Statista projects American window and door manufacturing revenue will top $29.3 billion by the year 2022. Residential windows can be purchased at big box retailers or local specialty shops by general contractors and DIY homeowners alike. Each of these window retailers may have their own specialties or unique brands, but a common component in their business is having window store insurance. That’s because all smart business owners, like yourself, know that investing in a robust commercial insurance package is a great way to protect future growth.
If you’re uncertain about which business plans are best for your window store, then consider working with an independent insurance agent.
2019 Window Installation Statistics From IBISWorld.com
- Total US industry revenue of $5 billion (2019)
- Annual growth of 2.4% (2014 to 2019)
- US window installation industry employs 42,855 people
Nothing Bad Happens at Window Stores, Right?
Window displays seem fairly harmless, so what could possibly go wrong at a window store? Well, it only takes one random injury or issue for a window store to find itself caught up in a costly and time-consuming complaint. To help navigate the legal and financial hurdles of an on-site accident, it’s best to rely on your window store insurance. If you still don’t have a commercial insurance portfolio to protect your window store, then there’s no time like now to get started.
You can’t wait until the unexpected happens, you’ve got to plan ahead.
Property Coverage for Your Window Store
Most retailers have a lot of cash invested in their products. Window stores are no different. A variety of window manufacturers (Pella, Andersen, Marvin) and window styles (double-hung, slider, skylight) are probably stockpiled in your back room or warehouse. Without having enough window inventory, your sales could be limited and your customers could be disappointed. So it’s critical that you have the correct amount of business insurance to help when there’s a loss, particularly one that damages your windows.
Start by protecting your window store property with one of these policies:
- Building insurance: This policy gives you compensation for damages to the structure and vital systems (e.g. furnace, central air, sprinklers) within your window store building. Standard building insurance will cover destruction caused by things like wind, fire, hail, lightning, and vandalism.
- Property insurance: This coverage is meant for all property owned by the store and kept at the business location. You’ll have a safeguard for things like window inventory, window accessories, machines, equipment, office furniture, and computers. Anything your business owns and stores off-site will need a separate property policy.
- Flood insurance: It’s very unlikely you’ll find commercial insurance that protects against flooding. Generally flooding is excluded. If you want to find out more about how to get flood insurance for your window store, then please chat with an independent insurance agent.
- Drain and sewer backup insurance: Remember that most water damage isn’t caused by flooding or natural disasters. You’re window store is probably at a much higher risk of having the sump pump fail or a drain/sewer backup that leads to standing water.
Liability Insurance For Window Stores
You can’t be in business for the long-term and assume you’ll miss out on any liability allegations. No one is quite that lucky. Even when a business did nothing wrong, a customer or vendor can still make an accusation against your window store. When that happens, business owners have to hire an attorney to defend against the claims. That can really drain a business account quickly and derail operational goals.
Liability insurance is a worthwhile business investment toward your window store’s future. This coverage will give you money for attorney fees, court costs, and payouts awarded to the other party. There’s not just one liability plan for your business but several different choices:
- Premises insurance: Customers shopping for windows may hang around for a while in your store. During that time, who knows what could happen? This policy protects your shop from any visitors who are harmed or have property damaged while checking out your windows.
- Product insurance: Vendors, clients, or other third parties who become ill or injured by a window you sold may file a liability lawsuit. Product insurance will come in handy.
- Employment practices liability insurance (EPLI): Current or ex-employees might claim your window store didn’t treat them right. ELPI coverage takes care of claims like wrongful termination, sexual harassment, or discrimination.
- Cyber liability insurance: Data breaches at popular retailers is a common headline these days. Protect your window store and its patrons by having a cyber liability policy. This coverage kicks in when a hacker breaks into your network, compromises your credit card reader, or manipulates your retail website.
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Are There Other Coverages for Window Stores?
Liability and property insurance are usually a good foundation for commercial insurance packages. Talk to an independent insurance agent about layering on more protection for your window store with any of these policies:
- Workers’ compensation insurance: You may already have this insurance since it’s required to do business in most American states. “Workers' comp” pays for medical care and missed wages when an employee is injured while on the clock.
- Business income insurance: If you have a bad run of luck and must pause operations for an extended amount of time, then tap into your business income insurance. This policy will pay you money to cover ongoing business expenses like mortgage/lease, utilities, and payroll.
- Employee dishonesty insurance: If you have a nightmare employee who steals inventory, embezzles cash, or other illegal activities while working, lean on your employee dishonesty policy for financial assistance.
Window Store Insurance Help Is Here
Getting high-quality and low-priced insurance is a complicated process and can be a confusing task, especially if you’re a new business owner. It’s always helpful to contact an independent insurance agent. These agents can figure out your exposures and then shop for a competitively priced plan that meets your coverage needs. Find an agent near you to learn more about the right insurance for your window store.