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.
Why Do You Need Hearing Aid Store Insurance?
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.
What Does Hearing Aid Store Insurance cover?
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:
- The contents of your office space, including expensive equipment, hearing aid and hearing protection inventory, display cases, computers, and all other office furniture and equipment
- Sensitive and confidential medical records
- Your building (if owned)
- Your employees
- Your patients and members of the general public
What Insurance Policies Do I Need for My Hearing Aid Store?
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.
- Commercial property coverage, for buildings and their contents, such as computers, audiometers and other equipment (whether it is owned or leased), furniture, hearing aid display cases, and inventory.
- Business interruption coverage, which compensates for lost business income and pays for operating expenses if you must temporarily close following a covered loss (e.g., a building fire).
- General liability coverage, which pays for claims of bodily injury and property damage that occur in your store (e.g., a patient trips and falls in your store, breaking a wrist.)
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.
The Importance of Product Liability Insurance
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.
Other Hearing Aid Store Insurance to Consider
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:
- Computers and media coverage protects you from the inconvenience and financial loss for your hearing aid store if theft, vandalism, viruses, or malware damages your computers. This coverage pays for loss of data or software as well as physical damage to computers and other hardware.
- Cyber liability insurance provides coverage in the event of a data breach involving your store. Whether the breach involves credit card data or the Social Security numbers and medical records of your patients, a data breach can cause significant financial and emotional distress for everyone involved. This coverage helps pay for the costs of notifying affected patients, as well as public relations and investigative costs.
- Commercial umbrella insurance provides excess liability protection beyond the limits of several other policies you might have, including commercial general liability or employers liability. If an injury lawsuit awards a judgment against you that exceeded the limits of your CGL policy, your commercial umbrella policy would cover the difference.
- Workers’ compensation insurance is typically required for any business that has employees, and pays for lost income and medical expenses for employees who are injured on the job. An employee who injures her back while lifting a heavy box of office supplies would need this coverage to help with medical bills and lost wages for any time away from work.
- Employee crime and dishonesty coverage protects your business from the costs of theft, dishonesty, and fraudulent acts committed by an individual employee or a group of employees. Unlike most medical practices, your hearing aid store has a retail component. Employee theft and dishonesty coverage is common for retailers that need a financial remedy after employee forgery, alteration, theft, unauthorized electronic funds transfers, credit card fraud, computer fraud, money order fraud, and counterfeit fraud.
- Employment practices liability insurance covers you if a current or former employee sues you for discriminatory employment practices.
- Valuable papers coverage can help you reproduce damaged documents, such as medical or financial records, if they are damaged by a fire or some other covered event (theft, weather event, etc.).
- Bailees coverage is necessary if you take possession of a customer’s hearing aid in order to clean it or make repairs. This is an add-on to your property policy that covers non-owned property that is stored at your store or is in your possession. It helps pay for damages and minimizes the financial implications for you and your customers if their property is damaged while in your control.
How Much Does Hearing Aid Store Insurance Cost?
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.
Find and Compare Quotes
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.
Benefits of an Independent Agent
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.
The Lowdown on Online Quotes
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.
TrustedChoice.com Article | Reviewed by Paul Martin
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