Sunglass Store Insurance

There are more than 1,000 sunglass stores in the U.S., making up a $2 billion industry. The rate of growth is almost 5% every year, so there’s no sign of this type of store disappearing from the market. If you really want to rise above your competition, you should make sure you’re protected with a great sunglass store insurance policy. This is the type of coverage you can benefit from when you get business insurance of this kind.

General Liability

You can expect to see lots of foot traffic every day when you own a sunglass store, especially if you are located in a busy shopping mall. You never know when a customer might slip and fall on your floor or slam a finger in the door of your shop. When this occurs, you may be at risk of being sued unless you are willing to pay for the medical bills of anyone who is hurt on your property.

If you cannot afford to pay out of pocket and do not want to face legal action, general liability is a necessity. Fortunately, it is a major part of any sunglass store insurance policy. This coverage can also pay for any repairs that are necessary after a customer’s personal property is damaged at your store, as well as legal costs if you are ever sued for copyright infringement, slander, or libel.

Business Owners (BOP)

BOP is another important part of your business insurance policy. Its purpose is to combine a few types of coverage that most business owners can benefit from. Common examples include forgery and alteration, electronic data loss, and equipment breakdown. In addition, your BOP will pay for repairs to your sunglass store if a fire or other incident damages it. Even if someone breaks a window or spray paints a wall, your BOP will pay for the repairs or cleanup, making this part of your sunglass store insurance very helpful.

Workers Comp

Whether you employ just a few people or a large team of employees to sell sunglasses, you need workers comp. This coverage will pay for their medical bills if they are ever hurt at work. For example, if an employee falls off a ladder while retrieving sunglasses from up high, and he or she ends up breaking a bone, workers comp will pay for the hospital bills. It will also pay for the employee’s lost wages if he or she needs to miss work for a few weeks to recover. Even if long-term rehabilitation is necessary, workers comp will pay for this. Without this coverage as part of your sunglass store insurance, you would have to pay for all of these expenses on your own.

Excess Liability

General liability is a necessity when you own a business, but sometimes you need more than just the minimum amount. For example, if you are faced with an expensive lawsuit and are required to pay a large settlement, your liability coverage might not be enough. That’s when you have to either pay the money yourself or possibly lose your business. When you have excess liability coverage, though, you likely won’t have to pay out of pocket.