Almost every community has an athletic equipment store like yours that sells a variety of new and used sports gear to coaches, schools, teams, and individuals. Of course, customers have the choice of visiting a small, locally owned store or an online retailer for their sport equipment needs.
To stay competitive, you’ve probably put all your time, money, and energy into making your sports store exactly what customers want. Now is a great time to talk with an independent insurance agent about small business insurance and how it can keep your athletic equipment store a winner for many more years.
Athletic Equipment Store Facts
- There are currently more than 5,000 sporting goods stores in the US.
- America’s #1 sporting goods store sold $8.75 billion in one year.
- Total US brick-and-mortar retail sales increased by 2% (2016 to 2017).
What Could Possibly Happen at an Athletic Equipment Store?
Sporting goods stores seem pretty safe. So what could possibly go wrong? Well, every retailer can be the scene of a negative situation that leads to a possible claim or lawsuit. Accidents can happen anywhere. When they do happen, it can cost the small business a lot of money to resolve the matter.
Buying good quality, highly affordable commercial insurance will safeguard your athletic equipment store against allegations of negligence, whether they’re false or not.
Without the proper small business insurance, how would your business be impacted by any of these scenarios:
- Sport equipment is damaged by flood, fire, earthquake, or sewer backup.
- A customer or employee gets hurt in your athletic equipment store.
- An employee steals sports apparel.
- A customer's banking information is stolen by a credit card skimmer.
- An employee claims they were treated unfairly or harassed.
Any of these scenarios could set your sports equipment shop back financially and possibly hurt your reputation. Talking with an independent insurance agent today might save you a lot of frustration tomorrow.
Property Insurance to Protect Your Athletic Equipment Store
Customers stop by your sporting goods store to purchase golf clubs, treadmills, tennis racquets, and other specialty items. Perhaps a patron is training for a marathon and wants to buy a new hydration pack. Or maybe a peewee coach is looking for extra baseball gloves and balls.
Each client will most likely want something different, so your athletic equipment store has to be fully stocked with a variety of options. Property insurance is a great way to make sure your biggest investment stays protected.
Talk with an independent insurance agent about these different property policies:
- Commercial property insurance: All of your sports equipment, shelving, cash registers, and computer/office equipment are covered under this plan. If you store extra inventory in an alternate location, then you’ll probably want to get a second property policy for those things too.
- Building insurance: This is a great policy if you own the building where your sports equipment shop is located. Building insurance will cover physical damage done to the structure of your store by things like vandalism, fire, hail, and wind.
- Backup of sewer and drain insurance: This insurance covers losses caused by water damage specific to sump pump failures and sewer/drain backups.
- Flood insurance: Most business insurance will not automatically cover flood damage. If flood insurance is something you want, please talk with your independent insurance agent about FEMA’s National Flood Insurance Program.
Liability Insurance for Your Athletic Equipment Store
Liability lawsuits can happen even if you do everything you can to avoid them. That’s why most small businesses, like your athletic equipment store, buy business liability insurance. This type of insurance will pay for expenses associated with a liability claim without you having to dip into your business’s bank account.
Liability insurance is a worthwhile investment when you consider that one claim (valid or not) can cost you big money for attorney’s fees, court costs, and a possible financial settlement.
Liability insurance policies are written in a variety of ways like:
- Product insurance: This policy is meant to help your small business if a customer claims they were somehow hurt by a product you sold.
- Premises insurance: You’ll find this policy useful if someone says they were injured or had their property damaged while visiting your shop.
- Cyber liability insurance: In today’s world it’s not unusual for a business to find their computer system hacked or their credit card device compromised. Should this happen to your athletic equipment store, then you’ll be glad to have cyber liability insurance available for assistance.
- Employment practices liability insurance (EPLI): Past or present employees may claim they were mistreated by your business, whether through sexual harassment, wrongful termination, or discrimination. In that case, you can turn to your EPLI policy for help.
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Other Business Insurance Options
A local independent insurance agent can get your business set up with a complete commercial insurance package. They may even talk to you about supplemental business policies like these:
- Business income insurance: A small setback that causes your athletic equipment store to close for a while could be very damaging to your business. With business income insurance, you’ll receive money to pay for expenses. That means you could still make payroll, cover the mortgage/lease, and settle any outstanding vendor bills even though your athletic equipment store is temporarily closed.
- Employee dishonesty insurance: You probably work hard at recruiting top-notch staff for your athletic equipment store. However, there’s always a chance an employee won't work out as you had hoped. Maybe the team member steals, embezzles, or does something else illegal. This policy will help your athletic equipment store recover from financial losses associated with a dishonest employee’s actions.
- Workers’ compensation insurance: All US states, except Texas, require businesses to have workers’ compensation coverage. This policy will pay for lost wages and medical bills of an employee hurt while working.
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 for you. Find an independent insurance agent in your community for your athletic equipment store here.
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U.S. Department of Commerce Statistics