Arkansas Pet Store Insurance Policy Information
Arkansas Pet Store Insurance. Pet stores sell pets and related supplies including pet food, collars, leashes, habitats, clothing and pet toys. Some offer animals such as cats or dogs, while other offer more exotic animals, such as rare birds, rodents, fish, spiders and snakes. Related services that may be offered include kenneling, grooming, and veterinary care. Some pet stores offer adoption programs in conjunction with local animal shelters or sponsor exhibitions or competitions.
You've chosen a truly special industry, one that supports and nurtures the joy and companionship of pet ownership. Through your pet store business, your customers trust you to provide them with safe products and responsible grooming services that leave everyone happy and healthy. But your pet store gets its the life from something else. The pets themselves.
And while pets give a certain magic to the pet store environment, they also add a lot of complexity and a significant amount of risk. The injury or death of one of the pets can be tragic and costly, putting your pet store business at great risk for survival. This makes Arkansas pet store insurance a huge necessity for your business.
Arkansas pet store insurance protects your shop from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Why Do You Need Pet Store Insurance?
Arkansas pet store insurance offers protection from a wide range of risks and exposures that could potentially impact your business and ability to operate. It's essential to ensure you have the right protection in place to safeguard the pets, buildings, contents, stock as well as your liability towards staff, customers and suppliers. Without the right coverage in place, you may be personally liable for accidents that occur, which could also jeopardize the future of your business.
Types Of Pet Store Insurance?
General Liability: AR pet store owners purchase this insurance to provide coverage for legal hassles due to claims by customers. This policy protect against payments as the result of bodily injury as well as property damage. If someone tripped over spilt animal feed in your shop and claimed compensation for their injury, Arkansas pet store insurance pays for medical expenses, lawsuit defense costs, and settlement bonds or judgements during an appeal procedure.
Another example, let's say that one day a customer is in your store for a routine visit. The night before the visit, your cleaning crew left a very slippery floor and didn't use non-skid wax. The customer is walking around your premises when they suddenly trip and fall. General Liability Insurance will pay for legal defense if the customer decided to bring a lawsuit against you for their injuries.
Business Property: Research places the average cost of fire for small businesses at $35,000. If you do not have this kind of cash lying around, property insurance is a no-brainer. If certain disasters and weather events strike, Arkansas pet store insurance will cover the cost of making repairs and replacement to your property. Burglary is yet another common pet store claim, so chances are you need the coverage commercial property offers.
Inland Marine: This protects you against losses related to animal mortality. A broker can help you determine whether this coverage is a good fit for you, as may be the case if you keep highly valuable breeds.
Bailee Insurance: If your pet store offers veterinary, grooming or kenneling services, you need Bailee insurance. This Arkansas pet store insurance provides coverage for pets belonging to other people but left in your care, custody or control.
AR Commercial Auto: Driving for business is riskier than personal auto use - especially if it requires picking up or delivering pets or expensive products.
Worker's Compensation: Worker's compensation is required in most states for any non-owner employees and is an important Arkansas pet store insurance policy for pet shops to have. Your employees are at risk of falling inside the shop or getting injured by your pets. If they get a work-related injury, the diagnosis and treatment will be covered by worker's compensation insurance. The policy also covers recovery, physical therapy, and any lost income while they are out of work.
Commercial Flood Insurance: Business insurance policies don't include coverage for damages caused by floods. Because floodwaters can cause extensive damage, it is important that you look into supplementing your policy with commercial flood insurance if you are in or near a flood zone.
Arkansas Pet Shop's Risks & Exposures
Animal mortality exposure is unique to pet stores and pet care operations. Animals can escape, be injured by employees, customers or other animals, or contract disease. Others need controlled environments, such as tropical fish, that require backup power facilities should power outages occur.
Premises liability exposure comes from slips and falls due to public access to the premises. Aisles must be adequate and free of debris with flooring in good condition with no frayed or worn spots on carpet and no cracks or holes in flooring. Pet "accidents" must be quickly cleaned up to prevent slips and falls. Steps and uneven floor surfaces should be prominently marked. Sufficient exits must be provided and be well marked with backup lighting systems in case of power failure.
All goods should be kept on easily reached shelves so that customers do not pull down items on themselves. Interaction of the store's pets offered for sale and customers can create injury due to bites, pecks, or scratches. In addition, some stores encourage owners to bring their animals to the premises, which increases liability if not well controlled. Visiting animals should be leashed and remain with their owners at all times. Pet grooming, kenneling and veterinary care will increase the number of visitors.
Animal rights demonstrations may be a concern if the store sells puppies, particularly when the animals are purchased through "puppy mills."
Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slip and fall. If the business is open after dark, there should be adequate lighting and appropriate security for the area.
Personal injury exposures are from apprehending and detaining shoplifters. Shoplifting procedures must be fully understood and utilized by all employees.
