Religious supply stores sell a variety of church or religious items for churches, places of worship, and individuals. These include:
- Books, candles, and gifts for a particular faith or all faiths
- Clergy apparel and vestments, and other linens
- Choir and judicial robes
- Altars, chairs, baptismal fonts, hymn boards, offering and tithe boxes, and other furniture and sanctuary appointments
- Statues for churches and homes
- Hosts and altar breads
- Sacred vessels
Religious supply stores are unique. Where they’re located, what they sell, and the types of people who frequent these shops vary from store to store. And while owning a religious supply store is very rewarding, it also presents many risks.
Customers can get injured on your premises, products you sell can injure someone, and your building and inventory can be damaged by fire, severe weather, theft, or vandalism.
The only way to ensure you can repair, rebuild, and continue to operate in these situations is to purchase business insurance. For religious supply store owners, that means a comprehensive set of policies and endorsements that directly address all of your unique risks.
An independent insurance agent in your city can help.
Why Do You Need Religious Supply Store Insurance?
Religious supply store insurance helps you avoid financial devastation after an unexpected event causes some kind of damage to your business. Consider all of the things that could go wrong and result in serious repair costs, loss of income, or a lawsuit during the course of your workday:
- Accidents, such as slips, trips, and falls in the store or parking lot
- Damage to your inventory including paper products, wooden furniture, valuable artwork and sacred vessels, vestments and linens that are particularly susceptible to fire, smoke, and water due to some catastrophic or unexpected event (fire, smoke, weather, vandalism, etc.)
- Inventory damage due to careless shoppers (a customer knocks down a display case full of sacred vessels), or vandalism (intentional destruction of inventory by an individual or group)
- Damage to your building, computer systems, fixtures, and furniture due to fire, smoke, water, or weather
- Loss of income due to a catastrophic or unexpected event (a fire damages part of your store, forcing you to close while repairs are made)
- Shoplifting and employee theft of cash or inventory
- Selling faulty products
- Employee injuries (falling off a ladder, back injury due to heavy lifting)
- Employee lawsuits related to discrimination or other claims
- Damage to products sold on consignment
What Does Religious Supply Store Insurance Cover?
Religious supply store insurance is designed to cover the unique risks you face in your business. This includes physical damage to your building or property as well as your responsibility to financially compensate any customers or members of the public who get injured on your property or as a result of buying something from you.
Working closely with an independent insurance agent, you can determine exactly what risks you have and find tailored insurance policies to address them.
- Commercial property insurance: You have a lot of valuable inventory in your store and warehouse, and your commercial property can be damaged and destroyed in a variety of ways. Commercial property insurance helps you rebuild or make repairs when an unexpected event like a fire, a flood, hail, lightning, or a tornado destroys your merchandise and your physical space (structure). It helps you replace, rebuild, or repair computers, cash registers, inventory, equipment, furniture, fixtures, and more after a covered event.
- Business interruption coverage: After a covered event like a fire, it’s entirely possible you would have to shut down for a while in order to make repairs, rebuild, and replace inventory. Business interruption coverage compensates you for lost business income and pays for operating expenses if you must temporarily close after a covered loss (e.g., a fire damages your stockroom and part of the sales floor and you must close your store during the rebuilding process).
- Commercial general liability (CGL) coverage: Despite your best intentions, anyone who shops at your store or purchases something from you online can be injured or suffer some kind of damage because of your business. General liability insurance covers claims brought against your business due to negligence on the part of you or your employees. If someone is injured on your premises (e.g., a heavy statue falls on a child in your store causing a head injury) or as a result of your operations, your CGL policy pays for medical bills and other expenses for the injured party. If you are sued, it pays for your legal defense, court costs, and any settlements or judgments that you must pay.
Some religious supply stores sell items on consignment. This means that you offer certain items for sale in your store that are owned by someone else and you agree to share the proceeds after the sale.
If, for example, a local church is being remodeled and decides to sell some of it’s gently used relics and furnishings, they may choose to use your store to display their items and facilitate the sale.
It’s important for your religious supply store to have special coverage for items being sold on consignment in case an unexpected event damages or destroys them.
You may need “wall to wall” coverage that protects the property in your store or warehouse including coverage for any non-owned or partially owned items that are in your care, custody, and control.
Also, talk to your insurance agent about “all risk” coverage that protects your unique inventory from a variety of perils (not just certain “named perils”). This means you’d be covered for any damage that occurs regardless of cause unless specifically excluded from your policy.
