Architectural salvage stores are unique businesses that deserve to be properly insured. Just as you love shopping for salvage goods for your store, an independent insurance agent loves shopping for the proper insurance coverage for your business.
While your customers come to you looking for hard-to-find parts and goods, insurance shouldn't be hard for you to find. An independent insurance agent can help you build a comprehensive business insurance package that protects your store and your inventory.
What Risks Do Architectural Salvage Stores Face?
The biggest risks that an architectural salvage store faces are damage to its property and inventory and third-party injuries in your store. With unique merchandise out on display, a customer could easily cut their leg on an item or trip over something and injure themselves.
Depending on the merchandise you offer, your architectural salvage store may have indoor and outdoor display spaces. That means that some of your items are exposed to weather or possible theft.
Having an independent insurance agent in your corner is a great idea to help you understand just how many risks your store may face. You may offer delivery services, which would require additional insurance protection for you and your employees. Independent insurance agents are experienced with these scenarios and offer unbiased info on the best practices you need to protect your store.
Property Insurance for Architectural Salvage Stores
While the purpose of your business is to buy salvaged goods and protect them from being destroyed, your first step is to protect your own business. With business property insurance, you can protect your store building, contents, grounds, and other structures from damage due to fire, weather, smoke, theft, and other causes of loss.
Business property insurance also protects your assets, including office equipment, computers, furniture, tools, and equipment. You may want to make sure your coverage includes the following:
- Building insurance: If you own the property, you will want to be sure that it is insured against structural damage. Building insurance provides this coverage for damage caused by disasters such as fire, heavy winds, and even vandalism. Be aware, however, that policies will have coverage exclusions such as flood damage. Ask your insurance agent to review what is and is not covered before you make a policy selection.
- Contents insurance: This provides coverage for your business property, such as your inventory, saws, computer systems and machinery. It is important to bear in mind that coverage for property that is stored outside will be limited. Because of this, it is important that your store engage in suitable risk management practices such as using tarps or roofed structures to protect your products from the elements.
- Equipment breakdown coverage: If machinery, such as saws and forklifts, at your place of business malfunctions due to operator error, a power surge or a variety of other problems, this failure can cause a hardship to your store, particularly if you rely on this machinery as part of your normal business operations. Equipment breakdown coverage can cover the cost of repairs, temporary rentals, and in some cases even reimbursement for income lost during the time that machinery is out of commission.
- Flood insurance: Flood damage is not covered as part of most commercial insurance policies. Because floodwaters can cause significant damage to your store, you may want to consider supplementing your coverage with a commercial flood insurance policy, which is provided through the National Flood Insurance Program (NFIP). Your independent insurance agent can help you secure a policy.
General Liability Coverage Protects You from Being Sued
Architectural salvage stores thrive on displaying their refurbished and salvaged goods for customers to shop,as if they were at a museum. With customers shopping in and around your store, there's a chance someone could trip over a product, slip and fall on a freshly mopped floor, or sustain an injury from a falling shelf.
If a customer is injured while on your property, you're liable for any costs associated with the injury. It is therefore crucial that you protect your store from the financial losses that can accompany a liability lawsuit by having proper liability insurance. Some coverage types you may want to make sure you include are the following:
- Premises liability insurance: This protects your business if a customer or other third party suffers an injury or property damage while visiting your store.
- Product liability insurance: This protects your store if a product that you sell causes property damage or injury to another because of a design defect or production flaw.
- Commercial auto liability insurance: If your store owns cars, trucks or vans, you will be required by law to cover them with a commercial auto insurance policy.
- Hired or non-owned auto liability insurance: If your employees use their personally owned vehicles to do jobs, your business could be named in a liability lawsuit if the driver causes an accident while doing a work-related activity. Hired or non-owned liability insurance is designed to protect your business in such a case.
- Umbrella insurance: Sometimes the coverage limits of your liability coverage aren't high enough to adequately protect your business from an expensive liability lawsuit. Umbrella insurance provides you with extra liability coverage by taking over where your other policies leave off.
Important Additional Insurance Coverage for Architectural Salvage Stores
Insurance doesn't stop at general policies. Any risk that you and your insurance agent need coverage for can find protection through additional insurance options. The following is a list of some other coverages that you should consider for your business.
- Business interruption insurance
- Cyber liability insurance
- Employee dishonesty coverage/crime insurance
- Earthquake insurance
- Workers' compensation insurance
How to Build the Best Insurance Package for Your Architectural Salvage Store
Insurance policies can be complex, and searching through options can be confusing, time-consuming, and frustrating. An independent insurance agent's role is to simplify the process.
An agent can help determine all the risks involved with owning and running an architectural salvage store and can make sure you have the proper insurance.
When it comes time to purchase insurance, they’ll break down all the jargon and explain the nitty-gritty so you understand exactly what you're getting.
And should you need to file a claim, you’re not alone. Your agent will be right there to help guide you through every last step and get your life back to where it all was. How great is that?
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