As a furniture store owner, your goods add something special and unique to your customers' homes. Your primary assets include your building, your employees, and your inventory, so it's crucial to ensure you've protected your investment. Furniture shop insurance through AmVenture Insurance Agency, Inc. can help cover the risks associated with your small business, including liability claims, workplace accidents, third-party injuries, property damage, and much more.
For your protection, there are several types of furniture shop insurance coverages you may want to consider. It's important to understand what each plan covers in order to ensure your resources are kept safe whenever an unexpected problem arises. Common furniture store insurance policies include:
- Workers' Compensation
- Businessowners Policy
- Cyber Liability
- Commercial Auto
Keeping Your Employees Protected with Workers' Compensation
In your line of work, your staff may be required to lift heavy furniture on a regular basis, which could make it easier for an on-the-job accident or injury to occur. Most states require furniture shop owners with employees to have workers' compensation insurance. This policy can cover medical expenses, partial lost wages, job retraining, and disability payments if an employee suffers a workplace illness or injury. In addition to covering the costs associated with any workers' comp claims, this policy may also provide your business with defenses to any employee lawsuit filed in connection with a work-related injury or illness; if an employee receives benefits, that employee may not be able to successfully sue your business in connection with the claim.
Safeguarding Your Furniture Shop Against Property Damage and Liability Claims
Many furniture shop owners opt to carry a businessowners policy (BOP), which bundles commercial property and general liability coverages into a single plan. A BOP can provide comprehensive coverage for a variety of unforeseen events:
1. Damage to property and resources. If a fire or other event causes damage to your business' owned building or resources, you could receive help paying for the costs of repairs or replacements through a commercial property insurance policy. In most cases, acts of theft and vandalism are also covered.
2. Third-party liability claims. Even if you keep your furniture shop clean and tidy at all times, you can't always prevent an accident from happening. If a customer trips and suffers an injury while visiting your store, general liability is designed to cover you against potential third-party claims.
3. Business interruption resulting in loss of income. If you're ever forced to temporarily close your furniture shop due to property damage or any covered catastrophic event, you could receive benefits to help you recoup some of your lost income.
Shielding Your Furniture Store Against Cyberattacks
While there are many advantages to conducting business online, there can be certain drawbacks as well. If you keep track of inventory with a web-based platform, accept credit card payments, rely on email campaigning, or advertise sales online, you should consider having cyber liability insurance coverage. This kind of policy can help you recover from the costs associated with a data breach or cyberattack. A key benefit of this type of policy is that you could receive assistance with the costs of legal expenses if your customers' information is stolen because of a hack.
Ensuring Your Employees are Safe on the Road
Many furniture stores offer delivery services for customers. If your business owns or operates any vehicles, you should carry commercial auto insurance. This type of policy can protect you if an accident occurs in a vehicle used for work purposes, by helping to cover medical expenses, property damage, and liability claims. The specific coverage amount you're required to carry may vary by state.
How to Purchase Furniture Shop Insurance
Don't put your furniture shop's resources at risk. With bespoke furniture shop insurance solutions through AmVenture, you could be covered against multiple hazards. Contact us today to get the process started, or fill out our brief form to receive your free quote.