Insurance for Hardware Stores

Owning a hardware store is a satisfying accomplishment. You can get to know your community, help your neighbors with their home improvement projects and impart your knowledge along the way. A lot of the time, hard work and money gets invested into starting a successful hardware store. Don’t risk everything you’ve already put into it by skimping where it counts: Your small business insurance.

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General Liability

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Property Coverage

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Workers Comp

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Commercial Auto

General Liability

General liability is a commercial insurance policy that helps protect your company from financial stress and losses that can be caused by a variety of everyday problems. Whether or not you expect a customer to injure themselves in your store, general liability can take care of the medical expenses that arise from such incidents. On the other hand, in case the pipes at your store burst and cause water damage, GL will also protect you from this loss. In fact, general liability coverage protects you from most potential losses as long as they’re not specifically excluded from your policy.

Business Owners Policy

General liability coverage is included as a part of a business owners insurance policy (BOP). A BOP adds tangible and intangible property protection that can be tailored to fit your specific business needs.

  • Equipment Breakdown – Sometimes machines break down. When this happens it either causes inconvenience to your customers or financial losses to your company. For instance, if you make keys at your store and the key making machine breaks down, BOP will pay for the equipment to be fixed or replaced.
  • Buildings and Contents  – The physical buildings and tangible assets your business owns are critical to its continued income. Through your BOP you can get coverage for all your inventory and business equipment.
  • Business Income and Extra Expense – When physical structures and assets are damaged or destroyed, you may have to temporarily suspend business operations. The loss of income due to temporary business suspension can be covered by your BOP.
  • Products and Completed Operations (Included in General Liability ) – If your hardware store sells products that are later recalled due to defects, customers may hold your store liable for caused damage.
  • Electronic Data – Modern hardware stores keep supplier records, customer receipts and store inventory lists electronically. When important digital files are corrupted or lost the BOP can help replace or recover them.
  • Newly Acquired or Constructed Buildings – If you buy or build a warehouse or additional retail space to expand your store’s capacity, the BOP can automatically protect those new structures within a stated time period.
  • Employee Dishonesty Coverage – Employees sometimes steal merchandise or cash. Your BOP can protect you from these and other types of employee dishonesty.

Business Auto

Commercial auto insurance protects your company from financial loss and hardship caused by auto accidents. If you or an employee is in an accident while driving for business purposes, the business auto policy can pay for vehicle damages and related medical expenses.

Workers Comp

Workers comp insurance is required by law in all states. This coverage protects your employees from financial losses that can be caused if they are injured on the job. Workers comp pays medical bills and related expenses in addition to temporary or permanent disability when applicable.