Everyone likes having somewhere comfortable to lay their head. As a mattress store owner, you know that protecting your investment is as important as providing quality beds to your customers. An independent insurance agent can help insure your business so you can focus on providing quality products.
Independent insurance agents specialize in finding insurance for retail businesses that is tailored to meet your business needs. While a mattress isn't a dangerous product, an unexpected weather event or professional injury could expose your business to major financial loss. Independent agents in our network can help you build an insurance portfolio to protect you from potential losses.
Why Do I Need Insurance for My Mattress Store?
A mattress is a luxury, and any luxury product deserves a little extra protection. Half of the fun in buying a new mattress is going to a store to test them out. As the store owner, this means your store is continually exposed to an unexpected natural disaster or a customer getting injured on your property.
In addition, most mattress stores offer delivery services. It's your responsibility to make sure that your delivery employees and the vehicles used are properly insured.
While your employees face work-related injuries and illnesses, you are also susceptible to equipment breakdown, product defects, fire, weather, and other types of interruptions.
What Does Mattress Store Insurance Cover?
Insurance is designed to protect your mattress store from losses related to its various exposures. Here are some of the policies that you will likely need in your comprehensive insurance package.
Commercial Property Insurance
- This protects your building and other property in the event of a covered loss such as fire, vandalism, smoke, or theft. It provides coverage for lost inventory, industrial equipment and machinery, warehouses and office space, office equipment, computers, and more.
- Example: If a fire damages your showroom and all of your mattresses plus the desks of your sales team, commercial property coverage will pay for repairing and replacing the damaged property.
Business Interruption Insurance
- This protects your earnings and helps to pay expenses if your business is unable to operate because of damage caused by some type of covered disruption (fire, hail, wind, equipment breakdown). You can even include coverage for breakdowns in utility services (water, electrical) that force you to temporarily close your doors. It pays for loss of income and certain fixed expenses (e.g., rent, salaries, temporary relocation expenses, etc.) if your business must close due to a covered loss.
- Example: If your business had to close to make repairs as a result of a burst pipe, business interruption insurance would help you pay for lost income while you had to close during repairs.
General Liability Insurance
- Commercial general liability (CGL) insurance provides broad protection for third-party bodily injury and property damage claims. This includes coverage for product liability, advertising liability, slander, and libel claims against your store.
- Example: If a guest is testing out beds in your store and slips while trying to lie down and breaks an ankle, your general liability policy responds to any claim for damages.
Auto Liability Insurance
- If your mattress store owns a fleet of trucks or vans for the purpose of mattress transport and delivery, you need to cover these vehicles with commercial auto insurance. If you hire an outside company to handle mattress deliveries, you can protect your business interests against liability charges in the event of an accident by purchasing non-owned for hired auto insurance.
- Example: An employee is delivering a mattress to a customer's house and gets in an accident on the way ruining the mattress and damaging the company vehicle.
Other Insurance Options for a Mattress Store
In addition to the property and liability coverage, there are a variety of additional insurance coverages you may want to discuss with your independent insurance agent.
- Cyber liability insurance: A majority of your customers will use their credit cards to pay for mattresses exposing their personal information to hackers. Cyber liability insurance provides coverage to pay for credit monitoring services and other damages in the event of this type of scenario.
- Employment practices liability insurance: This protects you if an employee sues your mattress store for illegal business practices including wrongful termination, harassment, or discrimination.
- Flood insurance: Flood damage is not included in property insurance and needs to be purchased separately if flooding is a threat to your store.
- Health insurance: If you employ at least 50 full-time workers, then health insurance is required.
- Workers’ compensation insurance: This provides protection should an employee get injured or fall ill while on the job. Workers' compensation will pay for any medical bills and employee salaries while unable to work.
How Much Does Mattress Shop Insurance Cost?
The cost of mattress shop insurance depends on the policies you choose, the unique risks your business faces, the value of your inventory and equipment, and other factors like your location, number of employees, and the size of your establishment.
An independent agent can work with you one-on-one to determine the types and amounts of coverage you need. Your agent can get quotes from multiple insurance companies so you can evaluate the cost and coverage options and make the best choice.
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Why Online Quotes Aren't Always the Best
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 omit 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 a one-on-one consultation and affordable options for the best coverage for your unique needs.
Benefits of an Independent Agent
Our agents simplify the search process for finding the right mattress shop insurance. They’ll walk you through some handpicked policy options and explain the details.
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. Find an independent insurance agent today.