Hearing aid stores typically sell numerous hearing aid models as well as a variety of other products and services related to hearing. Most hearing aid stores offer hearing testing, hearing aid fitting and repair, and even hearing protection equipment for musicians, law enforcement personnel, and other people who work in loud environments.
An audiologist, a licensed hearing professional who can diagnose and treat hearing loss, usually performs hearing evaluations at a hearing aid store. Other hearing aid specialists and technicians usually provide advice and service to hearing aid store customers.
Like all small businesses, hearing aid stores face very specific risks and have unique business insurance needs. When you invite patients and the general public into your business, anything can go wrong. You need hearing aid store insurance to protect your assets when you are faced with property damage or injury claims.
An independent insurance agent can help you find the best coverage for all of your unique risks.
Hearing aid stores are subject to numerous property and liability risks that need to be addressed with customized business insurance. Unforeseen events can threaten your livelihood at any time if you do not have the right insurance coverage.
Elderly patients and others with impaired hearing or balance issues are typical visitors in a hearing aid store. Many of your customers are highly susceptible to slips and falls. The risk of falls or other mishaps is greatly enhanced while these patients are in your store.
Hearing aid stores also have the same potential for experiencing property damage as any other retail business. Severe weather, fire, theft, and vandalism can damage your store space, expensive audiometry equipment, valuable hearing aid inventory, and more.
A fire or a severe weather event can force you to close while you make repairs. How will you pay to repair or replace expensive equipment, furniture, and inventory that has been damaged or destroyed?
Working closely with an independent insurance agent, you can determine exactly what risks you have and find tailored hearing aid store insurance to address them.
If your store is damaged by some unforeseen event, or if you are sued for injuring someone or damaging someone else’s property, your future may be in jeopardy. You need hearing aid store insurance to cover:
Using a variety of business insurance policies, you can protect your hearing aid store from all of the unique risks you face. An independent insurance agent can help you learn about and purchase the following types of hearing aid store insurance policies.
If you own a small- to medium-sized hearing aid store, you may be able to bundle your basic property and liability coverage together into a packaged policy designed for small business owners. This is called a business owners policy, or BOP.
Don’t forget that you need might need professional liability insurance to protect against errors, omissions, and negligence in your professional advice or services. If a patient is physically or financially harmed as a result of your care, you can be sued for damages and even lose your ability to operate.
An independent insurance agent can discuss your options and help you find coverage that is tailored for hearing aid stores.
If you sell a faulty product that causes harm to a client, you’re likely to be named in a lawsuit even though you did not manufacture the product that caused the problem.
Product liability insurance covers a business’s financial responsibility for losses or injuries to a user, buyer, or bystander caused by a defect or malfunction of a product. In some instances, product liability insurance may also cover you for defective design and failing to warn a buyer of a particular danger.
Any company that participates in bringing a faulty product to market can be sued. Given that your store sells medical equipment for personal use, you have a significant product liability exposure. If you are sued for selling a faulty product, the medical costs, compensatory damages, economic damage, attorney fees, and court costs can be insurmountable.
There is some product liability coverage provided in your general liability policy. But sometimes that coverage is not sufficient for the level of risk you face. Ask your independent insurance agent if you need to purchase additional product liability insurance to fully cover the specific risks you face.
You might also want to consider certain endorsements (customized coverage add-ons) to your business owners policy or standalone policies that provide the following types of coverage:
The cost of hearing aid store insurance depends on several factors, including the size of your business and the types of policies you need to cover all of your unique risks.
With so many variables (e.g., number of employees, equipment of varying types and values, the location and size of your building or office space, value of inventory on hand, etc.), business insurance costs will vary among stores like yours.
An independent agent can work with you one-on-one to determine the types and amounts of coverage you need to protect your hearing aid store from a variety of costly problems. Your agent can get quotes from multiple insurance companies so you can evaluate the cost and coverage options and make the best choice.
Independent insurance agents simplify the search process for finding the right hearing aid store insurance. They’ll walk you through the handpicked policy options and explain the details and options.
Most importantly, they’ll be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
Online quotes can be tempting. They are fast and easy to get—but are they accurate? And are you getting quotes for the right coverage? For business owners, choosing speed over accuracy can cost you.
Online quotes can’t and don’t see the whole picture. They can leave out important coverage that will leave you devastated if something unexpected happens. And they can leave out cost-saving opportunities that an agent can help you take advantage of.
Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.