Sick room supply stores primarily sell specialized lines of health and personal care items designed for sick or disabled people who are being cared for at home.
With products like bath benches, masks, latex and vinyl gloves, hospital beds, walkers, daily living aids, lift chairs, and more, help caregivers set up and maintain sick rooms and care for their loved ones.
If you own a sick room supply store, you face risks to your business property from fire, theft, vandalism, and severe weather. In addition, you have to protect your assets from lawsuits when you damage someone else’s property, or when someone is injured as a result of coming into contact with your business.
Why Do You Need Sick Room Supply Store Insurance?
Adverse events can happen at any time and can negatively affect your sick room supply store. The goal of your business insurance is to protect you from financial losses and allow you to continue to operate. Without sick room supply store insurance, a small fire or even a slip-and-fall incident in your store could bankrupt you.
The possibilities for property damage are endless for most retailers. Your shop can catch fire, damaging everything inside, including your inventory, computers, showroom fixtures, office space, and more.
What’s more, you can be sued for negligence if someone simply trips in your store, or if a product purchased from your store causes some kind of harm.
The specific sick room supply store insurance policies that you need depend your unique risks, but at a minimum your business insurance should address risks to:
- Your building or store structure (if you own it)
- Your office equipment, computers, tools, and equipment
- Your inventory
- Your customers’ physical well-being on your premises or after purchasing something from you
- Your delivery drivers and other drivers on the road
What Does Liability Insurance Cover?
Sick room supply stores need a variety of basic business insurance policies, as well as several endorsements (coverage add-ons) and optional policies tailored to their specific business risks.
Commercial general liability (CGL) insurance pays for the costs associated with bodily injury or property damage claims against your business. General liability insurance offers broad protection for a variety of liability risks that your business is exposed to, from customer slips and falls to claims of advertising liability, slander, libel, and more.
Your CGL policy will pay for your legal defense, attorney fees and court costs, and any settlements or judgments that you must pay, up to your policy limits.
Let’s say that a customer gets hurt while shopping in your store. Your CGL policy would pay for the customer’s related medical expenses. If you were sued for negligence, your CGL policy would pay for your legal defense and any financial payouts to the injured person.
Product Liability Coverage for Sick Room Stores
Any business that manufactures or sells medical equipment has some unique product liability exposures. You can be sued if one of your products causes harm because it is faulty, because someone uses it improperly, or if you fail to provide proper warnings about potential dangers.
Any company that participates in bringing a faulty product to market can be sued. That means that just because you did not manufacture a product, you, the seller, are not shielded from being named in a lawsuit if a product you sell causes harm.
Product liability insurance helps you pay for losses or injuries to a user, buyer, or bystander caused by a defect or malfunction of any product that you sell. Your CGL policy might cover some product liability claims, but that coverage may be limited and insufficient for your needs.
Be sure to discuss your product liability needs with your independent insurance agent.
What Does Property Insurance Cover?
Sick room stores need commercial property insurance to protect your building and contents from costs associated with weather, fire, smoke, vandalism, theft, and other causes of loss.
Property insurance not only protects your building, but also your computer systems, fixtures, inventory, tools, and other equipment that you use in your operations.
Your business property policy should also include business interruption coverage, which provides income protection if you must temporarily cease operations due to some covered event (fire, weather, etc).
Coverage for Sick Room Supply Delivery Services
If you offer delivery of sick room supplies to your customers, you face the very real risk of one of your drivers causing an auto accident. In these cases, you need to be able to pay for any resulting injuries, property damage, and legal costs if you are sued.
Commercial auto insurance covers your vehicles and drivers in the event of an accident or other types of vehicle damage. It provides liability, collision, comprehensive, personal injury, and uninsured motorist coverage for your commercial vehicles.
While similar to personal auto insurance, commercial auto insurance is priced differently and is designed for different situations. Commercial auto insurance is based on how your vehicles are used in your business and who will be driving them.
Whether you lease or own your business autos and whether you or your employees will be driving your personal vehicles for business purposes also have an impact on what type of business auto coverage you need.
What Additional Coverage Is Needed for Your Sick Room Supply Store?
Sick room supply stores also need a variety of other business insurance policies depending on the products and services that you offer, how many employees you have, and other factors that you should discuss with your independent insurance agent.
Most of these policies can be tailored to the exact needs of your business and the risks it faces.
- Employee theft and crime coverage protects you from instances of employee theft, fraud, or other crimes against your business.
- Workers’ compensation insurance is typically required for any business that has employees, and pays for lost income and medical expenses for employees who are injured on the job.
- Employment practices liability coverage protects you from employee lawsuits related to discrimination and other employment-related business practices.
- Cyber liability insurance is necessary if you sell sick room supplies online. It helps you protect your business and your customer’s privacy by paying for investigative expenses, notification expenses (the cost to notify your customers of the breach), future credit card and fraud monitoring services for your customers, your legal defense, settlements and judgments, and even PR and other related expenses.
How Much Does Sick Room Supply Store Insurance Cost?
Sick room supply store insurance costs will vary depending on the size of your business and the coverage you need. A multi-location business with a large online presence will pay more than a single-location, brick-and-mortar only establishment.
The risks related to your physical location play a large role in your insurance costs, too. A store in a hurricane zone might pay more than one located away from the coast.
With so many variables (e.g., number of employees, amount and value of inventory, size and location of your building, etc.), insurance costs can be hard to predict.
But an independent agent can guide you though your options so you get coverage that meets your budget.
Find and Compare Quotes
An independent insurance 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.
Benefits of an Independent Agent
Independent insurance agents simplify the search process for finding the right sick room supply store 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.
The Lowdown on Online Quotes
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 leave out 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 one-on-one consultation and affordable options for the best coverage for your unique needs.
TrustedChoice.com Article | Reviewed by Paul Martin
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