Hobby, Toy and Game Shop Insurance
If you own one of the more than 17,000 shops in the US selling toys, games, or hobby supplies, you’re in an industry that’s worth about $18 billion (Source: IBISWorld). But it’s also an industry that’s stagnated in recent years, thanks to the increased reliance on electronics among adults and children alike. If you want to continue to grow your business despite the slower market for the products you sell, you need to protect your small business with hobby, toy, and game shop insurance. Take a look at the coverage you can expect from this type of business insurance policy.
Hobby, Toy, And Game Shops Need The Following Insurance
Business Liability Insurance (GL): Whether your target customers are kids or adults, there’s a chance they will get injured while browsing the products in your shop. They could trip over a box while an employee is stocking the store, or they might slip on water on the bathroom floor. But no matter how they get hurt, the fact remains that you would be responsible for paying their medical bills. That’s why your hobby, toy, and game shop insurance policy should have general liability, which will cover all medical expenses when a customer gets hurt at your store. It will even pay to repair or replace any personal belongings that get damaged on your business property.
Business Personal Property Insurance: If you want your customers to feel welcome in your shop, you need to create a clean, well-kept environment. This means your building should be in good condition, and one way to ensure that is to get BPP added to your hobby, toy, and game shop insurance policy. This way, if extreme weather, a fire, or a vandal damages your store, your BPP coverage will pay to fix it up. Additionally, if you lose any inventory or equipment during a burglary, the BPP portion of your hobby, toy, and game shop insurance policy will step up and replace it.
Workers Comp Protection: You surely value the employees who keep your store running as they stock products, ring up customers, and clean the shop. You can show them how much you appreciate them by making sure workers comp is added to your hobby, toy, and game shop insurance policy. When you have this coverage, you and your employees can rest assured that any medical costs that add up after a work-related injury will be paid for by insurance. This coverage also applies when injured employees have to miss time at work, since it will pay them for their time off as they recover.
Umbrella/Excess Liability: Stores of all kinds should have not just general liability, but also excess liability. The main reason for this is to improve the coverage of general liability so that it can pay for more when one or several people are hurt on your business property. Once you add excess liability to your hobby, toy, and game shop insurance policy, you can feel confident that you won’t have to pay much or even anything out of pocket in the event of a very expensive claim involving your store.