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 catalogues 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!
Business Owner's Policy (BOP)
The first type of insurance you will want to look into is a business owners policy (BOP). A business owners 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 owners policy put together for retail stores.
Because it is bundled, you will usually pay less than you would 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.
Commercial Liability Insurance
Also known as general liability insurance, commercial liability insurance both product liability and premises liability. Both of these coverages protect your shops when the prospect of lawsuits arises.
Products liability covers legal defense fees, court costs, and settlements or judgements 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 judgements awarded.
Business Auto Insurance
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 that 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.
Competitive Quotes Right Here and Now
If you want to get a competitive insurance quote for your business owner's policy, commercial liability insurance, or business auto coverage, you can do so right now by simply going to the top of this page and clicking on the button that says, "Start Quote Now."