It’s not only birthday parties, weddings, and baby showers that are top-of-mind for a party supply store owner. While helping people make memories and celebrate the best of times is your reason for being in business, you still need to protect your livelihood from all of the little things—and big things—that can go wrong.
Property damage and lawsuits can cost you a ton of money and even put you out of business. If you own a party supply store, you need to know the types of risks you face and how you can protect your assets and move forward even in the worst of times.
With the right party supply store insurance, you can put your mind at ease and focus on what’s important. Business insurance tailored to your unique risks can help you recover from simple claims for slips and falls, and even from complete devastation caused by a fire or severe weather.
It’s simple: Party supply store insurance helps you avoid financial ruin from unexpected events. 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.
Party supply store insurance should cover the unique risks you face in your line of 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 that get injured on your property or as a result of buying something from you.
With a few commercial insurance policies tailored to your needs, you can get the peace of mind you need to focus on the important stuff—like helping your customers throw the greatest bridal shower ever, or the most epic graduation party in recent memory.
Working closely with an independent insurance agent, you can determine exactly what risks you have and find tailored insurance policies to address them. You may need:
If you operate a single store or even several stores, you may be able to bundle your basic property and liability coverage together into a packaged policy (business owners policy, or BOP) designed for small business owners.
You might also want to consider endorsements to your basic party supply store insurance policies or stand-alone policies that provide the following types of coverage:
Party supply stores sell all kinds of products to the general public, from tablecloths and paper goods to helium balloons, toys, party favors, candy, costumes, and much more.
You probably purchase your inventory from a variety of suppliers and manufacturers, but you do not need to manufacture a product to be considered liable if a product causes some type of property damage, illness, or injury to a customer or bystander.
If any product that you sell is faulty and leads to an injury or death, your business could be sued for negligence. Imagine that you sell a party favor that presents a choking hazard to children, but it is not labeled as such and children are injured as a result. Or perhaps you sell candy that includes an ingredient like nuts, which is a common allergen, but it is not properly labeled and someone becomes severely ill after purchasing it in your store and eating it.
Product liability insurance covers your financial responsibility for losses or injuries to a user, buyer, or bystander caused by a defect or malfunction of a product purchased in your store. If you are sued in such a case, the resulting payouts for medical costs, compensatory damages, economic damage, attorney fees, court costs, and even punitive damages can be insurmountable for a small business.
Talk to your independent insurance agent about your need for product liability insurance.
Do you sell items online in addition to your brick-and-mortar store? Talk to your independent insurance agent about the special risks you face and how cyber liability insurance can help.
In general, cyber liability insurance protects you from the costs related to certain cybercrimes. If someone hacks into your website, steals personal financial data from you or your customers, or causes any other type of damage, cyber liability insurance helps to cover money lost and helps to pay for damages caused to your customers.
Regardless of how a data breach happens, the costs can be devastating for your business. Just some of the costs associated with a data breach include:
Cyber liability insurance typically covers defense costs, settlements, and judgments related to a cyber liability lawsuit. Cyber liability insurance also covers public relations and other related expenses that you incur in order to salvage your reputation.
You can add cyber liability coverage to a business owners policy or a commercial general liability policy, or you can purchase stand-alone coverage. Your independent insurance agent can help you determine what type of coverage is best for your business.
A single-location party supply store might spend around $500 to $1,500 per year on general liability coverage alone.
But this is a broad estimate and does not include property coverage and any other types of policies or endorsements that you might need to fully cover your risks.
In addition, a variety of individual risk factors will influence how much you pay to cover your party supply store. These include the location of your store, the number of employees you have, and the coverage limits and deductibles that you choose.
Some small business owners can get the best rates by purchasing a business owners policy (BOP), which combines commercial liability insurance, commercial property insurance, and business interruption coverage into one affordable and efficient package policy. Other coverage can be added on to complete your comprehensive business insurance program.
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.
Our agents simplify the search process for finding the right party 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.
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.