Your fishing store sells equipment, supplies, and bait that avid anglers in town know and trust. But there are a number of risks you should be aware of that may threaten your livelihood and potentially jeopardize all your hard work. After all, what happens if your store is vandalized, a customer gets injured on your property, or a fire burns it all to the ground?
The biggest risks facing a fishing store or bait shop come with the goods inside your store and the liability of someone getting injured as a result of your products. An independent insurance agent can make sure you have the proper coverage for your property, products, and yourself.
What Risks Do Fishing Stores Face?
Of all the business types out there, a fishing store doesn’t normally imply the necessity of comprehensive insurance coverage as, say, a building material supply store would. However, insuring your fishing store underlies every aspect of the business, so it should be a priority nonetheless.
Some of the most common risks fishing stores face include:
- The more employees who work at your fishing store, the greater the likelihood of an accident or mishap occurring.
- If your store repairs fishing equipment, there is a potential for being sued if you damage a client’s property.
- Due to an electrical shortage, you may lose frozen and live bait. This could potentially cost you thousands.
- A delivery truck that you use for your business may be involved in an accident, not operating with vehicle insurance for your fishing store.
- The products that you sell, such as fishing rods, may break and result in a lawsuit against your store.
Having an independent insurance agent in your corner is a great idea to help you understand just how many risks your fishing store faces. For example, your fishing store may also rent out fishing boats and other watercraft to a nearby dock. So which parts of your property would you be responsible for should an accident occur there? Independent insurance agents are experienced with these scenarios and offer unbiased info on the best practices you need to protect your fishing store.
What Types of Insurance Coverage Do I Need for My Fishing Store?
Generally speaking, most fishing stores can benefit from having coverages like:
- Commercial property coverage
- General liability insurance
- Workers' compensation
- Commercial automobile insurance
- Business owners policy
- Umbrella coverage
|Type of Coverage||Description of Coverage||Examples|
|Commercial Property Coverage||Your fishing supply store needs property insurance in situations where the business needs to be reimbursed following property damage or lost property. This policy covers the cost of replacing your business equipment or other property when lost/damaged by fire, theft, vandalism, or natural disasters. Property coverage may include equipment, Inventory, offices/premises, supplies, and tools.||An electrical fire caused extensive damage and interrupted your ability to handle customers until your showroom was rebuilt. A burglar broke into your premises and stole your promotional display items.|
|General Liability Insurance||General liability insurance covers your fishing store from some of the most common liabilities. General liability covers legal bills and settlements resulting from personal injury, damaged property, advertising injury, and reputational damage. This coverage is particularly useful when you need to compensate third-party lawsuits from a third-party non-employees, such as customers or contractors.||A customer falls in your showroom and files a claim against you for medical bills. A competitor accuses your company of slander or libel and takes you to court.|
|Workers' Compensation||Workers' compensation insurance is mandatory in most states for any non-owner employees. It is a broad form of coverage that protects your fishing store from any number of costs arising from the workplace. This coverage is important for claims, as lawsuits are generally avoided if injured workers file a claim through workers' compensation. Workers' compensation can pay for lawsuits, funeral costs, medical bills, ongoing wages for injured or sick employees, and support payment for any dependents.||A worker suffers a laceration while opening up boxes. Your repairman has to take time off for developing carpal tunnel syndrome (CTS) symptoms.|
|Commercial Automobile Insurance||A commercial automobile insurance policy can protect your fishing store from losses that arise when car accidents happen.||Your delivery vehicle is involved in an accident and is determined to be at fault.|
|Business Owners Policy (BOP)||To protect against these risk factors, insurers typically offer a business owners policy, or BOP. A BOP incorporates a wide variety of coverages geared toward your business that prevents significant financial liabilities should a covered event occurs.||You want to purchase seasonal coverage for renting kayaks at your fishing store.|
|Umbrella Insurance||Insurance is customizable for a fishing store depending on its needs. Most insurers offer umbrella insurance, which increases the liability of existing insurance policies by paying a single premium. This expanded coverage can include general liability insurance, professional liability, or commercial auto insurance. The value of an umbrella is that it pays for any lawsuits that exceed the current limits of your coverage, typically in increments of $1 million for covered events. Umbrella coverage can be very useful if, for example, your fishing store is being sued by multiple parties after a stockroom fire injured several employees at your fishing store.|
Important Additional Insurance Coverage for Fishing Stores
Additional insurance coverage is available for nearly every aspect of your fishing store business beyond general policies. The following is a list of some other coverages that you should discuss with an independent insurance agent:
- Spoilage insurance
- Food contamination insurance
- Boat/watercraft insurance
- Business interruption insurance
- Equipment breakdown insurance
- Cyber liability insurance
- Employee dishonesty coverage/crime insurance
- Earthquake insurance
- Flood insurance
- Errors and omissions (E&O) insurance
- Product liability insurance
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How to Build the Best Insurance Package for Your Fishing 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 a fishing 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?
The Benefits of an Independent Insurance Agent
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