Before the grand opening of your furniture store, you will want to make sure you have the proper insurance coverage so that your business can remain healthy.
Commercial Property Insurance
Commercial property insurance will cover your buildings, the property around your building, equipment, and your inventory. It works similarly to a homeowner's insurance in that if a covered incident takes place, the business owner would file a claim with the insurance company. A claims adjuster will then take a look at the loss and make sure that the circumstances are within the scope of the policy. If it does, the business is compensated for the loss.
Common risks include fire, vandalism, theft, or accident, such as a tree falling on the building.
In the process of negotiating the policy, the business owner can add additional coverages to the policy. Examples of these additional coverages include business interruption, which recompenses the business when it cannot open due to covered damage.
Business Liability Insurance
Business liability insurance, sometimes called commercial liability insurance, covers financial liability as well as expenses that are related to lawsuits against the business which result in the loss of someone's personal property or bodily injury. They will pay up to the limits you negotiate for expenses such as court fees, defense costs, monetary awards, and out of court settlements.
Commercial Vehicle Insurance
Imagine this scenario: One of your delivery trucks is delivering living room furniture to a customer. En route, the driver sideswipes a car, sending it into a ditch at the side of the road, where it rolls over onto the top. It turns out that inside was a family of four. The ambulance arrives and discovers all are alive. They are rushed to the hospital.
Your furniture store is on the hook for the medical bills, rehabilitation costs, and any awards a court might make. Without commercial vehicle insurance, you would be out of business!
Much like a personal auto policy, the commercial auto policy will pay the expenses up to your limits.
Workers' Compensation Insurance
Workers' compensation insurance is also a must-have coverage. Currently, all states except for Texas legally compel business owners with employees to maintain workers' compensation insurance.
Even in Texas, you would be wise to look into this coverage, as it can save you and your business in the event an employee suffers a work-related injury, even if the injury is the fault of the employee.
Workers' compensation insurance will provide medical benefits and wage replacement to your employees who qualify. It will also cover lost wages and vocational rehabilitation. In the case of death of the employee, compensation to the worker's survivors.
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