Insurance for Hardware Stores

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.