Insurance for Building Materials Stores
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What Insurance Do Building Materials Stores Need?
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Employment Practice Liability Insurance, or EPLI, protects you from employment-related claims. If you're accused wrongful termination, discrimination in hiring or firing or workplace harassment, EPLI covers your defense and settlement costs.
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Frequently Asked Questions
Why do Building Material Stores need insurance?
This industry consists of establishments that supply all forms of building materials. Businesses in this industry encompass a broad range of stores specializing in various areas, such as fencing, kitchen cabinets, lumber, flooring, plumbing, garage doors, prefabricated buildings, glass, paint, and wallpapers.
Building Material Stores need insurance to cover the costs of property and liability damage claims against your business. Without insurance, you will have to pay out of pocket for these damages and legal claims. Also, in some states, certain insurance policies are required before you can operate.
What risks do Building Material Stores face?
Your business is prone to many risks. Without insurance, these would be out-of-pocket expenses. Paying for liability claims and court costs aren't cheap, so get insured while you still can.
A customer entering your vicinity can slip and fall, breaking an arm. If your business is at fault you'll be responsible for the medical fees of the customer until recovery and any other potential damages determined by the court if they sue. You'll also be paying for your attorney and court costs.
How much does insurance cost for Building Material Stores?
The price of your insurance varies on the type of business you offer, the size of your business, and other requirements that your insurance provider may need to get a valid cost of your insurance policy.
- For instance, General Liability insurance has a median price of $450 in annual premiums.
- Commercial Property insurance is about $500 in annual premiums.
- Business Owners Policy (BOP) is about $900 in annual premiums.