found to be missing pieces or malfunctions in some way, any impending damages or loss caused by it is covered by general liability.
Business auto insurance is important if you use a vehicle for your toy store purposes. For instance, picking up supplies for your store, making local deliveries or making your nightly bank deposits are all business-related. If an accident occurred during these trips, the business auto insurance policy will cover bodily injury, property injury including that to your vehicle and other vehicles involved, and sometimes theft and vandalism as well.
Another significant risk when owning and operating a toy store is to the building itself. If something was to cause damage to your building or contents, you would suffer the loss and have to pay for repairs out of your business income. Unforeseen events like an earthquake, hurricane, fire, rain storm that caused a flood or another type of extreme weather could cause severe damage to your business property. Business property insurance helps cover damage caused to your business property and contents. This includes helping make repairs and replacing what was destroyed.
Product liability insurance is often included in general liability insurance, but it can also be sold as a stand-alone policy. For a toy store, it is an essential insurance policy. If a product you sell causes injury or damage, product liability covers any impending lawsuits or medical costs. By way of illustration, if a toy is not labeled as being inappropriate for younger ages, but a young child plays with the toy and a small piece comes out, causing the child to choke, the medical visit and associated costs will be covered by your toy store insurance product liability policy.
There are some crimes not covered by a traditional crime insurance policy, such as cyber crimes. These are crimes occurring on your website and relating to technology. A cyber liability insurance policy for optimum protection if you sell toys from an online store. That way if your other security measures fail and a hacker gets into your website, steals company data or worse, customer information, you have financial protection.
Your employees should also have proper protection in the form of worker’s compensation insurance. This policy will cover any work-related injuries or illness caused to your workers, such as falling off a ladder when reaching boxes on a high shelf or repetitive motion injury from working as a cashier for many years. These and other injuries are possible at a toy store and should be adequately covered with worker’s comp.
Crimes are an unfortunate risk of owning and operating a toy store, which may include crimes committed by a passersby, customer or an employee. This includes theft of money in the cash register or safe, shoplifting, or vandalism to the store or merchandise. To protect from these crimes, get a crime insurance policy. It will help cover lost and repair damage from any such crime.
Running a toy store can be a very rewarding experience, so protect your investment by getting business insurance. When choosing toy store insurance policies, decide what your biggest risks are and make sure they are protected by insurance.