Tennis stores are sports stores selling items for those who play tennis, as well as for gifts for friends and loved ones who enjoy the sport. Items like clothing, tennis balls and tennis racquets, bags, shoes, videos or books of instruction, and a variety of gifts are included on tennis store shelves and clothing racks. Like many other retail stores, your biggest risk is shoplifting and theft, which cause significant loss. Other risks include liabilities because of potential accidents in your store or with the products you sell. Choose business insurance policies to cover your various business risks.
Types of Tennis Store Insurance
Whether brick and mortar, ecommerce, or both, just like other retail stores, tennis stores have a variety of business risks. Therefore, it’s necessary to have the appropriate business insurance policies to provide adequate coverage.
General liability is often the first business insurance policy to get for your tennis store. It includes premises liability and completed operations coverage. If you provide services to your customers, such as making custom racquets or embroidery on clothing, and they cause some kind of injury to a customer, the damages are covered by general liability. Premises liability is for any injuries occurring on your premises, such as a customer tripping over a box laying in an aisle. Products liability covers the products your tennis store sells that may cause illness, damage or loss for your customers.
Just like you need personal auto insurance for your personal car, any time you use your own vehicle for business purposes, you need protection with commercial auto insurance. Business auto is a commercial policy that covers collisions that can cause bodily injury or property damage. You may also want to get theft and vandalism protection as well. If you or an employee is picking up new tennis racquets from a vendor and your car is sideswiped, the car repairs are covered by this policy.
Unexpected events occur with very little forewarning, but can damage your merchandise and building. Your tennis store could lose business assets if you don’t have this coverage. Events like extreme weather, natural disasters, fire and flood can cause damage, but with business property insurance, you have protection from these events. It means replacing items that were destroyed and making necessary repairs to your building.
Cyber crimes are another serious risk if you have an online tennis store. Cyber crimes can occur even if you have proper security measures for your site. You need the policy to protect your business assets and protect your customers as well. So if a hacker gets into your site, causing a virus, or steals customer confidential information, you have this additional protection.
Workers’ compensation is a mandatory insurance policy (in most states) for the protection of your employees. If an employee becomes injured on the job, such as having a heavy box of tennis shoes fall on them while putting it on the shelf, her injuries are covered by workers’ comp. It also protects your business because it keeps employees from suing your company for damages.
Tennis Store Crime Insurance
Your tennis store should be taking steps toward protection of theft, shoplifting and vandalism, by running background checks on employees and having surveillance equipment in the store. But you also want to have a crime insurance policy just in case these measures aren’t effective. Crime insurance as part of your tennis store insurance coverage protects you whether an employee is caught embezzling money, or a customer uses fraudulent payment for a product the purchased.
With these tennis store business insurance policies, your tennis store has adequate protection. The last thing you want to happen is losing your business just because you didn’t protect it with the right types of policies.