Sporting Goods Insurance
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What Insurance Do Sporting Goods Need?
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.
Product Liability insurance covers your business if you need to recall one of your products. It covers your costs for retrieving the defective product from the manufacturer or seller to prevent any further bodily injury or property damage.
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.
Frequently Asked Questions
Why do Sporting Goods stores need insurance?
Companies that fall under this industry retail new sporting goods and sewing supplies. Examples of products these businesses sell include athletic uniforms, fishing supplies, sewing supplies, fabrics, bicycles, saddlery, and diving equipment.
Sporting goods stores need insurance as it protects your business from the risks that your business will encounter. These risks can lead your business into financial ruin if you don't have insurance.
What risks do Sporting Goods stores face?
Below are the risks sporting goods stores can face:
The bat, that your customers bought from your business, breaks in just one swing. This causes someone to suffer injuries and the parents complain to your sporting goods store.
Your employee gets sick from working too much. As their employer, your business is responsible for the medical payments of your employee.
How much does insurance for Sporting Goods cost?
There is no fixed cost of insurance for sporting goods as there are several factors to consider when assessing the cost of insurance for your business. If you want to find out the cost of insurance for your sporting goods, simply apply online and we'll send you your quote in just a couple of minutes.