Appliance Store Insurance
All modern buildings use appliances of one type or another. Houses and apartments use refrigerators, stoves, washers and dryers, and air conditioners. Government buildings and churches use air conditioners and furnaces, while some even use kitchen appliances as well. Commercial buildings use many different appliances as well. Owning an appliance store can be a lucrative, long-term venture because there is such a high demand. Whether you cater to consumer appliance buyers or government and commercial entities, it’s imperative that you protect your store from financial hardships by making sure you carry the right types of business insurance.
General liability insurance is business insurance that protects you from general risks and events. It is a broad level of coverage that grows with your appliance store as needed. It can protect you from everyday risks such as customer injuries, and unexpected litigation such as advertising mistakes.
General Liability Insurance Includes:
- Premises Liability – Premises liability coverage protects you from accidents that arise on your business property. If a customer injures themselves while at your appliance store for example – such as slipping on a wet floor that did not have warning signs in place – premises liability can pay for the doctor’s or hospital bills that arise to treat the injuries. Premises liability also pays for the repair or replacement of customer’s personal property that is damaged at your store.
- Products Liability – When you sell appliances to your customers, you open your store up to risks of something going wrong. If there is a defect with an appliance that you sell for example, and that defect causes injuries to a customer, the customer may sue your store for damages and suffering. Products liability helps pay for your legal defense, and pays resulting bills or settlements that arise from the event.
- Completed Operations – Your appliance store likely offers delivery and installation services to your customers. If injuries or damages arise due to operations you or an employee completed previously, the completed operations portion of your general liability policy pays for the damages. If an employee installs a gas stove for example, and does not connect the gas lines properly, the customer can become quite ill or the customer’s home can catch on fire due to the mistake.
Business Owners Policy
General liability is included in another type of insurance known as a business owners policy. A BOP provides you with extended coverage for your tangible and intangible business assets. It can be tailored to meet just the needs of your appliance store, and includes options such as the following:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
Business auto insurance is very important coverage for an appliance store, especially when you provide appliance delivery services. This insurance pays for repairs to your company vehicles or the vehicles of another person when you or an employee is involved in an auto accident. It also pays for the medical bills and recovery expenses when people are injured, and provides a number of levels of additional coverage based on your business auto insurance needs.
Workers comp insurance takes care of your employees if they ever get hurt while working. Whether from a work accident or job related illness, workers comp pays the employee’s medical bills, physical therapy and other rehabilitation expenses, and provides for disability when applicable.
Commercial umbrella coverage is designed to give you extra protection when your other business insurance policies have paid out their maximum limits on claims.