Office Furniture Store Insurance
If you operate a store that sells office furniture, you should prepare yourself and your staff for more growth in the coming years. Experts predict that this industry will grow by about 11 percent every year until 2019 (Source: Technavio). One of the simplest ways to prepare for the increase in business is to get an office furniture store insurance policy that has all the coverage you will need. If you’re not sure what this type of policy looks like, here’s an idea of what it should include.
Office Furniture Stores Need The Following Insurance
Business Liability Insurance (GL): Every store needs general liability, since they all get so many people walking through the premises regularly. This part of your office furniture store insurance policy focuses on paying for the medical treatment that someone might need after getting hurt at your store. Think about what could happen as people try out the furniture you sell before they buy it. If you are ever worried about a child falling off a chair as he spins around in it, or an adult tripping over a rug, you need general liability when you obtain an office furniture store insurance policy. You also need this coverage to pay for any repairs that might be needed if a customer’s personal belongings are ever destroyed or stolen from your store.
Business Personal Property Insurance: When you’re hoping to get several customers a day at your store, you need to pay particular attention to the appearance and safety of the building. This means that if your store gets vandalized or damaged in any way, you need to fix it fast. This is why you need BPP, since its main purpose is to pay for repairs to your building or anything inside of it in case it is ever damaged.
Workers Comp Protection: You likely owe a lot of your success to your employees, who may be responsible for operating the cash registers, stocking new products, arranging the furniture you have for sale, and providing excellent customer service. Regardless of what they do, you need to protect them by making sure workers comp is part of your policy. When you have this coverage along with office furniture store insurance, you know that if your employees get hurt at your store, your policy will pay the related medical bills. Another reason your employees will appreciate this coverage is that it can pay for their missed income when they have to stay home to recover after a work injury or illness. Plus, most states simply require employers to have workers comp, which is why your office furniture store insurance policy needs it.
Umbrella/Excess Liability: An accident that involves more than one person can get expensive fast when you are responsible for the medical bills or repairs to personal property. This is why you should consider adding excess liability to your office furniture store insurance policy. The premise is simple; it will extend the coverage that your general liability policy offers. This will allow you to focus on continuing to run your store and sending well wishes to anyone who might have been hurt on your property.