Products liability exposure is normally low unless animals, pet food and supplies are imported. These should come from a domestic-based wholesaler. Professional services must be carefully evaluated as any injury or loss to a high-value animal may result in expensive claims. It is important to remember that death or damage to pets are not bodily injury claims, but are property damage claims.
Workers compensation exposure is from lifting which can cause back injury, hernia, sprains, and strains, and from slips and falls. Employees have animal-related exposures including bites, pecks, scratches, and diseases that may be transmitted to humans. Employees should be provided with safety equipment, trained on proper handling techniques, and have conveying devices available to assist with heavy lifting. Shelves should be easily accessible for storage.
Housekeeping in storage areas, especially during peak times, is vital to prevent trips and falls. As with any retail operation, hold-ups may occur. Employees should be trained to respond in a prescribed manner. Drivers of delivery trucks can be injured in accidents.
Property exposure ignition sources are generally limited to electrical wiring and heating and cooling systems. Animal stock is sensitive to fire, smoke, and water. Should even a small fire occur, the store could incur a large loss if the animals or fish must be destroyed. Other than the animals, the stock is not highly damageable. The theft exposure is limited unless the shop deals in rare or specialty items.
Business interruption is a concern because sales may peak at particular times during the year and sought after items and some types of animals may not be quickly replaceable.
Crime exposures are from employee dishonesty and theft of money and securities either from holdup or safe burglary. Background checks should be conducted on all employees handling money. There must be separation of duties between persons handling deposits and disbursements and handling bank statements. Money should be regularly collected from cash drawers and moved away from the collection area, preferably to a safe on premises. Bank drops should be made throughout the day to prevent a buildup of cash on the premises.
Inland marine exposures are from accounts receivable if the store offers credit, bailees customers if the store offers grooming or kenneling services for customers' animals, computers to transact sales and monitor inventory, and valuable papers and records due to customers' and vendors' records. Backup copies of all records, including computer records, should be made and stored off premises. If the store attends exhibitions or sponsors events, there may be a goods in transit exposure.
Business auto exposure is generally limited to hired and non-owned for employees running errands. If the pet store offers pickup or delivery of animals for services such as pet grooming or veterinary care, anyone who uses a vehicle must have a valid license and acceptable MVR. Vehicles should have regular maintenance with records kept.
AR Pet Store Insurance
Most animal lovers think there couldn't be anything better than running a pet shop, however if this is what you do for a living you know that it comes with its own stresses! Even though working with pets can be extremely rewarding - especially when you find them a new home - you still need insurance to protect your pet store business from the various risks you face daily.
Arkansas Economic Data, Regulations And Limits On Commercial Insurance
If you're a business-minded individual who has your sights set on Arkansas for their operations need to take several factors into consideration before they actually start a business. Specifically, they should determine is the conditions are favorable for entrepreneurs in general, and if the conditions are favorable for their specific industries.
No matter how high-quality the goods and services you offer are, if the specific location isn't favorable for businesses - and your specific sector - your corporation is going to have a hard time succeeding.
In this guide, we provide a brief overview of key factors that indicate whether or not Arkansas is a suitable location for your operations. We also cover some of the key commercial insurance policies that business owners are required to carry.
Economic Trends For Business Owners In Arkansas
Unemployment rate is a key factor in determining whether or not a state offers favorable conditions for those who are thinking about starting a business. According to most recent statistics issued by the Bureau of Labor Statistics, as of December, 2019, Arkansas' unemployment rate was 3.6%, 0.2% higher than the national unemployment rate, and 0.2% higher than it was in July of 2019.
However, it is 0.1% more people are employed now than they were in December, 2018, when the rate of unemployment was 3.7%. Despite the marginal increase, economists do predict that the workforce will increase or at the very least remain stable in upcoming years.
As with most states, the best places to start a business in Arkansas are the largest metropolitan areas. This includes Little Rock, Fayetteville, Fort Smith, and Hot Springs. The suburban areas that surround these cities are also good spots to establish a business. Some lesser-known cities are also experiencing economic and employment growth, such as Arkadelphia, Batesville, and Conway.
AR offers ample opportunities for business of all sizes and in a variety of industries. Some of the key sectors include:
- Aerospace and defense
- Forestry and timber
- Information technology
- Transportation and logistics
Commercial Insurance Requirements In Arkansas
The Arkansas Department of Insurance regulates insurance in AR. Arkansas mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Arkansas requires you to have worker's compensation insurance if you have 3 or more employees. In the construction industry, businesses with fewer than three employees must provide workers' compensation. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Arkansas also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Retail Insurance
Read valuable small business retail insurance policy information. In a retail business, you need to have the right type of commercial insurance coverage so that your store, employees, and inventory are protected.