Other Religious Supply Store Insurance to Consider
You’ll probably need additional endorsements to your business insurance policies or additional stand-alone policies that offer coverage for situations that are excluded from coverage or not sufficiently covered under your basic property and liability policies.
- Commercial umbrella insurance provides excess liability protection to any of several other policies you might have. If a customer injury in your store leads to an expensive lawsuit that exceeds the limits of your commercial general liability policy, your commercial umbrella policy kicks in with higher coverage limits.
- Commercial auto insurance ensures that you’ll be able to pay for any physical damage or injuries you cause if you are in an auto accident while driving for business purposes. If you have a business-owned vehicle that you use for running errands, making deliveries, or for other business purposes, you will be covered by your commercial auto policy if you cause an accident.
- Workers’ compensation insurance is typically required for any business that has employees. It pays for lost income and medical expenses for employees who are injured on the job. If a cashier, stock person, store manager, or any other type of employee is injured while lifting heavy boxes, slipping on a wet floor, or falling off of a ladder, workers’ compensation insurance pays for related medical costs and compensates the employee for time away from work.
- Crime coverage protects your business from any number of crimes that could be committed in your religious supply store. This includes vandalism, shoplifting, and employee theft or embezzlement.
- Product liability coverage protects you when problems arise with the products that you sell. If a defective product that you sold injures someone, your religious supply store may be held liable for the injury and required to pay damages. Your CGL policy includes some coverage for product liability claims, but in some cases you may need to purchase a stand-alone policy to sufficiently cover your risks.
- Sign coverage pays for damage to outdoor signs that are not attached to your building when the damage is caused by weather, vandalism, fire, etc.
- Utility interruption coverage provides income protection if you are unable to operate due to a covered utility (water, electrical) interruption.
- Employment practices liability insurance covers you if an employee sues you for discriminatory employment practices.
Cyber Liability Insurance for Online Religious Supply Stores
If you operate an online religious supply store, you likely need cyber liability insurance.
It’s not just large corporations that are at risk for a cybercrime like fraud, data breach, hacking, viruses, and theft of personal information. Any company that uses, transmits, or stores electronic information is at risk, even if you have appropriate electronic security systems in place.
And these days, that’s just about everyone.
Companies who are hit with a cybercrime can expect to face huge costs in the form of fines, damages, and legal settlements. What’s more, you’ll likely face long-term damage to your brand and reputation.
If you simply handle customer credit cards in your brick and mortar store, you’re at risk. If you operate an online store, your risks are even greater.
Cyber liability insurance policies can vary depending on your needs and typically cover a wide range of problems like data breaches, media or content liability, and more.
If you are sued because of a data breach or some other cybercrime, cyber liability insurance protects your business assets by paying for your investigative expenses, notification expenses (the cost to notify your customers of the breach), future credit card and fraud monitoring services for your customers, your legal defense, settlements and judgments, and even PR and other related expenses.
Be sure to ask a local independent insurance agent about how cyber liability insurance can help you protect your religious supply store.
How Much Does Religious Supply Store Insurance Cost?
The cost to cover your religious supply store with a comprehensive business insurance program will vary depending on:
- the size of your store
- your store’s location
- the number of employees you have
- the types of products you sell
- the value of your inventory
- the types of coverage and the coverage limits that you require
- the crime and weather risk in your city
Find and Compare Quotes
An independent insurance agent can work with you one-on-one to determine the types and amounts of coverage you need. Your agent can get quotes from multiple insurance companies so you can evaluate the cost and coverage options and make the best choice.
Benefits of an Independent Agent
Our agents simplify the search process for finding the right religious supply store insurance. They’ll walk you through the handpicked policy options and explain the details and options.
Most importantly, they’ll be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
The Lowdown on Online Quotes
Online quotes can be tempting. They are fast and easy to get, but are they accurate? And are you getting quotes for the right coverage? For business owners, choosing speed over accuracy can cost you.
Online quotes can’t and don’t see the whole picture. They can omit important coverage that will leave you devastated if something unexpected happens. And they can leave out cost saving opportunities that an agent can help you take advantage of.
Instead of getting an online quote, find an independent insurance agent now and get one-on-one consultation and affordable options for the best coverage for your unique needs.
TrustedChoice.com Article | Reviewed by Paul Martin
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