Running a window treatment store comes with plenty of difficulties and risks. Long hours, hard work, and dedication are all part of it. Although a catastrophe might seem unlikely to happen, disasters of all sizes take place all the time and can threaten the viability of your business. It’s important to review your business insurance coverage to prepare for any scenario.
An independent insurance agent has the expertise to assist you in evaluating your various exposures and recommending the best policies. You may or may not be familiar with the diverse options that exist for coverage and why you need them.
Why Do You Need Business Insurance for Your Window Treatment Store?
Despite careful planning and preparation, a calamity could unexpectedly shut down your business if you don’t have sufficient coverage. A strong insurance package should be part of your overall risk management strategy. What kind of mishaps does insurance protect your business from?
- A tornado destroys your building .
- An employee is injured while lifting something heavy.
- A fire destroys much of your inventory.
- A disaster forces your business to shut down for three weeks.
- A customer slips and falls at your store and needs medical attention.
Any number of situations can arise, and not having adequate coverage could financially destroy everything you’ve worked so hard to build.
What Kind of Business Insurance Do You Need for Your Window Treatment Store?
Commercial Property Insurance
Property insurance is an essential layer of protection for your business. Your business property encompasses everything from your building to your inventory. A property policy offers protection from natural disasters, vandalism, theft, and other damage.
It’s vital to be prepared for any possible scenario.
Some exclusions exist from property insurance, but some of these omissions can be purchased separately:
- Computer hardware/software
- Missing property with lack of evidence of theft
Commercial Liability Insurance
Liability insurance is crucial for any business to have, as it protects you from lawsuits in which you are found responsible for damages. Commercial liability insurance is made up of three parts:
- Coverage A: Bodily injury and property damage liability: Protects your business against losses resulting from physical and emotional injury or property damage due to negligence by your business.
- Coverage B: Personal and advertising injury: Coverage in case you are accused of libel, slander, defamation, invasion of privacy, or copyright infringement and need to go to court.
- Coverage C: Medical payments: Pays certain medical costs for injuries suffered by a non-employee on the property of your business.
Business Owners Policy
A cost-effective way to get broad insurance coverage is with a business owners policy (BOP). Typically, a BOP is a combination of property and liability insurance, along with any other coverages you find necessary for your business.
Not sure what coverages you need? An independent insurance agent can help you select the policies that are right for your store.
Are There Additional Policies You need to Insure Your Window Treatment Store?
No two businesses are alike, but you may find value in the following policies:
If you have employees, you may want to consider carrying workers’ compensation insurance. This policy would cover the cost of medical care and lost wages if an employee was injured at work. Each state has different laws regarding workers’ comp, so check with your specific state for clarification.
Would you be able to survive a shutdown of your window treatment store? A business can be shut down for various reasons — natural disasters, fires, water damage, and more.
That’s a sobering statistic.
Business interruption insurance covers the cost of lost income and fixed expenses, saving you from a painful financial collapse.
Employment Practices Liability
Various issues can arise when you have employees working for you. Wrongful termination, discrimination, and harassment claims are all real possibilities. Employment practices liability coverage protects you from the damages associated with these issues.
Business Crime Insurance
Business crime insurance is a safeguard against risks like burglary, forgery, robbery, employee dishonesty, and other business crimes.
How Much Does Business Insurance Cost?
The cost of premiums depends on many factors like the size of your operation, number of employees, and type of business activities.
The cost of insurance is one of the top concerns for business owners. According to a survey of small business owners by the National Federation of Independent Businesses, 12% said the cost/availability of insurance was the most important issue facing them.
An independent insurance agent will help you find the most affordable options available while still protecting your business. Regular reviews with an agent are important to ensure no changes have gone unnoticed and uncovered.
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The Benefits of an Independent Insurance Agent
Independent insurance agents have access to multiple insurance companies, ultimately finding you the best coverage, accessibility, and competitive pricing while working entirely for you. As your needs change, they'll be there to help you adjust your coverage, up or down, to make sure you're properly protected without overpaying.
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