When you also have equipment or operate from a shop
All Basic plan benefits and:
Get protected against employment-related issues
All Standard plan benefits and:
*plus Workers Compensation
A Business Owners Policy (BOP) combines Commercial Property insurance and General Liability insurance in one policy. The insurance will cover property damage due to a covered disaster, third-party lawsuits like bodily injuries, personal injuries, libel and slander, and the defense and court expenses involved in a covered lawsuit.
Workers Compensation will cover the cost of employees' medical and rehabilitation expenses due to on-the-job illness and injuries in exchange for the mandatory relinquishment of the employee's right to sue your business for negligence. It is a state-mandated insurance which your business will have to carry if you meet the minimum requirements of the state.
Crime insurance will cover losses resulting from criminal acts like robbery, burglary, or other forms of business-related crimes. This insurance also covers expenses related to employee dishonesty, forgery, computer fraud, funds transfer fraud, money and securities, money orders, and counterfeit money.
As a pet shop or pet supplies store owner, all merchandise you sell at your store is your responsibility. When a customer sues your business because the product you sold or supplied has caused personal injuries and/or property damage, Product Liability insurance will cover the defense and court expenses including out-of-court settlements.
Pet and pet supplies stores need insurance to cover the huge costs and expenses that could otherwise force your business to close. The insurance will cover the costs of expensive lawsuits, property damage, medical expenses, and other covered expenses so you don't have to. And all that's required is a small monthly fee.
Below are some of the risks unique to your business:
One of the pet foods you supplied to your customer has caused their pet to get sick. Because of that, the customer sues your business for the damages.
An employee in the accounting department of your pet and pet supplies store manipulates their payroll to give themselves bonuses that total to $100,000 over the years.
An employee overexerts himself carrying sacks of dog foods. This causes your employee to suffer back injuries and as their employer, your business is responsible for the medical payments of your employee.
The cost of insurance for pet and pet supplies stores varies widely depending on the type of coverage selected and the risk factors specific to your business. Without taking these factors into account, below are the average costs of frequently bought insurance for your business:
Business Owners Policy costs $900 in annual premiums. Workers Compensation costs $1300 in annual premiums. General Liability insurance costs $500 in annual premiums.
Pet food manufacturers generally need two main types of insurance. The first is General Liability. General Liability is going to provide coverage for claims alleging third-party bodily injury or property damage. Vendors, customers, or just visitors in general to your manufacturing plant could slip and fall and become injured in which case the General Liability insurance policy would step in to provide coverage.
The other insurance policy that is critical to pet food manufacturers is Product Liability insurance. Because you are making a product that is being used for the general public, there is always room for error. If the product you manufacture ends up having a defect and causes harm to the pet, you could be in for a lawsuit. Product Liability insurance also can cover instances of having to recall a batch that has been contaminated. Be sure to read your policy so you know what is covered and what is not.
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