You're about to open your new small business: a paint and wallpaper business. The culmination of your daydreams, and a meeting of your long-term goals. Now you can make money using your design sense and love of color schemes.
You have your inventory: wallpapers and other wall coverings, paints galore, brushes, and pans. And you have your equipment: mixing machines and store fixtures. You have the swatches and catalogs arranged for the ease of your soon-to-be customers.
But don't forget to get the insurances you are going to need to keep you from risking your new business!
The first type of insurance you will want to look into is a business owner's policy (BOP). A business owner's policy is a bundle of insurance policies and endorsements put together for a specific type of business. In your case, this would be a business owner's policy put together for retail stores.
Because it is bundled, you will usually pay less than you would if buying each type of coverage separately.
In general, if you are eligible for a BOP, you can take advantage of the low pricing for a bundle which includes commercial liability insurance, business interruption insurance, and numerous endorsements.
Also known as general liability insurance, both product liability and premises liability. These coverages protect your shops when the prospect of lawsuits arises.
Products liability covers legal defense fees, court costs, and settlements or judgments awarded when a customer sues due to a product you sold to them. So if the claim is that there was a defect in the product or the product caused damages to someone's person or property, this is the coverage you will want to have.
Premises liability covers accidents or damage to personal property alleged to have been sustained in your place of business. This coverage can cover medical costs, including ambulance, court and legal fees, and settlements or judgments awarded.
There are times when you or your employees use a vehicle for business use. It is for those times you need to ensure that you have business auto coverage. Business auto insurance will protect you and your company from having to pay when your vehicle is in an accident during the course of work. You can structure your coverage to allow the insurance policy to pay for the costs of injuries or damages resulting from an accident as well as other risks involving your vehicle.
Let us help you find protection for your business and keep your mind at ease. At CommercialInsurance.Net, our mission is to help medium and small businesses manage risk by finding business insurance quotes at a reasonable price. To get a competitive insurance quote it is fast and easy, enter your zip code and click “Get Quote.” One of our specialists will contact you soon.