Upholstery Store Insurance
Whether you sell a variety of fabrics, provide reupholster services, or both, you’re in an industry that’s worth about $2 billion (Source: IBISWorld). But with more than 23,000 similar businesses in this country to compete with, you need every advantage you can get. That’s where insurance comes in. In particular, you need upholstery store insurance that features the following coverage types.
Upholstery Stores Need The Following Insurance
Business Liability Insurance (GL): When you encourage people to visit your store to shop, you need to make sure you have the proper protections in place. In particular, you need an upholstery store insurance policy that includes general liability. This is the coverage you will use to pay for any damage claims against your store, such as when a customer’s personal property gets damaged or stolen while on the premises. The liability portion of your upholstery store insurance policy will also make sure customers don’t have to pay for their own medical treatment when they are injured on your property. Whether they end up at the hospital or just need a quick visit to urgent care, general liability will pay those costs.
Business Personal Property Insurance: Keeping your upholstery store looking nice can be difficult after a fire, tornado, or some other incident damages the building. If you do not have the funds set aside to pay for repairs when the worst happens to your store, BPP can help. This aspect of your upholstery store insurance policy will not only pay to fix your building, but it can also replace any inventory or equipment you lose. So if a thief steals the fabrics you need to help people reupholster their furniture, BPP can replace it. The same coverage applies to the equipment you need to run your store, which is helpful if replacing it right away is not in your budget.
Workers Comp Protection: Whether you only have a few people on your payroll or you employ a large team of employees, it’s essential that you protect them by getting workers comp when you get upholstery store insurance. When you have this coverage on your policy, you and your employees can rest assured that any work injuries will be covered by insurance. For instance, if an employee gets cut while trimming fabric to put on a chair, workers comp can pay for the hospital bills. If an employee drops a heavy piece of furniture on his foot while repairing it, the ensuing doctor’s visit and any necessary medication or surgeries will be covered by your upholstery store insurance policy. And if your injured employee has to miss work due to the injury, workers comp will make up the lost wages.
Umbrella/Excess Liability: If you have general liability as part of your upholstery store insurance policy, you can expect accidents that take place on your business property to be covered. But if you only have the minimum liability coverage, it might run out before the claim is completely paid, at which point you will have to make up the rest out of pocket. That’s why you should get excess liability to extend your coverage.