Insurance for Mattress Stores
Mattress stores sell to general consumers in a retail or wholesale environment. As the owner of a mattress store, you benefit by helping your customers improve their sleeping environment. Over time, you also benefit by having those same customers return for new mattresses, or additional ones as their family grows. Owning a mattress store can be profitable and rewarding at the same time, as long as you make sure you’re protecting yourself fully with your business insurance coverage.
General liability is the base level of insurance you should carry for your mattress store. This coverage is designed to protect your company from suffering severe financial losses when accidents or unexpected hazards arise. General liability expands to include your new mattress store locations as you add them, and it automatically covers new products and services as you add those too.
General Liability Insurance Includes:
- Premises Liability – Premises liability is the section of your general liability coverage that protects your customers, and by association, your company. With customers flowing in and out of your store location each day, there is bound to be an accident or injury at some point. Even the claim of an injury at your mattress store can be expensive for you to handle on your own. Premises liability can pay for medical bills that arise due to injuries on your premises, and pay for repairs when a customer’s personal property is damaged there.
- Products Liability – Selling products puts your company at risk of lawsuits when things go wrong. If a product has defects that cause harm to your customers for example, or if the product causes property damages instead, your products liability insurance can pay for the medical or repair bills.
- Completed Operations – When you provide services to your customers, there is the chance that the customer may sue your mattress store later. If, for example, your store offers mattress delivery services and a customer later claims that your delivery personnel broke an antique vase, your completed operations coverage can pay for the damages. This coverage also provides you with legal defense fees when necessary, and can pay for settlements and judgments.
Business Owners Policy
You can get your general liability coverage as part of a business owners policy, or BOP. The BOP is business insurance that protects you from company asset losses. This insurance can be tailored to meet the specific needs of your mattress store so that you’re not paying for protection that is of no use to you. Examples of the types of tangible and intangible protection a BOP offers include:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
Business auto insurance pays for costs that arise due to auto accidents. This coverage can protect your mattress store delivery vans and trucks, along with other types of vehicles your company might use. If there is an auto accident, this coverage can pay for the medical bills that arise due to physical injuries. It also pays for property damages, can protect you from uninsured motorist, and can protect you from losses due to other hazards such as fire and theft.
Workers comp coverage is mandated by law in most states. This business insurance protects your employees directly. If there is a work-related accident that causes injuries, workers comp coverage will pay for your employee’s medical bills and related recovery expenses.
A commercial umbrella policy provides you with additional coverage on top of the maximum limitations your other business insurance policies provide.