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Swimming Pool Supply Store Insurance
While the recession negatively affected the swimming pool supply industry, the recovering economy has helped it grow again. In 2013 alone, this industry boasted about $5 billion in revenue, and that’s expected to increase in the coming years. You can prepare for the growth in this field by checking to make sure you have the swimming pool supply store insurance you need to protect your business.
General Liability For Swimming Pool Supply Stores
Owning a store of any kind means you can expect lots of people to visit your business on a daily basis. Any time someone is on your property, there is a chance they will be injured and possibly sue you to pay for the medical expenses. That’s where general liability comes in. With this type of business insurance, you can rest assured that the medical bills of anyone who is injured on your property will be paid for by insurance. This coverage also pays for property damage.
Another benefit of general liability coverage is its ability to pay for lawsuits brought on by other businesses. For example, if a competitor accuses you of slander or libel, the general liability portion of your swimming pool supply store insurance will pay for the legal expenses. The same goes for when you are accused of copyright infringement.
Business Owners Policy(BOP)
A business owner’s policy combines a few types of coverage that most businesses benefit from. In particular, a BOP will pay for the repairs needed after an unforeseen loss destroys your store. It will also pay to replace the contents of the store, so you won’t lose everything after a fire, burglary, or other devastating event. This type of business insurance also covers accounts receivable, electronic data processing, and valuable papers and records.
Commercial Auto Coverage For Swimming Pool Supply Stores
If you ever have to drive for business purposes, you need commercial auto as part of your swimming pool supply store insurance policy. This is because your personal car insurance does not apply to accidents that you cause when you are running business-related errands. For instance, if your store delivers pool supplies to customers or picks up product shipments from manufacturers, you need commercial auto coverage. In addition, if you have employees drive for your business, your commercial auto coverage will need to extend to them.
Workers Comp Insurance For Swimming Pool Supply Stores
In most states, you need workers comp even if you have just one employee. This aspect of business insurance is important because it will pay for the medical needs of any employees who are hurt while working at your store. So if they spill harmful pool chemicals on their skin or suffer from a chronic condition after repeated exposure to chemicals at work, workers comp will pay for their hospital and doctor bills. It will also pay for the wages they lose while they recover, ensuring that your employees are well taken care of if they are injured at work. In this way, this part of your swimming pool supply store insurance protects your business as a whole.