People love sunglasses. In addition to providing protection from UV rays and shielding your eyes from the glare of the sun, sunglasses make great fashion accessories. Many Americans own several pairs, and the demand for these items is one that is not affected by the economy or a saturated market. As such, there are approximately 18,500 stores in the United States that specialize in the sale of sunglasses. If you are the owner of one of these businesses, you will want to be sure to protect your investment with a suitable commercial insurance portfolio specifically designed for your sunglasses store.
Fun Facts About Sunglasses From VisionSource®
- People have been wearing sun-blocking eyewear for approximately 2,000 years.
- In the Middle Ages, Chinese judges wore sunglasses in court to help them maintain a “poker face” while questioning witnesses.
- Edwin H. Land, who invented the Polaroid camera, also invented polarized sunglasses, which reduce glare.
- Wearing sunglasses helps protect your eyes from UV light, which in turn helps you maintain healthy vision.
What Could Go Wrong at a Sunglasses Store?
As retail establishments go, sunglasses stores are relatively low-risk, and this is reflected in lower commercial insurance rates. However, this is not to say that your risks are low enough such that you can forego insurance coverage altogether. To the contrary, it only takes one catastrophic mishap to ruin your business unless you have the right insurance coverage. For example, how would your business handle the following situations?
- While using your restroom facilities, a customer slips on a wet floor and suffers a serious head injury that requires an ambulance ride to the hospital, extensive medical treatment and rehabilitation services. The customer sues your establishment.
- An electrical wiring problem starts a fire in your store while it is closed. By the time firefighters arrive, your entire inventory has been destroyed.
- An employee of your store sues your business for sexual harassment. Even though you find the employee’s claim to have no merit, you are forced to retain the services of a defense lawyer and rack up thousands of dollars in legal fees.
Protect Your Sunglasses Business With the Right Property Insurance
You have likely invested a lot of time and money into setting up your sunglasses store and purchasing a satisfactory inventory. Property insurance enables you to protect this investment by enabling you to receive compensation for losses brought about by covered events. Some property coverage types that may interest you include the following:
- Building insurance: If you own the building in which your sunglasses store is housed, you will need to have building insurance in order to receive compensation for damage to the building’s structure due to a covered event. If you rent your retail space, your landlord will be responsible for handling repairs to the building.
- Business property insurance: This provides coverage for loss or damage to the items you keep inside your sunglasses store including product inventory, signage, display cases, mirrors, décor, cash registers and any other business property you may have in your store. Covered events typically include fire, wind, lightning, theft and vandalism. You will want to be sure to have coverage in amounts that are sufficient to enable you to rebuild your business in the event of a total loss.
- Flood insurance: Business insurance policies specifically exclude coverage for damage caused by flooding. Fortunately, you can purchase a commercial flood insurance policy through the NFIP (National Flood Insurance Program). Ask your independent insurance agent for assistance with obtaining this coverage.
- Backup of sewers and drains insurance: Flood damage is not always caused by floods. Property in your store may be damaged as the result of sewer and drainage backup, as may happen if a sump pump fails or a drainage line clogs. This coverage, which many insurance companies offer as an endorsement or policy option, provides you with compensation in such a case.
Avoid Unmanageable Financial Losses With Liability Insurance
In today’s litigious society, business owners must always be prepared for the possibility of a lawsuit. Liability insurance provides compensation for legal defense fees, court costs, financial damages and other losses that result from being sued. Some liability insurance types to discuss with your agent include the following:
- Premises liability insurance: This insurance provides coverage if a third party suffers property damage or sustains an injury while in your retail establishment.
- Product liability insurance: If a product that you sell in your store causes injuries or illness to others, you may be named in a liability lawsuit. This insurance provides coverage in this instance.
- Employee practices liability insurance (EPLI): This provides coverage if an employee sues your business for a perceived illegal business practice such as wrongful termination, sexual harassment or discrimination.
- Workers' compensation insurance: While this is not actually liability insurance, it can prevent a liability lawsuit from happening if an employee is injured on the job. Workers' compensation insurance is required in most states.
What Other Insurance Coverage Do You Need for Your Sunglasses Shop?
In addition to the property and liability coverage mentioned above, there are other insurance coverage types that may be worth considering including the following:
- Business income insurance: This coverage provides your sunglasses store with a continuation of income in the event that a covered disaster forces you to close shop for an extended period of time. This continued income enables you to continue to pay salaries and monthly expenses until you can resume normal business operations.
- Equipment breakdown insurance: Also referred to as boiler and machinery insurance, this covers the cost of repairing or replacing damaged equipment such as air conditioning or heating units. It can also cover business losses if your store must close until repairs are made.
- Health and life insurance: As a business owner, you are responsible for obtaining your own health and life insurance. An independent agent can help you find suitable coverage at a reasonable rate.
Talk to your independent insurance agent about your day-to-day operations so that together you can identify any coverage gaps you may have.
Let an Independent Agent Help You Find Coverage and Save Money
Purchasing business insurance for your sunglasses store can be a simple process when you work with an independent insurance agent in the Trusted Choice® network. These agents can help you identify your exposures and suggest coverage types that can minimize your risks. Because they are independent of any particular insurance company, they are free to shop around to find you appropriate coverage at a competitive rate. Find a Trusted Choice agent near you today to learn more about building a comprehensive sunglasses store insurance portfolio.