Toy stores do very well in the United States because of their reliability, dependability, and their commitment to growing and adapting with the times. But this industry’s strengths also has their inherent weaknesses, in the sense that your toy store depends upon the reputation of products made by other companies. Because you can only vouch for your own company and nobody else, this makes it extra important that toy store business owners obtain general liability insurance.
This kind of insurance ought to be perceived by business owners as a promise to your customers – which says that you’ll always take care of them. In a business that deals with the potential happiness of children, such a promise is especially important. For more information about toy store business insurance, read on.
Getting Toy Store Insurance
Toy store insurance is a type of professional liability insurance which covers the risks these types of retail businesses face. Most insurance policies cater to specific accident coverage, auto insurance being a perfect example. Toy store insurance does this and molds coverage to toy retail business owners. It protects their retail space, the store owners themselves, their business income, and their business assets in they are found to be at fault for an accident.
Some of the most common liability situations that a toy retail company encounters are as follows:
- Damage to the commercial property they rent
- Property damage done to a client’s personal property while visiting the place of retail
- A commonly sold item at your store causes injury and the customer or third party asks for payment of medical costs due to the bodily injury
- Personal or non-physical injury inflicted upon a client or third party, which includes reputational or emotional damage
Failure to have an all-encompassing business owners policy or general liability insurance policy can result in income loss, unnecessary expenses, and even more — which could include your business itself. No business wants to lose big up front, thus it’s important to work with a dedicated insurance company to get liability coverage for the continued safety of your own company.
However, not everything is covered under liability insurance. This type of insurance does not cover:
- commercial auto insurance
- workers comp insurance
- life insurance for employees
Naturally, a major concern most business owners have about insurance is its cost. While monthly premiums vary based on the size of your business, accident records, and the number of employees, the costs generally outweigh the overall cost of paying for accidents out of pocket. Commercial accidents have cost companies millions, but such a fate can be avoided if you know what could possibly happen in your line of work.
With scrutiny toward costs and desired types of business insurance, it is possible to save on insurance costs. Working with a licensed insurance agent, like the ones at Small Business Liability, can save you thousands of dollars as well as your reputation.
Call Small Business Liability now to get a quote from one of our licensed, knowledgeable insurance agents. We’ll make sure your business is operating at its fullest potential, while remaining protected against the risks of employee dishonesty, faulty products, and claims of bodily harm.