Arts & Crafts Supply Store Insurance
Owning an art and craft supplies store can be very rewarding and fulfilling, particularly if you enjoy doing arts and crafts projects yourself. As the owner of the store, you have the luxury of running the operation yourself so that you can stay in close contact with your customers. Or you can turn it over to another person to manage the day-to-day operations. In either case, you are responsible for making sure everything runs smoothly, stays profitable, and stays safe. The best way to keep it safe is to carry the right types of small business insurance.
General liability insurance is an important broad level of basic coverage for your company. This insurance helps protect your business from the financial difficulties that can arise due to a number of different hazardous events. If a customer sues your arts and crafts supplies store for example, general liability insurance will help deflect those expenses. When customers make legal claims or allegations, or accidents occur that cause them physical injuries, general liability is there to help. This coverage will also expand its coverage protection as your business grows. So when you add new store locations or new products for sale, they’re automatically covered. Some of the most important ways this insurance protects you include:
General Liability Insurance Includes:
- Premises Liability – Premises liability insurance protects your art and craft supplies store when accidents happen inside the store, or around the outside premises areas. If a customer injures themselves on your business property, they can sue your company for the damages and bills they incur. Your premises liability insurance is designed to protect you from those lawsuits and expenses, by paying for the medical bills, repair bills and other damages that occur from the accident.
- Products Liability – Products liability coverage is the portion of your general liability policy that protects you when problems are caused by the products you sell. Whether a product is defective due to a mistake in the manufacturing process or it is recalled due to unforeseen risks, if that product causes harm to your customers they may sue your company. Products liability insurance pays for your legal defense costs when these issues arise. It also pays for the customer’s medical care, damage repair bills, pain and suffering, or other judgments and awards.
- Completed Operations – If your art and craft supplies store provides services, such as crafting classes or creating custom party decorations, your customers may sue you after you have finished providing the services they requested. If a customer feels that the services you provided caused them physical harm or damaged their personal property, they will hold your company legally liable. Completed operations insurance coverage helps protect you by paying for litigation costs, paying damages or settlements, and paying other awards or judgments if applicable.
Business Owners Policy
When you get a business owners policy (BOP) for your company, it automatically includes general liability coverage along with additional levels of protection. A BOP is primarily designed to help protect your company from suffering financially when business assets are damaged or destroyed. If your art supply store inventory is damaged in a flood for example, or your customer database is ruined by a computer virus, your BOP coverage pays for the repairs and replacements.
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
Business Auto Insurance
When you and your employees have to drive for business specific reasons, a commercial auto insurance policy is extremely important. Increased driving puts you in the position of being at a higher risk of someone having an auto accident. The bodily injuries and property damages that arise from an accident can be quite expensive, but business auto insurance helps limit the amounts of the total you must pay. Depending upon the options you choose to add to your policy, it can protect your company from financial strains caused by additional hazards such as hit and run accidents, uninsured motorists and theft as well.
Workers compensation insurance is required by law to protect the employees of your art and craft supplies store. This insurance pays for the employee’s medical bills and related recovery expenses if they are ever injured on the job.
Commercial umbrella insurance provides your company with extra protection. If you reach the maximum benefit levels of your other business insurance policies, an umbrella policy can provide additional coverage.