A sharpening service shop is useful for just about everyone who has cutlery. As an owner, you face a certain set of risks specific to your small business. Sharpening service shops handle tools that could potentially lead to injuries and medical costs. Is your business completely prepared to handle those types of situations? Even a small mishap could completely jeopardize your business.
With the proper business insurance, you never have to worry about losing everything if a disaster were to occur. An independent insurance agent can help you evaluate the risks you face on a daily basis, and provide the most comprehensive insurance solutions.
Why Do You Need Business Insurance for Your Sharpening Service Shop?
While you always hope an accident will never threaten to close down your business, plenty of unfortunate circumstances arise all the time. Here are a few examples of potential issues you could face:
- A bad storm severely damages your building.
- A burglary occurs and all your cash is stolen.
- An employee cuts his hand on cutlery and requires stitches.
- A customer slips and falls in the bathroom at your shop.
- A customer’s valuable cutlery in your possession is damaged during sharpening.
Losses are unpredictable for the most part, but carrying appropriate coverage can save you from losing everything.
What Is Commercial Property Insurance For?
Property insurance is essential for your sharpening service shop. It’s an important layer of protection against damage to your property, and customers’ property that's in your care. A property policy protects against losses caused by natural disasters, storms, fires, vandalism, and more.
There are a few things basic property insurance doesn’t cover without added coverage:
- Theft by employees
- Normal wear and tear of your equipment
- Nuclear disaster
What Does General Liability Insurance Cover?
Another crucial policy is general liability insurance. What would happen if a customer was injured in your shop and filed a lawsuit against you? It’s not a scenario anyone wants to be in, but it happens.
Liability insurance covers you in several instances:
Bodily injury and property damage liability
Covers both physical and psychological injury to a person resulting from normal business operations.
Personal and advertising injury
Covers libel, slander, copyright infringement, and defamatory remarks if legal action is taken against you.
Covers medical payments to the injured party when the injuries resulted from your business activities.
Failing to carry liability insurance is a disaster waiting to happen.
What Is a Business Owners Policy?
If you’re looking for the most affordable option, a business owners policy (BOP) generally combines property insurance and liability insurance into one policy. Other coverages can be added based on your needs.
An independent insurance agent can help you decide on the best selections for your business owners policy.
Does Your Sharpening Service Shop Need Business Interruption Insurance?
What would happen if a catastrophe shut down your shop for a month or two? Could you survive longer than that without an income? For most small business owners, a few months without money coming in would be bad news. According to FEMA, 90% of smaller businesses fail within a year unless they can resume operations within five days after a disaster.
Fortunately, you can buy business interruption insurance and never worry about shutting your doors because of a temporary lack of income.
What scenarios could result in an absence of income?
- Your building needs to be rebuilt after a tornado.
- Water damage shuts down your building for two weeks.
- A fire destroys a large portion of your property.
Business interruption insurance can provide you with income and pay fixed expenses until you can open your doors again.
Do You Need Workers’ Compensation?
If you have employees working in your sharpening service shop, you’ll need workers' compensation insurance. Each state has its own laws for this coverage, so check with your state for required levels of coverage.
Handling sharp cutlery and other blades at your shop may mean a higher risk of injury for employees. Workers’ comp insurance would cover the cost of medical attention in case an employee is injured on the job. In certain cases, it can also cover wages from missed work.
Where Do You Have Additional Exposures?
Your small business is unique in the risks facing it each day. The size of your shop, number of employees, location, and other factors all play into what risks you need to be protected from. Working with an independent insurance agent can make the process as easy and painless as possible.
How Much Does Business Insurance Cost?
Because no two businesses are alike, it would be impossible to predict the cost of premiums based on one factor alone. The insurance company takes into account every aspect of your business when calculating the cost of insurance.
An independent insurance agent can work with you to mitigate the cost of premiums and get affordable coverage.
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The Benefits of an Independent Insurance Agent
Independent insurance agents have access to multiple insurance companies, ultimately finding you the best coverage, accessibility, and competitive pricing while working entirely for you. As your needs change, they'll be there to help you adjust your coverage, up or down, to make sure you're properly protected without overpaying.
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