Almost every community has a lamp shop, like yours, that sells lighting solutions for homes, yards, and office buildings. Of course, customers have the choice of visiting a small, locally owned store or a big box retailer for their lighting needs.
To stay competitive, you’ve probably put all your time, money, and energy into making your lamp store exactly what customers want. Now is a great time to talk with an independent insurance agent about small business insurance and how it can keep your lamp store lit up for many more years.
Lamp Store Facts
- There are currently 18,260 lamp stores in the US.
- Total annual revenue for lamp stores is $5 billion.
- US lamp stores have experienced annual growth of 1.1% (2014-2019).
What Could Possibly Happen at a Lamp Store?
Lamp stores seem pretty safe. So what could possibly go wrong? Well, every retailer can be the scene of a negative situation that leads to a possible claim or lawsuit. Accidents can happen anywhere. When they do happen, it can cost the small business a lot of money to resolve the matter.
Buying good quality, highly affordable commercial insurance will safeguard your lamp store against allegations of negligence, whether they’re false or not.
Without the proper small business insurance, how would your business be impacted by any of these scenarios:
- Lighting merchandise is damaged by flood, fire, earthquake, or sewer backup.
- A customer or employee gets hurt in your lamp store.
- An employee steals lighting merchandise.
- A customer's banking information is stolen by a credit card skimmer.
- An employee claims they were treated unfairly or harassed.
Any of these scenarios could set your lamp shop back financially and possibly hurt your reputation. Talking with an independent insurance agent today might save you a lot of frustration tomorrow.
Property Insurance to Protect Your Lamp Shop
Customers stop by your lamp store to purchase chandeliers and sconces, among other specialty items. Perhaps a patron is building a home and wants energy-efficient lighting throughout the residence. Or maybe a customer is looking for a special desk lamp for their office.
Each client will most likely want something different, so your lamp store has to be fully stocked with a variety of lighting options. Property insurance is a great way to make sure your biggest investment stays protected.
Talk with an independent insurance agent about these different property policies:
- Property insurance: All your lighting fixtures, shelving, cash registers, and computer/office equipment is covered under this plan. If you store extra inventory in an alternate location, then you’ll probably want to get a second property policy for those things too.
- Building insurance: This is a great policy if you own the building where your lamp shop is located. Building insurance will cover physical damage done to the structure of your store by things like vandalism, fire, hail, and wind.
- Backup of sewer and drain insurance: This insurance covers losses caused by water damage, specific to sump pump failures and sewer/drain backups.
- Flood insurance: Most business insurance will not automatically cover flood damage. If flood insurance is something you want, please talk with your independent insurance agent about FEMA’s National Flood Insurance Program.
Liability Insurance for Your Lamp Store
Liability lawsuits can happen even if you do everything you can to avoid them. That’s why most small businesses, like your lamp store, buy liability insurance. This type of insurance will pay for expenses associated with a liability claim without you having to dip into your business’s bank account.
Liability insurance is a worthwhile investment when you consider one claim (valid or not) can cost you big money for attorney’s fees, court costs, and a possible financial settlement.
Liability insurance policies are written in a variety of ways like:
- Product insurance: This policy is meant to help your small business if a customer claims they were somehow hurt by a product you sold.
- Premises insurance: You’ll find this policy useful if someone says they were injured or had their property damaged while visiting your shop.
- Cyber liability insurance: In today’s world it’s not unusual for a business to find their computer system hacked or their credit card device compromised. Should this happen to your lamp store, then you’ll be glad to have cyber liability insurance available for assistance.
- Employment practices liability insurance (EPLI): Past or present employees may claim they were mistreated by your business, whether through sexual harassment, wrongful termination, or discrimination. In that case, you can turn to your EPLI policy for help.
Electrify Your Business Insurance Knowledge
A local, independent insurance agent can get your business set up with a complete commercial insurance package. They may even talk to you about supplemental business policies like these:
- Business income insurance: A small setback that causes your lamp store to close for a while could be very damaging to your business. With business income insurance, you’ll receive money to pay for expenses. That means you could still make payroll, cover the mortgage/lease, and settle any outstanding vendor bills even though your lamp store is temporarily closed.
- Employee dishonesty insurance: You probably work hard at recruiting top-notch staff for your lamp store. However, there’s always a chance an employee won't work out as you hoped. Maybe the team member steals, embezzles, or does something else illegal. This policy will help your lamp store recover from financial losses associated with a dishonest employee’s actions.
- Workers' compensation insurance: All US states, except Texas, require businesses to have workers’ compensation coverage. This policy will pay for lost wages and medical bills of an employee hurt while working.
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 for your lamp store here.