Upholstery materials stores specialize in selling a wide variety of items used for upholstering furniture, boats, cars, and more. Just a few of the items you might sell in your upholstery materials store include:
- Fabrics and vinyl
- Screws, slips, and grommets
- Adhesive, glue, and Velcro
- Staple guns and other tools/equipment
- Carpets for cars, boats, and trunks
- Furniture legs
- Foam, springs, webbing, and piping
Owning any type of small business comes with a great deal of risk. And part of your job as an upholstery materials store owner is to protect your business with appropriate business insurance.
An independent insurance agent can help you find coverage that is tailored to the unique risks of your store, giving you the peace of mind you need to focus on running your business.
Why Do You Need Upholstery Materials Store Insurance?
Every business has unique risks. Investing in quality business insurance is the best way to protect your assets when something threatens them.
Your customized upholstery materials store insurance helps you mitigate your business risks. If a fire sweeps through your store, destroying your highly flammable inventory, or if a customer sues you after a fall in your store, your business insurance helps you pay for damage and get back on your feet.
Shoplifting and employee crime can be a huge problem in any retail environment, as well, and even a small cash theft can have serious repercussions for a small business like yours.
What’s more, severe weather, equipment problems, and other unexpected events can lead to hefty repair costs, and in the worst case, a major disaster can force you to close while you replace inventory, rebuild a damaged building, or wait for equipment to be fixed.
Upholstery materials store insurance helps you pay for damage and get back to work quickly.
What Does Property Insurance Cover?
Fires, natural disasters, floods, and extreme weather events can damage your building and everything inside it. If you faced this kind of serious damage, how would you pay for the losses? Could you replace your physical assets like your building (if you own it), your inventory, and your computers, fixtures, and furnishings?
Commercial property insurance covers the costs of repairing or replacing damaged or destroyed business property. Your entire fabric inventory could be destroyed by smoke, fire, or water, making this coverage essential to securing your ability to operate in the face of a disaster.
Making matters worse, businesses that are hit with a major disaster, like a fire, are often forced to temporarily close or relocate while repairs are made and inventory is replaced. If your upholstery materials store sustains physical damage due to a covered event, how will you generate revenue while you rebuild?
Business interruption insurance complements your property coverage. It offers income protection if your business is unable to operate because of damage caused by some type of covered disruption. It allows you to pay for certain fixed expenses (rent, employee salaries, etc.) during the rebuilding period.
What Does Liability Insurance Cover?
Slips, trips, falls, and other types of injuries are very common in retail settings. If someone is injured as a result of shopping in your store, you are responsible for paying for any related medical expenses. What’s worse, the injured party might sue you for additional damages.
That’s why most small businesses need commercial general liability insurance. It offers broad protection for all kinds of liability claims. It pays for expenses for the injured party as well as your legal expenses and settlements or judgments if you are sued.
Why Do You Need Product Liability Insurance?
Any business along the supply chain can be sued when a consumer product causes an injury, death, property damage, or illness. If you’ve participated in bringing to market any product that is improperly labeled, includes confusing or wrong instructions, is faulty, or causes an injury or property damage for some other reason, you can be sued for negligence right along with the manufacturer.
Imagine that you've sold an adhesive that is toxic and causes serious illness. Or perhaps you’ve sold an upholstery tool that is faulty and a user loses a finger as a result. You can be deemed negligent simply for selling the product.
You may then be required to pay for medical costs, compensatory damages, attorney fees, court costs, and more.
Product liability insurance covers your financial responsibility for losses or injuries to a user, buyer, or bystander caused by a defect or malfunction of your product. Product liability claims are covered by your general liability policy, but some businesses may need to increase this coverage.
An agent who has experience working with businesses like yours can help you determine your product liability coverage needs and make sure that they are met.
Do You Need Any Other Upholstery Materials Store Insurance?
Most small businesses need more than just property insurance and liability insurance. While these are the basic building blocks of any appropriate business insurance program, you’ll probably have to consider a variety of coverage add-ons and additional policies to make sure you’ve left nothing to chance.
Talk to a local independent insurance agent about your need for the following types of coverage.
- Workers’ compensation insurance is required by law for any business that has employees. Your employees may be exposed to injuries caused by lifting heavy boxes, climbing ladders, using sharp instruments or dangerous machinery, and even from standing on their feet for long hours. Workers’ compensation insurance covers the costs of work-related injuries and illnesses, and provides income protection if an injured employee must take time off from work to recover.
- Commercial umbrella insurance, or excess liability coverage, provides supplemental liability protection beyond the limits of certain other liability policies.
- Employment practices liability insurance covers you if an employee sues you for discriminatory employment practices.
- If you live in a flood-prone area, you may need flood insurance. It is available only from the National Flood Insurance Program, but your independent insurance agent can obtain quotes and coverage on your behalf.
- Crime coverage pays for loss of inventory due to theft of merchandise from shoplifting, and even for loss of money and merchandise stolen by employees.
- Cyber liability insurance is important for any business that uses, transmits, or stores electronic data. It pays for certain costs related to a cyber breach as well as any related legal costs if a customer or supplier who was harmed by the breach sues you.
How Much Does Upholstery Materials Store Insurance Cost?
Upholstery materials store insurance might cost several hundred to several thousand dollars per year for liability coverage. Your costs are likely to be higher or lower than average depending on the unique characteristics of your business, such as the location, the number of employees, how much inventory you keep on hand, whether you own your building, and many more variables.
The amount of coverage you need and the deductibles you choose also impact your insurance costs.
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 Insurance Agent
Independent insurance agents simplify the search process for finding the right upholstery materials store insurance. They’ll walk you through some 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 leave out 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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