Insurance for Home Furnishings Stores
Best in class insurance partners
What Insurance Do Home Furnishings Stores Need?
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 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 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 Home Furnishings Stores need insurance?
This industry consists of establishments that retail furniture. Furniture types include office, household and outdoor, including home electronics and furnishings, floor coverings, major appliances, mattresses, box springs, and baby furniture.
Starting a furnishings store comes with plenty of risks. These risks should have proper risk management strategies to minimize or even prevent any loss from the risks that might happen to your business. Insurance can help. Your insurance will pay for covered expenses like medical fees, attorney fees, legal fees and more, which could otherwise put a huge dent in your business and personal assets.
What risks do Home Furnishings Stores face?
Below are some examples of risks that your furnishing store can face:
- A fire destroys your business property. Because of that, your business won’t be able to operate unless everything has been repaired.
- One of your employees stole a large amount of cash.
- A pipe bursts and your office is flooded, along with all your critical documents. Many of which got completely destroyed.
- Furniture, a customer purchased, got destroyed in an accident while being delivered.
These are just a few of the potential risks that your home furnishing store can face.
How much does insurance for Home Furnishings Stores cost?
There is no fixed cost of insurance for home furnishing stores. Most of the time, insurance carriers identify the cost of your insurance policy through the size of your business, the number of employees you have, and the coverage required. To find out the cost of your insurance policy, apply online to get a free quote or simply talk to our expert insurance advisers.