888-900-0205Plumbing Fixture Supply Insurance
The plumbing fixture industry is already a major field that’s worth more than $8 billion. But over the next couple of years, it’s expected to increase by over 6 percent annually, resulting in an industry that’s worth about $12 billion. If you want to make sure your store is ready for this growth, it’s time to obtain the following types of coverage in your plumbing fixture supply store insurance policy.
General Liability
When you own a retail store that sells plumbing fixtures, you have to prepare for multiple customers to come through your business on a daily basis. Therefore, there is always a possibility that someone will trip over a product, slip on a newly mopped floor, or become injured in some other way. Regardless of the type of injury, you will typically be expected to pay for the medical bills of customers who get hurt on your property. You will also have to pay for repairs when their property is damaged.
That’s why you need general liability as part of your plumbing fixture supply store insurance. This type of business insurance makes sure that you will not have to pay out of pocket when the worst occurs. It can even pay for your legal defense when someone accuses you of slander, libel, or copyright infringement.
Business Owners (BOP)
A BOP is a combination of a few types of coverage that you might need when your business experiences a problem. Examples include sewer and drain backup, equipment breakdown, and electronic data loss. Unless you have the money to pay for these and other issues on your own, without having to shut down your business while you figure out how to get the funds, you need a BOP for your plumbing fixture supply store. Another important purpose of the BOP is to pay for your store and its inventory in case of a fire, theft, or vandalism.
Commercial Auto
If you ever deliver plumbing fixtures or perform a lot of errands for your business in general, you need to add commercial auto coverage to your plumbing fixture supply store insurance. This is because your personal car insurance policy will not pay for the damage caused by a collision when you are driving for your business. Make sure any employees working for you have commercial auto coverage, too.
Workers Comp
You probably don’t run your plumbing fixture supply store by yourself, which means you need workers comp. This part of your business insurance policy makes sure that your employees are covered if they are injured at work. Whether they cut themselves on a product or tool at work or fall from a ladder, you need to make sure your insurance policy will pay for their medical bills. Otherwise, they might need to pay for them on their own, and then they have the right to sue you to recoup the money. In this way, workers comp can protect you, your employees, and your business as a whole.
Excess Liability
Some lawsuits are more expensive than others, which means your liability coverage might not be able to pay all of your legal expenses. This is why excess liability is a great addition to your plumbing fixture supply store insurance. It can pay for the excess costs when your liability coverage is exceeded.