Insurance for Eyeglass & Sunglass Stores
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What Insurance Do Eyeglass & Sunglass Stores Need?
Business crime insurance, also known as commercial crime insurance, protects against organization-related crime and the resulting losses for your small business. When someone defrauds, embezzles, forges documents, or commits theft, you're covered for the losses.
Business Interruption Insurance protects your small business if impacted by a covered risk. It'll cover the costs in replacing lost income and paying for additional expenditures. Also known as Business Interruption Coverage, this policy is usually part of your BOP (Business Owners Policy).
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!
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.
Frequently Asked Questions
Why do Eyeglass and Sunglass Stores need insurance?
Businesses in this industry retail and fit contact lenses and prescription and non-prescription eyeglasses.
Any business is faced with a lot of risks, even from the day of launch. Getting insurance will ensure that your business is protected because the insurance will cover all the expenses.
What risks do Eyeglass and Sunglass Stores face?
Eyeglass and sunglass stores face a lot of risks. Here are some of those:
- A customer enters your store, slips and experiences injury. You’ll be held liable for the customer’s injury. If that’s not enough, the customer could sue your business.
- Your employees could get sick in the course of their employment. Your business will be liable for the medical expenses until the employee is ready to work again.
These are just some of the many risks that your business can face.
How much does Eyeglass and Sunglass Store insurance for eyeglass and sunglass stores cost?
The cost of your insurance depends on the type of business you offer, the number of employees you have, the coverage your business requires and many other factors. Without taking these into account, below is the average cost of insurance for your business:
- General Liability insurance costs $500 annually.
- Business Owners Policy (BOP) costs $900 annually.
- Business Interruption insurance costs $500 annually.