Are you in the business of selling glass doors? Glass doors can add a touch of beauty to the entryway of a home and usually function as the main way to enter a home from the back yard or patio. Whether you’re selling elaborate hand-carved doors or glass sliders, your store is full of expensive inventory that needs protection.
An independent insurance agent can help you shop and find insurance that fits your store needs. From inventory and property to protection for employees and installation if you offer it, a comprehensive insurance package is a must-have for any glass door store owner.
What Are the Risks of Running a Glass Door Store?
Glass doors can range from several hundred dollars for a simple slider to thousands of dollars for a custom-made front door.
What would happen to your glass door business if:
- An earthquake came through and caused several of your doors to fall off their display and break?
- A customer severely injured themselves in your store?
- A door was damaged during delivery?
- Your employees were injured while installing a door?
- Your furnace overheated and caused damage to your leased property?
Lots of things can go wrong when you’re dealing with property, inventory, and employees.
Insurance helps protect your business when the unexpected happens. A glass door store may need a variety of policies in order to cover all of the risks that come with running your store.
What Types of Insurance Does My Glass Door Store Need?
If you’re selling glass doors in a retail location, you’ll need a combination of the following types of insurance:
- Commercial property insurance: Property insurance protects your building and the products inside. Should a windstorm come through and rip the sign off the front of your building and cause the doors inside to fall off their displays and break, property insurance is there to cover it. The following events are generally covered under property insurance:
- Burst pipes
In addition, property coverage will pay to replace or repair damage to the following items:
- Exterior signs
- Landscaping and fencing
- Computer systems
- Furniture and equipment
Earthquakes and floods are generally not covered under property insurance, so you’ll want to make sure you add this coverage if your business is in an area prone to these natural disasters.
- General liability insurance: One thing you don’t want to go without is liability insurance. This provides coverage and defense against bodily injury or property damage caused by your store or products. Liability insurance covers things like:
- A customer is walking through your store and trips on a display mantle and twists their ankle.
- A customer drops a glass door on their foot while trying to load it into their vehicle.
- A fire that burns customer property.
If a liability claim is made against your store, general liability helps cover:
- Court fees
- Medical expenses
- Third-party property damage
- Administrative costs
- Commercial auto liability insurance: If your glass door business uses vehicles to move materials and run company errands or any other business-related errands, then you’ll want commercial auto insurance. This will provide coverage for the person operating the vehicle, the vehicle, and any potential damage that it may cause while in operation during business hours.
- Inland marine insurance: If your business needs a commercial auto policy, it also probably needs inland marine insurance. This protects your business from damage to any tools and equipment that you’re transporting.
- Workers’ compensation: 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.
- Cyber liability insurance: Cyber liability insurance covers any financial loss from fraudulent activity, website hacking, or theft of your customers' personal information, such as credit cards.
- 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 policy.
- 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.
- Professional insurance: If your store offers professional design services, you run the risk of a lawsuit if the design is faulty. In this case, you may need professional liability insurance to get the coverage you need.
- Business owners policy (BOP): When it comes to insurance, there are clearly a lot of options. A business owners policy, or BOP, is a comprehensive insurance option that includes the following policies:
- Property insurance
- Liability insurance
- Business interruption insurance
- Vehicle coverage
- Crime insurance
- And more
You can adjust what is included in your BOP policy, which could result in it being a more effective route than purchasing those insurance policies individually.
How Much Does Glass Door Store Insurance Cost?
Since you're dealing with an expensive product, the cost of insurance for a glass door store will most likely be higher than some businesses with less expensive products. There are a variety of factors that can affect the cost of your premium, including:
- Number of employees: The more employees your glass door 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 glass door store.
- Danger of operations: If your store often moves or delivers inventory and helps install 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 Glass 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 determine the risks involved with your glass door store and the best coverage to protect all aspects of your business.
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 glass 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.
TrustedChoice.com Article | Reviewed by Paul Martin
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