From modern to traditional, the right rug can help enhance décor and beautify your home. Rug stores provide consumers with a wide range of styles and colors so that they can find the perfect rugs when they are decorating their living spaces.
If you are the owner of a rug store, you can help your business remain profitable by covering it with the right business insurance products. A local independent insurance agent can help you obtain and compare customized quotes for all of your insurance coverage needs.
Why Does Your Rug Store Need Insurance?
What if one of your drivers causes a serious accident while delivering a rug to a customer? What if an accidental fire causes you to lose your entire inventory due to fire and smoke damage? What if one of your workers suffers a significant injury while unloading a new shipment from a vendor?
These are just a few of the many potential hazards you may face as the owner of a rug store. Fortunately, there are a wide range of insurance products that are designed to cover the various hazards that can affect your bottom line.
Local independent insurance agents can help you identify your rug store's exposures and can recommend the right business insurance policies to cover against them. Talk to an insurance agent near you to learn more.
What Kinds of Property Insurance Do Rug Stores Need?
Rugs aren’t cheap, and your store likely has a lot of expensive inventory in stock. You will want to be sure that you have coverage for the property in your retail showroom as well as for any rugs you may have in a store room or warehouse.
Some of the property insurance policies your local independent agent may want to discuss with you include:
- Commercial property insurance: This coverage is a standard part of any business insurance policy. It can include:
- Structural coverage: If you own the building in which your business is housed, this can cover damage to the structure. This insurance will be required if you hold a mortgage on the property.
- Contents coverage: This covers your business assets including such things as as inventory, computers, signs, and furnishings.
- Inland marine Insurance: If your rug store offers delivery services, this can cover your products while they are in transit to their final destination. It can also cover products when they are moved to and from your warehouse or storeroom.
- Flood insurance: Most commercial property insurance policies specifically exclude coverage for damage caused by rising waters. Since a serious flood can irreparably damage a large number of rugs, adding a commercial flood insurance policy to your coverage arsenal may prove to be a wise decision.
An independent insurance agent can give you more information about your various property damage coverage options.
What Kinds of Liability Insurance Do Rug Stores Need?
A liability lawsuit against your company can be financially devastating. Even if the courts rule in your favor, your legal defense and time spent away from your business can prove quite costly. That is why liability insurance is arguably one of the most important parts of any business insurance policy.
Business liability insurance is designed to cover legal fees, court costs, damages, and other costs associated with covered liability lawsuits. Your insurance agent will probably talk to you about the following types of coverage.
- Product liability insurance: This is designed to cover your business against lawsuits related to defects in the products your rug store sells. This is included in your standard commercial general liability coverage (CGL).
- Premises liability insurance: This is designed to cover injuries or property damage sustained by customers or other visitors to your rug store if they are involved in an accident on your business premises. This is also included in your CGL.
- Commercial vehicle liability insurance: This is required by law if your business owns vehicles such as those used for making rug deliveries to customers. It can cover your liability costs if one of your drivers causes an accident while operating a company vehicle.
- Cyber liability insurance: This is designed to cover your company’s financial responsibilities if hackers break in your computer system and steal customer information such as credit card numbers and personal data.
- Employment practices liability: This is designed to cover your business’s legal defense if a current, former, or potential employee accuses you of illegal business practice such as discrimination, breach of contract, or wrongful termination.
- Umbrella insurance: This is an affordable way to significantly boost the liability coverage limits of all of your commercial liability products.
These are not the only business liability products that are available to you. A local independent insurance agent can review your business operations with you and can recommend any other coverage that may be appropriate.
What Other Insurance Products Should You Consider for Your Rug Store?
There are additional business insurance products that you may want to learn more about. These include:
- Workers’ compensation insurance: This is required by law in most states. It is designed to cover the cost of your employees’ medical treatments and lost wages if they are injured on the job. Because your workers may be engaged in a lot of heavy lifting, this coverage may prove invaluable.
- Business interruption insurance: This is designed to provide your business with a continuation of income if you must remain closed for an extended time due to damage caused by a covered disaster like a tornado or a structure fire.
- Insurance for employee benefits: You have many options when it comes to products like health insurance and life insurance that you can include in your employee benefits package.
Learn more about each of these insurance policies by setting up an appointment with an insurance agent near you.
How Much Does Rug Store Insurance Cost?
The cost of business insurance can vary from one rug store to another. Your rates will be based on a number of factors including but not limited to:
- The weather risks and crime rate in the ZIP code where your business is located
- The size of your business and your annual revenue
- The value of your inventory
- The number of employees you have
- The types of coverage you are purchasing
- Amount of coverage you re purchasing
A local independent insurance agent can help you discover how much a policy will cost you by providing you with a variety of customized quotes.
Let an Independent Insurance Agent Help You Find and Compare Quotes
Building a comprehensive business insurance plan for your rug store can be complicated. Independent insurance agents make it easy. These agents can help identify the risks your particular business faces and can recommend appropriate insurance policies to cover against them.
Local independent agents live and work in your community, so they understand the risks faced by businesses in your area. Also, because they are not tied to a single insurance provider, they are free to shop around to help you find the best business insurance policies at the most competitive rates.
The Lowdown on Online Quotes
A lot of people choose to obtain their insurance quotes online because it’s easy and convenient. However, this is not necessarily the best choice for business owners. Building a complete set of business insurance policies can be complex, and when you shop online, you can never really be sure that all of your exposures are properly covered.
You know what else is easy and convenient? Shopping with an independent insurance agent. Not only can these agents recommend the right policies for all of your business insurance coverage needs, they can also shop around to make sure you are getting all of your policies at great prices.
Schedule a one-on-one consultation with an insurance agent near you to learn more and get started.