You may have the only locally owned store selling fireplaces, wood stoves, and hearth accessories. Although you compete against big box retailers (think Home Depot), your small business has been keeping customers warm for a while. Or maybe you’re in the process right now of opening your family-owned fireplace store.
Either way, it’s always worthwhile to invest in a complete commercial insurance portfolio. You’ll never regret protecting your time, money, and reputation with small business insurance.
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Hearth Store Industry Facts
- Worldwide revenue forecasts estimate a total of $14.39 billion in hearth sales (2013-2020)
- Compound annual growth rate of 3.13% between 2015 and 2020.
- In 2017, US sales of hearth products and accessories grew 11%.
What Could Happen in a Fireplace Store?
Unfortunately, bad things can happen in good stores even when the business owner tries very hard to avoid issues. Although it may be uncommon for any harm to come to employees or customers in your wood stove and fireplace store, there’s always a very slim chance that something could take place.
That’s why it’s always good to have a good small business insurance package set up and ready to safeguard your hearth shop.
Ask yourself what you’d do if one of the following things came about:
- Inventory is ruined by flood, earthquake, fire, or drain backup.
- A store patron gets hurt in your fireplace store.
- An employee steals hearth merchandise.
- Customer banking information i stolen by a credit card skimmer.
- Your business is sued by an employee for wrongful termination.
These scenarios can set up your fireplace and wood stove store for a financial hit, as well as potentially hurting your store’s reputation. Talking about commercial insurance with an independent agent now can help save you lots of trouble later.
Property Insurance: Protect Your Wood Stoves and Fireplaces
Heart business owners, like yourself, protect their fireplaces and wood stoves because without a full inventory there’s nothing to sell, and no money to be made. It makes sense that you’ll want enough insurance benefits to cover any losses impacting your fireplace store’s content.
- Building insurance: If you own the physical building where your shop sits, then this coverage can be of great benefit. Damage to the structure of the store that is caused by lightning, fire, or vandalism is typically covered.
- Property insurance: Everything inside your shop will need protection too. This policy is perfect for that goal. With property insurance, your hearth supplies, office equipment, and other business property will be covered. If you store any items at an off-site location, then your independent agent may recommend buying a second property policy for those products.
- Backup of sewer and drain insurance: This policy gives you financial resources for clean-up and repairs needed when you have a sump pump failure or a drain/sewer backup.
- Flood insurance: Many insurance policies do not cover flood damage. If your wood stove and fireplace store is located in a flood area, then you may want to chat with an independent insurance agent. The agent can go over how to get flood insurance through FEMA’s National Flood Insurance Program.
- Earthquake and hurricane insurance: You may want to look into this policy if your hearth shop is in an area of the US where hurricanes and earthquakes are a common threat.
Be sure to chat with a local, independent insurance agent who can fire up an affordable and comprehensive commercial insurance plan.
Burn Up Possible Lawsuits against Your Fireplace Store
Should your wood stove and fireplace shop be named in a lawsuit someday, you’ll be so grateful to have insurance to “fight fire with fire.” Customers, vendors, or employees can make a claim against your business, whether the accusations are true or not.
Good liability and property insurance is a great way to begin shielding your business. You’ll be able to get financial assistance for legal services, court costs, and settlements.
There are even more business insurance policies to consider like:
- Workers' compensation insurance: Almost every US state has rules saying businesses must buy workers’ compensation insurance. This coverage will pay for medical bills and some lost wages when an employee gets hurt while working.
- Employment practices liability insurance: No matter how diligent you are when it comes to employee matters, your store could still be named in allegations of illegal employment activities. A former employee could say they were wrongfully terminated or faced discrimination/harassment.
- Employee dishonesty insurance: Despite your best efforts, a dishonest employee could still sneak onto your staff. If the employee steals cash from the register or helps themselves to merchandise, you could rely on this coverage for assistance.
- Business income insurance: A slight setback that forces you to close your fireplace store for a short time could really hurt your business. With this policy, your business will receive money to meet regular expenses while the store is shuttered. That means you can still make payroll, settle up with vendors, and cover your monthly lease/mortgage.
An independent insurance agent can work with you on setting up business interruption coverage and help you figure out what other business insurance you might need.
Benefits of an Independent Insurance Agent
Independent insurance agents have access to multiple insurance companies, ultimately finding you the best coverage, accessibility and competitive pricing while working for you. Find an independent insurance agent in your community here.
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