888-900-0205Electrical Fixture Supply Store Insurance
Electrical fixtures are part of a $22 billion industry, and that’s about to grow. In particular, it’s set to rise by more than 7% every year by 2018. Whether you already own an electrical fixture supply store or plan to open one to meet the growing demand, you need to prepare yourself with the right business insurance. Take a look at the coverage you should include when you get electrical fixture supply store insurance.
General Liability
Owning a store of any kind means you can expect to see customers every day, especially when business is doing well. The only downside to this is that customers might become injured at some point, such as by tripping over a display of products or having heavy boxes of supplies fall onto them. This can lead to medical bills that you will have to pay, which is why electrical fixture supply store insurance includes general liability coverage.
This same coverage not only pays for medical bills for customers, but it can also pay for your legal bills if you are ever sued after another business claims you copied their ideas or committed slander or libel. In addition, it can pay for repairs if a customer’s property is damaged as a result of your store.
Business Owners (BOP)
Your business insurance needs to include a BOP, which involves several types of coverage. One of the best reasons to have a BOP is that it pays for replacements and repairs when your store and its contents are damaged in any way. If you do not have the money to pay for repairs to your store and could not replace its contents immediately after vandalism, theft, or other problems, you need a BOP as part of your electrical fixture supply store insurance. Additional coverage options within a BOP include electronic data loss, forgery and alteration, and equipment breakdown, to name a few.
Commercial Auto
If you offer a delivery service for electrical fixture supplies, you need to make sure you include commercial auto coverage as part of your electrical fixture supply store insurance. The same goes even if you or your employees just drive for business purposes. This is important because personal car insurance does not cover collisions caused when you are driving for business.
Workers Compensation
If you have any employees working at your electrical fixture supply store, your business insurance needs to include workers comp. This coverage pays the medical bills of employees who are injured at work. Without it, your employees will be left paying for their own medical bills, but they can then sue you to recover the money they spend. For this reason, if you want to protect both your employees and your business, you need workers comp from the start.
Excess Liability
You never know when your legal expenses will cost more than your liability coverage is able to pay. This is where excess liability comes in. You should add this to your electrical fixture supply store insurance policy if you don’t want to have to pay for exorbitant legal costs out of your own pocket.