Insurance for Optical Goods Stores
Optical goods stores provide products to customers to help with their eyesight. Some stores provide goods and supplies to optometrists and other commercial enterprises instead of selling direct to consumers. Regardless of how your optical goods store is structured, it’s important for you to protect it from everyday risks and hazards. Without the right types of business insurance coverage, you could be at risk of losing everything. Here is an overview of your business insurance needs:
General liability insurance protects your optical goods store and its customers. When problems arise, such as unexpected accidents or defective products, a general liability policy can pay damages and legal fees so that your store doesn’t have to. This insurance grows with your company so that new products and store locations are protected automatically when you add them. A few of the primary features of general liability include:
General Liability Insurance Includes:
- Premises Liability – Accidents happen every day. When one of your customers has an accident inside your optical goods store however, they may sue your company as a way to pay the medical bills that arise from the accident. Premises liability takes care of those accident-related bills for you. Similarly, if a customer’s private property is damaged on your business premises, your premises liability can pay for those repairs.
- Products Liability – When you sell products to customers, there is always the chance that something will go wrong. If an optical goods product is defective in a way that brings harm to your customers, they may sue your store for the damages and suffering. Your products liability insurance can pay for those items, as well as paying legal defense fees if you need them.
- Completed Operations – Optical goods stores often fill eyeglass prescriptions. Sometimes they even perform the eye exam on site as a convenience for the customer and for added revenue. Sometimes a customer comes back with complaints after the services have been rendered. If they claim that you caused them harm, your completed operations coverage can protect you. It pays litigation expenses, settlements, judgments, damages and injuries as needed.
Business Owners Policy
Business owners policies (BOP) include general liability while providing your optical goods store with tangible asset protection. A BOP can be tailored to meet the specific needs of your store, so that you are not paying for business insurance that you don’t need. Coverage options include:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
When you or your employees drive for your optical goods store, you need to protect your company from potential losses with a business auto insurance policy. This pays for bodily injuries and property damages that are caused by an auto accident. Additional levels of coverage allow you to protect yourself from losses due to theft, fire and other potential events.
Workers comp insurance protects your store employees if they ever have an accident on the job. When job-related accidents and injuries occur, workers compensation will pay for the employee’s medical bills and related recovery expenses.
Umbrella coverage provides you with an extra layer of protection, by providing additional coverage above the limits of your other business insurance policies.