Used Sporting Goods Store Insurance

A Guide to Used Sporting Goods Store Insurance

What you need to know to protect your business

Used Sporting Goods Store Insurance

When you operate a used sporting goods store, anyone can get injured on your premises or as a result of purchasing one of your products. You could also be plagued by worker injuries, a cyberattack, a fire in your building, or severe weather. The result: costly payouts to injured parties, costly repairs, costly rebuilding, and costly inventory replacement.

You need used sporting goods store insurance to help you recover when things go wrong. That means talking to an independent insurance agent about purchasing a comprehensive set of business insurance policies and endorsements that directly address all of your unique risks.

Why Do You Need Used Sporting Goods Store Insurance?

If an unexpected event causes some kind of damage to your store, your used sporting store insurance is there to help you recover. 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 due to some catastrophic or unexpected event (fire, smoke, weather, vandalism, etc.)
  • Inventory damage due to careless shoppers or vandalism
  • 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
  • Employee injuries (falling off a ladder, back injury due to heavy lifting)
  • Employee lawsuits related to discrimination or other claims

Used sporting goods store insurance can help you cover financial losses related to these problems, so you can recover and stay in business for the long term.

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What Does Used Sporting Goods Store Insurance Cover?

Used sporting goods store insurance should cover physical damage to your physical space (if you own it) and other commercial property. It should also allow you to take financial responsibility for any customers or members of the public who get injured on your property or as a result of buying something from you.

What Is Commercial Property Insurance?

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. Even if you rent your space, you still need this coverage to help you replace, rebuild, or repair computers, cash registers, inventory, equipment, furniture, fixtures, and more after a covered event.

Business interruption insurance: This is usually part of a commercial property policy. It 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).

What Is Liability Insurance?

Commercial general liability (CGL) insurance covers claims against your business due to negligence on the part of you or your employees. If someone is injured on your premises or as a result of your operations, your CGL policy pays for medical expenses or repair bills for the injured party.

For example, if a customer sustains a deep laceration from a sharp edge on a display shelf, your CGL policy would pay for any related medical expenses. Or, if an employee collecting shopping carts in the parking lot accidentally hits a customer’s car and causes damage, your CGL policy would pay for any related repair bills.

If you’re sued by the injured party, liability insurance pays for your legal defense, court costs, and any settlements or judgments that you must pay.

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What Other Used Sporting Goods Store Insurance Policies Do You Need?

Talk to your independent insurance agent about your need for additional coverage for your used sporting goods store, such as the following.

  • Commercial umbrella insurance: Provides excess liability protection to any of several other policies you might have. If a customer injury in your store or purchasing something 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: This 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. 
  • 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.

These used sporting goods store insurance policies can help you avoid dangerous gaps in coverage.

Why Do You Need Crime Coverage for Your Used Sporting Goods Store?

One of the most significant threats to any retail business is theft of inventory or cash. Nearly every retail store is likely to be the victim of a shoplifter at some point. What’s more, employees all too often steal property, money, and securities owned by their employers.

Crime coverage protects your business from vandalism, shoplifting, and employee theft and dishonesty. It can be purchased as a stand-alone policy or as an endorsement on another business insurance policy. It covers things like vandalism, theft, and shoplifting, as well as employee acts like forgery, alteration, unauthorized electronic funds transfers, credit card fraud, and more.

How Much Does Used Sporting Goods Store Insurance Cost?

The cost to cover your used sporting goods store with a comprehensive business insurance program will vary depending on the size and location of your store, the number of employees you have, the value of your inventory, and the types of coverage and the coverage limits that you require.

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Benefits of an Independent Agent

An independent insurance agent who has experience working with used sporting goods stores and other similar businesses can help you decide the types and amounts of coverage that you need for your business. The choices you make will determine your cost of coverage.

Independent agents can work with numerous, reputable insurance companies who specialize in your type of business. Together you can review a variety of proposals and choose the best mix of coverage that meets your needs and budget.

What’s more, your agent will 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.

Find and Compare Quotes for Used Sporting Goods Store Insurance

Instead of getting an online quote, find an independent insurance agent now, and get a one-on-one consultation and affordable options for the best coverage for your unique needs.

Your agent will work with you free of charge to get quotes from multiple insurance companies so you can make the best choice.

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TrustedChoice.com Article | Reviewed by Paul Martin

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