Furnishing an office never goes out of style. As an office furniture store owner, you need business insurance for your store, inventory, employees, and yourself against the variety of hazards your store could face. An independent insurance agent can help.
An independent insurance agent can help you find the right coverage for your business and tailor it entirely to your needs. Whether you offer delivery services, custom furniture, or general office decor, with an independent insurance agent, you know your business is protected against its various exposures.
What Risks Does an Office Furniture Store Face?
Anytime you have expensive merchandise, vendors, and transport and delivery, your business becomes open to a variety of liability, property, and employee injury risks. All of these things, including the building your business is in, need protection from the following potential claims:
- A customer or a vendor is visiting your store and your floors were recently cleaned and still slippery. The visitor slips and falls and needs to go to the emergency room. They're facing a variety of medical bills and they expect you to pay for them.
- An electrical fire unexpectedly sparks up in your store causing a fire that burns all the furniture inside. You lose thousands in merchandise.
- An employee is delivering furniture to an office and gets in an accident along the way injuring themselves and the damaging the merchandise.
- A piece of furniture that you sell was not manufactured properly and someone is injured while using it because of faulty design.
These are just a few of the examples of unexpected risks that your store could face. If you were to find yourself and your business in one of these scenarios, would you be able to handle the financial hit? Insurance makes it so you can face these events without going out of business.
What Kind of Insurance Does an Office Furniture Store Need?
Your store needs coverage for everything including the building, the merchandise inside, additional services you offer like delivery and installation, and your employees.
No two businesses are the same, and what one store might need may not be relevant for another. Working with an independent insurance agent can assure you that you get the necessary insurance coverage you need and none of the policies that you don't.
So let's get into the coverages that may or may not apply to your furniture store.
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What Does Office Furniture Store Insurance Cover?
From property to liability, your office furniture stores need a number of different types of coverages to protect yourself and your business. Insurance options can include any of the following:
- Commercial property insurance: This provides coverage for any loss or damage to your assets like computer systems, inventory, office space, light fixtures, flooring, decor, and other assets that might be damaged by a natural disaster or unforeseen event, like a fire. Commercial property will also cover a warehouse if you store furniture there.
- Building insurance: This provides coverage for the actual building or warehouse that you’re selling merchandise out of. Building insurance helps pay for any damage that ensued from extreme weather or a natural disaster. If you own your store's building, then you need building insurance. Some building owners will require tenants to get building insurance even if they're renting the space.
- Commercial general liability insurance: This insurance covers a number of common liability exposures faced by businesses in the retail industry. These include:
- Premises liability insurance: This covers against injuries or property damage suffered by third parties while they are on your furniture store’s property.
- Product liability insurance: This covers against injuries or property damage caused by faulty or defective products sold in your store.
- Advertising liability insurance: This covers against accidental trademark or copyright infringement by your store for the purposes of promoting a product or service.
- Personal injury liability insurance: This covers against claims of libel and slander.
- Business interruption coverage: This provides reimbursement for any lost income as a result of temporary closure in order to make repairs. Usually, this is from events like fire or storms.
- Auto liability insurance: If you offer furniture delivery and own trucks and other vehicles used for delivery and transport, then you need auto liability insurance to cover the vehicles. If you hire an outside company to handle furniture deliveries, you can protect your business interests against liability charges in the event of an accident by purchasing nonowned for hired auto insurance.
- Cyber liability insurance: This covers any financial loss from fraudulent activity, website hacking, or theft of your customers' personal information such as credit cards.
- Flood insurance: Flood damage is not covered as part of most commercial insurance policies. If your business is at risk of flooding, you may want to consider purchasing flood insurance.
- Health insurance: If your furniture store employs at least 50 full-time workers, you are required under the Affordable Care Act to provide these employees with subsidized health insurance. An independent agent can help you find and review affordable options.
- Workers’ compensation insurance: Workers’ compensation is required in every state except Texas. This insurance provides coverage for medical bills associated with employee injuries sustained on the job. It also protects you from liability lawsuits.
- Umbrella insurance: Umbrella insurance may be necessary if you feel that you need extra liability coverage in order to adequately protect your store. Umbrella insurance takes over where your other liability coverage leaves off.
How to Find the Best Insurance for Your Office Furniture Store
Insurance policies can be complex, and searching through options can be confusing, time-consuming, and frustrating. An independent insurance agent's role is to simplify the process.
When it comes time to purchase insurance, they’ll break down all the jargon and explain the nitty-gritty so you understand exactly what you're getting.
And should you need to file a claim, you’re not alone. Your agent will be right there to help guide you through every last step and get your life back to where it all was. How great is that?
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 here.