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Toy stores are magical places for children. As the owner of a toy store, you may feel like Santa Claus every day of the year. Owning a toy store comes with a lot of responsibility and hard work. You must keep track of inventory, suppliers, employees and all of the day to day operations in addition to keeping your customers safe and happy. Protect all of that hard work and investment by carrying the right levels of business insurance.
General liability provides your toy store and your customers with a broad level of protection against unexpected events, risks and hazards. A general liability insurance policy is often required by your building landlord if your company rents or leases the retail space your toy store operates from.
General Liability Insurance Includes:
- Premises Liability - Premises liability protects you from financial damages and harm when accidents happen at your business location. Premises liability applies to accidents that happen to your customers or to their personal property. If a customer sustains injuries at your toy store, the premises liability coverage will pay the customer’s necessary medical bills.
- Products Liability - As a seller of products, your company is at risk of getting sued when products have problems. Whether a toy your store sells is recalled due to defective manufacturing, or because it’s paint was found to contain hazardous materials, your customers may sue your toy store for the injuries or illnesses those products cause. Products liability pays for the medical bills and related damages.
- Completed Operations - Completed operations coverage protects you when problems arise after you have provided services. Whether you place a special toy order for a customer or you provide a party location and services, if the customer feels after the fact that the services you rendered caused them harm, loss or damages in some way, your completed operations coverage can help protect you from the legal actions.
Business Owners Policy
Business owners policy, or BOP, is a business insurance that includes general liability while providing you with protection for your tangible assets. A BOP protects physical assets such as your toy store inventory, and intangible assets such as your store’s computer software. You can pick and choose just the BOP coverage you need, from areas such as the following:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
Whether you make toy store deliveries or simply drive occasionally for business meetings and tradeshows, auto accidents can create severe financial hardships for your company. A business auto insurance policy protects you by paying for physical injuries caused in an accident, as well as property damages.
Workers comp insurance is required by law as a way to protect your store employees. If an employee ever gets hurt and injured while performing their job duties, workers comp will pay for their needed medical care.
Commercial umbrella insurance provides you with extra protection. If your regular business insurance policies reach their maximum benefit levels, an umbrella policy can pay for the extra costs and expenses you may have.