Insurance for Sporting Goods Stores

Sporting goods stores are popular shopping spots for men, women and families who enjoy an active lifestyle. You may have started this business because of your own enjoyment of sports and physical activities. As the owner of the business you can enjoy your hobby and passion while also earning profits. Protect the investments you’ve made by making sure you have adequate levels of business insurance.

General Liability

General liability coverage is designed to create a very broad level of business insurance protection for your sporting goods store and its shoppers. General liability pays for damages and injuries when accidents happen or lawsuits arise. This insurance will expand as needed when your business grows. This means that when you add new products, services and store locations they will be automatically protected with coverage from day one. The most important areas that a general liability insurance policy provides you coverage for include:

General Liability Insurance Includes:

  • Premises Liability – Having people go in and out of your sporting goods store each day is great for business. The more traffic you have the more potential sales you have. With more traffic however, comes an increased chance of accidents happening. If a person sustains injuries while at your store, or if their personal property is subjected to damages while they’re there, your premises liability can protect you from the potential lawsuits. This coverage pays for the medical bills that result from injuries and it pays for repairs to damaged property.
  • Products Liability – Regardless of how high the quality of products is that your store sells, there is always the chance that problems will arise at some point in the future. Manufacturing mistakes happen and other things can cause product recalls. If your customers are harmed due to products you sold to them, your products liability insurance can help pay for your legal defense costs. This coverage also pays for the customer’s medical bills and pays for judgments and settlements as applicable.
  • Completed Operations – Completed operations insurance protects you from lawsuits that arise after you have provided services for a customer. If, for example, your sporting goods store offers equipment cleaning services, harm can come to a person when those services are not rendered property. Rifle cleaning done badly for example, can cause the weapon to jam or cause injuries. If your customer sues your company for services you previously rendered to them, your completed operations coverage can help pay for your litigation expenses and pay for the settlements or awards.

Business Owners Policy

Business owners insurance is also known as a (BOP) and it automatically includes general liability coverage by default. Additionally, a BOP helps protect your business assets directly. It can be tailored to meet the individual needs of your company, and provides coverage for intangible business assets as well as physical ones, such as:

  • Buildings and Contents
  • Business Income and Extra Expense
  • Electronic Data
  • Newly Acquired or Constructed Buildings
  • Employee Dishonesty Coverage

Business Auto

Business auto insurance protects your sporting goods store from suffering financial hardships that are caused by auto accidents. This coverage can pay for property damages or physical injuries that are caused in an accident. Varying levels of coverage offer protection from other hazards such as blown down tree limbs, theft or vandalism.

Workers Comp

Mandated by most state laws, workers comp insurance is meant to provide protection for your company employees. If one of your workers gets physically injured in an accident while performing his job duties, or if he becomes ill because of his job, this insurance will pay for the cost of his medical and recovery care bills.

Commercial Umbrella

Umbrella insurance is an added level of insurance protection for your company. When you must make claims against one of your standard commercial insurance policies, your damages may exceed the total benefits available. When that happens, an umbrella policy can pay for the costs above and beyond those limitations.