Paint & Wallpaper Store

Everything You Need to Know About Paint and Wallpaper Store Insurance

One of the easiest and least expensive ways for homeowners to spruce up a room is to give it a fresh coat of paint or put up some decorative wallpaper. It is little wonder, therefore, that paint sales continue to enjoy a steady marketplace demand. If you own a store that specializes in this type of merchandise, you will want to be sure to protect your investment with a suitable paint and wallpaper store insurance portfolio built specifically for your business.

2014 Paint Store Industry Facts From IBISWorld

  • There are approximately 3,540 paint store businesses operating in the United States.
  • These stores employ nearly 29,000 people.
  • The paint store industry is responsible for about $12 billion in revenue each year.

You Need Sufficient Property Damage Coverage

Your store’s inventory most likely makes up the bulk of your business’s assets. It is therefore very important that you cover your business property with sufficient insurance to compensate you if a disaster such as a fire damages or destroys your property.

  • Building insurance: If you own the building in which your paint and wallpaper store is housed, you may be required by your mortgage lender to carry this insurance. It compensates you for damage to the structure of the building that is caused by covered perils.
  • Contents insurance: This insurance covers the contents that you keep inside your store including inventory, paint mixers, shelving, computer systems and more. You should make sure that your coverage limits fully cover your property losses if a disaster such as a fire causes a total loss.
  • Flood insurance: Business insurance policies do not cover damage caused by floods. Fortunately, you can supplement your policy with a commercial flood insurance policy through the NFIP (National Flood Insurance Program). You can purchase this insurance to cover your building, your contents or both.

You Need the Proper Liability Insurance

Lawsuits can happen at any time. It is important that you protect your business assets with the right liability coverage so that court costs, legal defense fees and financial damages do not hurt your bottom line. Some liability coverage you may want to be sure is included in your paint store insurance portfolio includes the following:

  • Premises liability insurance: This protects your business if a customer or other third party is injured or suffers property damage while in your store.
  • Product liability insurance: This protects your business if a product that you sell causes property damage, illness or injury to another.
  • Pollution liability insurance: Because your store stocks paints and other hazardous chemicals such as paint thinners, it is important that you consider their potential to pollute the environment in the case of an accident.
  • Auto liability insurance: If your store has company-owned vehicles, you will need to cover them with commercial auto insurance. If your business rents vehicles or allows employees to drive their personally owned vehicles for work-related purposes, your store can be sued in the event of an accident unless you have hired or non-owned vehicle insurance.
  • Employment practices liability insurance: This protects your store’s assets if one of your employees sues your business for an illegal business practice such as sexual harassment or wrongful termination.

What Other Insurance Coverage Can You Use?

In addition to the property and liability coverage mentioned above, there are other insurance coverage types that may be required or are at least worth considering. Some of these include the following:

  • Business income insurance: This insurance provides your business with up to 12 months of continued income if you are forced to temporarily halt business operations due to damage caused by a covered event.
  • Workers' compensation insurance: This insurance, which is required in most states, provides wage replacement and medical treatment to employees who sustain injuries on the job. In turn, employees relinquish the right to sue their employer for the injury.
  • Employee dishonesty insurance: This insurance can protect your business from financial losses in the event that an employee steals from your business or engages in other illegal behavior in the workplace.

There are a number of different insurance policy types that may be of interest to you as you are insuring your paint and wallpaper store. When you work with an independent insurance agent, you can learn more about your various exposures and the insurance options that are available to cover them.

Get Help Building a Comprehensive Paint Store Insurance Portfolio

The easiest way to ensure that your paint and wallpaper store insurance portfolio is well rounded and suitable to your industry is to work with an independent agent in the Trusted Choice® network. Knowledgeable agents with experience building commercial insurance portfolios can help you identify exposures that you might not have realized are not covered by your current policy. Because independent agents are not beholden to a particular insurance company, they are free to shop around to find you suitable coverage at competitive rates. Find a Trusted Choice agent near you to learn more. Soon you can start comparing quotes on paint store insurance designed specifically for your business.


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