Your garage door store provides a number of different garage door options to homeowners and businesses. And protecting that business is important. But where do you start? And how do you get a price that fits your company budget? An independent insurance agent is your answer—to both.
An independent insurance agent can make sure your store is set up with a comprehensive insurance package that fits your needs by shopping multiple insurance carriers before bringing a number of great quotes to the table. But first, here's a bit more background on the garage door industry and the kinds of coverage you should be concerned about.
Important Garage Door Statistics
Why Does Your Garage Door Store Need Insurance?
Every business needs insurance, especially if you have employees working for you. Businesses face a variety of risks and for garage door stores, in particular, you’re dealing with an expensive product and a variety of potential liability risks.
Insurance helps protect your business when the unexpected happens. If your store also offers installation, then the risks extend to the safety of your employees while at someone else’s home. You’re not only liable for their safety, but also for any damage your employee might cause to the property they’re working on.
Most garage door stores need to purchase several different types of insurance to be fully covered. A garage door insurance package doesn’t exist, but an independent insurance agent can help you build a portfolio of insurance for your business.
You Need Property Insurance to Protect Your Garage Door Store
Garage doors are not cheap, and they’re not small. Any business that is operating out of a storefront needs property insurance.
The right property insurance will cover your building and the assets inside it. Depending on the details of your store, the following insurance options could be of benefit to you.
- Building insurance: Just as its name suggests, this protects the actual building of your store. Should damage occur from extreme weather, natural disasters, vandalism or other similar events, your building insurance will help pay for repair costs. Even if you’re leasing your building, you’re still responsible for carrying specific insurance.
- Property insurance: If you have a building, then you have stuff inside it. Property insurance provides coverage for all of the contents in your building. This includes materials, inventory, computer systems, items in your office space, and the like.
- Equipment breakdown coverage: If your garage door store has any type of equipment, such as a forklift, to help move materials around the store, then equipment breakdown coverage can step in should that equipment break down. This insurance will cover the cost of repairs and temporary rentals, and in some cases will reimburse you for income lost while your machine isn’t working.
- Inland marine insurance: If your store delivers materials to customers or is driving materials to job sites, then inland marine insurance will protect your business from damage to the tools and equipment you’re transporting.
Protect Your Garage Door Store with Liability Insurance
Protecting your property is one big step in properly insuring your garage door business. The other is having the right protection against liability lawsuits. You want to think about all the potential risks to third parties involving your store, employees, and your property. Essentially, think of all the ways you could possibly get sued and then have protection against all of those risks.
- Premises liability insurance: If a customer is walking through the aisles of your store and slips on some water, they could sue you for their medical bills. Premises liability insurance protects you from third-party injuries that take place on the premises of your business. This includes the inside and the outside.
- Product liability insurance: This protects you if a product that you sell causes property damage or injury to another because of a design defect or production flaw.
- Auto liability insurance: If your garage door store offers delivery of products, or your employees are driving company vehicles for any purpose, then you’ll need a commercial auto liability insurance plan. The protection for this ranges from running to the bank to cashing checks to moving materials or driving to and from a job site.
- Cyber liability insurance: Even though you’re selling garage doors in a store and not online, you’re still using computer systems to house customer information. Cyber liability insurance covers any financial loss from fraudulent activity, website hacking, or theft of your customers' personal information, such as credit cards.
- Umbrella insurance: Because insurance companies impose caps on the amount of liability insurance they are willing to provide, umbrella insurance may be necessary if you feel that you need extra liability coverage in order to adequately protect your store. Umbrella insurance takes over where your other liability coverage leaves off.
What Additional Insurance Does My Garage Door Store Need?
In addition to property and liability insurance, there are a few additional insurance options you can discuss with your independent agent to see if they’re right for you.
- Workers' compensation insurance: Workers’ compensation is required in every state except Texas. If an employee is injured on the job, it covers medical bills and paid time off, as well as reduces the risk of being sued by your employee.
- Business income insurance: This provides coverage if your store is damaged and unable to earn money for a specified amount of time. This insurance will pay until the damage is repaired.
- Flood and earthquake insurance: Floods and earthquakes are not included in general commercial insurance policies. If your store is located somewhere that flooding or heavy rain is a concern, you’ll want to purchase this insurance.
- Health Insurance: If your business has at least 50 full-time employees, you are required to provide them with affordable health insurance. Your insurance agent can help you find suitable coverage.
- Employment practices liability insurance: Also known as EPLI, this insurance provides coverage for your legal defense and potential financial damages if one of your employees sues your business for an illegal business practice such as sexual harassment, discrimination or wrongful termination.
How Much Does Garage Door Store Insurance Cost?
Since you're dealing with an expensive product, the cost of insurance for a garage door store will be higher than for someone selling a less expensive product, like flowers. There are a variety of factors that can affect the cost of your premium, including:
- Number of employees: The more employees your store has on staff, the greater the likelihood of risk, so premiums are higher.
- Size of premises: Larger facilities and several locations presents more risk, so premiums are larger.
- Payroll amount: Because workers' compensation insurance reimburses employees for a portion of their lost wages, having a larger payroll results in higher premium payments.
- Claims history: If your business has a history of incidents resulting in legal action, you will be considered a greater risk by the insurer and will typically have to pay more in premiums. Some insurers will also decline to insure accident-prone businesses, so take active measures to secure your garage door store.
- Danger of operations: If your store often moves or delivers inventory and helps install garage doors, all of these factors add more risk to the insurer, so premiums are higher.
- Automotive demographics: Young drivers under the age of 25, particularly males, cause higher premiums. Similarly, regular driving in urban areas and high-traffic zones causes more accidents, so premiums are also higher for these reasons.
A local independent insurance agent can obtain a variety of customized quotes on your behalf. That way, you can be sure that the policies you select are offered to you at a reasonable price.
How to Find the Best Insurance for Your Garage Door Store
Insurance policies can be complex, and searching through options can be confusing, time-consuming and frustrating. An independent insurance agent's role is to simplify the process.
An agent will help make a checklist of everything in your garage door store that you’ll need coverage for. They’ll also keep in mind peak seasons, customers wanting to test products, and the risks involved with the garage doors you’re offering.
When it comes time to purchase insurance, they’ll break down all the jargon and explain the details, so you understand exactly what you're getting.
And should you need to file a claim, you’re not alone. Your agent will be right there to help guide you through every last step and get your life back to where it all was. How great is that?
Why Online Quotes Aren’t Always the Best Way to Shop
Getting your insurance quotes online can be tempting. Sure, it’s fast and easy. But are the quotes you are getting actually accurate? And are you getting quotes for all the different types of coverage your business needs?
Online quotes cannot give you the whole picture. They often leave out important coverage, which may result in you being unable to get compensation if something disastrous happens. And they can leave out cost-saving opportunities such as discounts and bundling opportunities that an independent agent can help you take advantage of.
Instead of getting an online quote, find an independent insurance agent near you, and schedule a one-on-one consultation to discuss your options for the best coverage for your particular garage door store.
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.