Paint and Wallpaper Store Insurance
Whether you own and operate your paint and wallpaper store or leave it to be managed and operated by your staff, it is a good business to have almost anywhere in the country. Paint and wallpaper stores are popular shopping places for a variety of customers. New home owners shop there to select paint and wallpaper to customize their new homes with while seasoned home owners like to shop there when they want to create a new look. As the owner of the store, you have a lot of jobs and responsibilities to ensure the store runs smoothly and stays profitable. One area of responsibility is making sure you have the right business insurance.
General liability coverage is an important type of insurance for small businesses because it provides you with a base, broad level of coverage for many different potential risks or hazards. This coverage helps protect your company from encountering financial difficulties when a customer is injured or makes legal allegations and claims against your business. General liability is useful insurance because it grows with your company automatically. When you add a new store location or new wallpaper products, those items are protected automatically. Several of the key areas of protection provided by a general liability policy include:
General Liability Insurance Includes:
- Premises Liability – Premises liability coverage protects your store locations themselves. If a customer visits your paint and wallpaper store and has an accident while they are there, they may sustain injuries if the accident is severe. Premises liability insurance pays for the customer’s medical care needs that are caused by the accident and injuries. This insurance also protects your customers from suffering losses of personal property. If their car is damaged by a shopping cart in the parking lot for example, your premises liability coverage will pay for the damages to be repaired.
- Products Liability – When you sell products to customers, there is a slight chance that problems will arise with those products in the future. Sometimes the manufacturing process lets a bad batch of products through for example, and the defects can cause injuries or illnesses to your customers. Products liability pays for injuries or illnesses that arise due to products you’ve sold. This coverage also pays for your legal defense fees when necessary, and can pay for pain and suffering, settlements or other awards.
- Completed Operations – If your paint and wallpaper store provides services to its customers, problems may become apparent after your services have been rendered. Completed operations insurance helps protect you from the litigation costs that might arise from customers claims about work you previously provided for them. This insurance also pays settlements, awards and damages as necessary.
Business Owners Policy
General liability insurance is included in another form of business insurance known as a business owners policy, or BOP. A BOP provides you with direct protection for your business assets. This insurance can include coverage for tangible or intangible business assets, such as your paint and wallpaper inventory or your company’s payroll. A BOP can be tailored to provide just the coverage you need for your company. Coverage options include:
When you get a business owners policy, or BOP, all of the protection of a general liability policy will be included. Business owners policies help provide you with direct asset protection for your company. It includes protection against potential losses of either intangible or tangible business assets, such as your company’s payroll or your paint and wallpaper store inventory. BOP coverage can be custom tailored so that it meets just those needs your company has. Example options for coverage include:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
If you or your employees drive for business purposes, a business auto insurance policy protects you from suffering financial losses caused by auto accidents. It pays for bodily injuries and property damages when applicable, and can protect you from uninsured motorists, fire, theft and other potential risks depending upon your coverage options.
You and your store employees may need to drive a vehicle to conduct business operations. Increased driving increases your potential for auto accident. A business auto insurance policy helps protect your company from having to pay in full for expenses that arise due to auto accident. Depending on how you choose to structure your auto policy, this insurance pays the costs of bodily injuries or property damages caused by an auto accident. It also pays for damages and losses created by other potential risks and hazards such as weather events, theft, fire or hit and run accidents.
When you employ other people at your paint and wallpaper store, you are required by law to provide them with workers comp protection. This insurance pays for the employee’s medical bills and recovery expenses if they are ever injured on the job.
Commercial umbrella insurance provides you with extra protection above and beyond the maximum limits set by your other business insurance policies.