- Adult Novelty
- Appliance & Electronics Store
- Art Gallery
- Bicycle Shop
- Book Store
- Bridal Shop
- Candy Confectionery Store
- Carpet Store
- Clothing Store
- Collectibles Memorabilia Store
- Convenience Store
- Cosmetics Store
- Dry Cleaning
- Equipment Rental
- Funeral Home
- Furniture Store
- Gift Store
- Hardware Store
- Home Improvement Store
- Hotel Motel
- Ice Cream Shop
- Jewelry Store
- Lingerie Store
- Luggage Store
- Music Store
- Office Supply Store
- Paint & Wallpaper Store
- Pet Store
- Pharmacy Liability
- Plumbing Supplies Fixtures Store
- Scrap Metal Dealers
- Sewing Store
- Shoe Store
- Sporting Goods Store
- Stationary Store
- Thrift Store
- Ticket Agency
- Tobacco Store
- Toy Store
- Travel Agency
- Vending Machine Operators
- Wig Store
Retail stores are susceptible to premises liability claims because of customer traffic, but large department and specialty stores are more susceptible than most.
All retail stores have significant property exposures. The on-hand stock represents a considerable investment, but the amount on hand fluctuates seasonally. For this reason, physical damage insurance on this property must be arranged carefully. When the insured occupies a non-owned building, insurance coverage must be arranged for the insured's interest in extensive improvements and betterments made to the premises.
Crime insurance, in the form of employee theft and money and securities coverage, is also very important.
The businessowners policy was designed with retail exposures and operations in mind. For this reason alone, it should always be the first type of package coverage to consider. However, for those risks not eligible for the business owners policy program, the commercial package policy (CPP) is a practical and convenient way to combine a number of coverages into one policy.
Retail businesses generate income through interaction with customers. This interaction is also how a customer can sustain an injury and then sue the retailer for damages. Hazards, exposures and operations both on premises and off are important and must be covered, but liability the retailer may incur because of the merchandise sold must also be considered and insurance protection arranged.
Inventory or stock is the major property exposure for most retail operations. Because stock values tend to fluctuate or have significant peaks at certain times of the year, value reporting or peak season valuation options should be considered. Business income coverage, including business income from dependent properties coverage, may mean the difference between a retail operation staying in business or being forced into bankruptcy following a loss.
When the insured occupies a non-owned building, insurance coverage must be arranged for the insured’s interest in extensive improvements and betterments made to the premises.
Most retail businesses offer endless opportunities for a variety of criminal activities. For this reason, the coverages needed must be carefully evaluated. Holdup and robbery losses may be the most obvious concerns but employee theft, fraud and counterfeit money losses are also serious issues that cannot be dismissed.
Retail businesses are gaining greater exposure to international issues because of the growth in sales via the internet. As these sales increase, the added exposures faced by these retailers must be evaluated. While their operating horizons are expanding so are their potential loss exposures.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Equipment Breakdown, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Computer Fraud, Forgery, Bailees Customers, Goods in Transit, Jewelers Block, Cyber Liability, Employment-related Practices, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Arkansas Pet Store insurance quote in Alexander and Pottsville, Alma, Arkadelphia, Ashdown, Austin, Barling, Batesville, Beebe, Bella Vista, Benton, Bentonville, Berryville, Blytheville, Booneville, Brookland, Bryant, Cabot, Camden, Cave Springs, Centerton, Clarksville, Conway, Crossett, Dardanelle, De Queen, Dumas, East End, El Dorado, Elkins, Farmington, Fayetteville, Fordyce, Forrest City, Fort Smith, Gentry, Gibson, Gosnell, Gravette, Greenbrier, Greenwood, Harrison, Haskell and Cherokee Village, Heber Springs, Helena-West Helena, Hope, Hot Springs, Hot Springs Village, Jacksonville, Johnson, Jonesboro, Landmark, Little Rock, Lonoke, Lowell, Magnolia, Malvern, Manila, Marianna, Marion, Maumelle, McGehee, Mena, Monticello, Morrilton and Pocahontas, Mountain Home, Nashville, Newport, North Little Rock, Osceola, Ozark, Paragould, Paris, Pea Ridge, Piggott, Pine Bluff, Piney, Prairie Grove, Rockwell, Rogers, Russellville, Searcy, Shannon Hills, Sheridan, Sherwood, Siloam Springs, Southside, Springdale, Stuttgart, Texarkana, Tontitown, Trumann, Van Buren, Vilonia, Waldron, Walnut Ridge, Ward, Warren, West Memphis, White Hall, Wynne and all other cities near me in AR - The Natural State.
Also find Arkansas insurance agents & brokers and learn about Arkansas small business insurance requirements for general liability, business property, commercial auto & workers compensation including AR business insurance costs. Call us (501) 261-6101.