Picture This: Business Insurance for Your Custom Frame Shop

Christina Palermo | December 9, 2019
Custom picture frame shop insurance

The picture framing industry is dominated by small shops offering custom framing, ready-made frames, and other crafts. Yet custom frame shops, like your own, compete daily with online retailers and large chain stores. In order to make it this far, you’ve probably sacrificed a lot of your time and money. Be sure to look at the big picture and invest in a comprehensive small business insurance package that’s meant to protect your picture framing store. An independent insurance agent in your community can certainly help you find the best insurance for your business. 

Custom Frame Shop Facts

  • Total annual US revenue is $2 billion.
  • There are 8,263 picture frame shops in the US.
  • Custom frame stores are responsible for employing 14,657 people.

What Could Possibly Happen at a Picture Frame Store?

Any number of different things can go wrong at any business, including your custom frame shop. Of course, it may be unusual for a devastating financial loss to happen, but it’s not impossible. That’s why it’s a good idea to have a robust business insurance portfolio that can safeguard your picture frame store if something does go wrong. 

Imagine you don’t have business insurance and one of these costly scenarios occurs. How would you manage? 

  • A customer or an employee gets hurt in the store. 
  • Inventory is damaged by a hurricane, earthquake, flooding, or sewer backup.
  • An employee claims they experienced discrimination or harassment.
  • A customer says their financial information was stolen by a skimmer on your credit card machine. 
  • An employee steals thousands of dollars in frames or crafts. 

There are plenty of experienced, independent insurance agents in your community who can create a customized business insurance portfolio for your frame shop. 

Property Insurance for Your Picture Frame Shop

You sell picture frames in all different sizes and made of different materials. Your store stocks shadow boxes, LP frames, and plenty of other keepsake storage solutions. That’s why your business property, including your inventory, is such a valuable commodity. It makes sense that you’d want to receive a financial payout should the store’s goods be lost or damaged.  

  • Property insurance: All the business-owned property in your custom frame shop is covered under this policy. All your frames and framing accessories, mat board cutters, clamps, cash registers, computers, shelving, and other supplies will be protected. If you keep any business property in a separate storage unit or warehouse, you’ll need to purchase a second policy for that inventory too. 
  • Building insurance: If your custom frame shop is run out of a building your business owns, this coverage is a must. Building insurance will cover any physical damage done to the structure of the store. Usually these policies cover any losses from vandalism, fire, lightning, hail, and wind. 
  • Flood insurance: Most of your business policies won’t cover any damage from flooding. So if your store is at risk for flooding, be sure to chat with an independent insurance agent about getting commercial flood insurance through FEMA’s National Flood Insurance Program.
  • Backup of sewer and drain insurance: Water damage doesn’t have to come from a flood. If your custom frame store is at or below ground level, you might be at risk for damage from backed up sewers or drains. This coverage also takes care of water damage from sump pump failures.

Liability Insurance Can Preserve Your Picture Frame Shop

Lawsuits are always a possibility even if your custom frame shop is run exceptionally well. Anyone can file a lawsuit if they decide it’s warranted. To defend your picture frame store, you may have to pay a lot toward attorney fees and court costs. Liability insurance shields your business from big financial losses that come about because of a lawsuit. There are a few kinds of liability insurance to pick from such as:  

  • Product insurance: If a patron is somehow injured by a product you sell, your picture frame store could be swept up in a liability lawsuit. For that situation, you’ll need product insurance. 
  • Premises insurance: This insurance is meant for anyone that comes into your custom frame shop and is hurt or has their property damaged. 
  • Cyber liability insurance: Technology that’s compromised can result in someone, like a customer, having their personal data stolen. This means if your store’s computer network is hacked or a skimmer is put on your credit card machines, you’ll want this coverage in place.  
  • Employment practices liability insurance (EPLI): An employee could accuse your business of illegal employment activities, like wrongful termination, discrimination, or sexual harassment. In that case, you’d rely on this type of coverage. 

Does Your Picture Frame Store Also Need One of These Policies? 

Besides all the liability and property insurance already mentioned, there are plenty of other commercial insurance policies that are worth talking about with your independent insurance agent. 

  • Business income insurance: This type of coverage replaces lost income so you can continue to pay employee salaries, vendor bills, and other regular expenses. The insurance will continue to pay out until you’re able to reopen your custom frame shop. 
  • Workers' compensation insurance: Most US states require businesses to have this coverage in place should an employee be injured while working. This policy will pay the medical bills and part of the employee’s salary while they recover. 
  • Employee dishonesty insurance: No matter how hard you try to avoid it, there’s always a chance your employees could do something dishonest like embezzle, steal, or do other illegal things. This type of coverage safeguards your custom frame shop from any financial damage that comes about because of an employee’s actions. 

Get Help Framing a Business Insurance Portfolio

Figuring out the most suitable business insurance for your custom frame shop can be tough, especially if you’re new to buying commercial coverage. That’s why it’s helpful to talk with an independent insurance agent. These experienced, local agents understand your risks and shop around for the most affordable insurance for your picture frame store.  

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© 2020, Consumer Agent Portal, LLC. All rights reserved.

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