Army Navy Surplus Store Insurance Ohio Policy Information
Army Navy Surplus Store Insurance Ohio. Army-navy surplus stores sell military surplus equipment or (more commonly these days) military-grade equipment produced for civilian purposes, such as camouflage clothing, military boots, camping gear, backpacks, and binoculars.
Army and Navy surplus stores sell a variety of military-related items to the general public, including clothing items such as boots, camouflage gear, helmets, insignia, jackets, and uniforms, or items used for camping and other outdoor activities.
The items may be excess over what the military needs, may be items replaced by updated versions, or may be past their "use by" date. Surplus stores stock novelty items like T-shirts, playing cards, mugs, watches, and lighters.
Weaponry sold is limited to close combat items like bayonets, knives, and machetes. While rifle cases and gun holsters may be sold, firearms and ammunition are not.
While there is no doubt that army-navy surplus stores play an important role in the survival and hunting industry, and these stores can be very successful, no business owner wants all the hard work they put into building a thriving store with a loyal customer base to be lost to unforeseen circumstances.
That is why it is crucial to take steps to protect your business - and insurance is a big part of that.
What types of Army Navy surplus store insurance Ohio coverage are needed? Keep reading to discover more.
Army Navy surplus store insurance Ohio protects your military-related shop from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Why Do Ohio Army Navy Surplus Stores Need Insurance?
Your business isn't like any other, but army-navy surplus stores do face some of the same risks as any other commercial venture. There are plenty of reasons to carefully evaluate your insurance needs, legal requirements and obtaining loans among them.
The fact that carrying the right insurance can save your OH army-navy surplus store from financial ruin is one of the more compelling reasons to go above and beyond with your coverage, however.
Like any other business, your store could be struck by an act of nature - a hailstorm or lightning strike, or even an earthquake, hurricane, or wildfire - at virtually any time, inflicting severe damage on the building and your inventory. Robberies, thefts, and acts of vandalism might all have the potential to lead to serious losses as well.
If someone - whether a vendor, a customer, or even an employee - were to fall, trip, or otherwise be injured on your premises, you can expect a huge bill. Even accidentally using an image that wasn't in the public domain on your website can lead to a lawsuit, and speaking of websites, cyber criminals may target your online store and steal customers' sensitive data, or even access your bank accounts.
These worst-cases scenarios may never come to pass, but because they can, it is crucial to be prepared with the right Army Navy surplus store insurance Ohio plan. Taking your insurance needs seriously could save your business one day.
What Type Of Insurance Do OH Army Navy Surplus Stores Need?
The policies that will offer you the protection you need, and the insurance company you should partner with, depend on the factors that make your army-navy store unique.
Variables that include the location of your OH store, how many employees you have, the type of equipment you sell, and the size of your business will determine what types of coverage you should opt for. Because the process of obtaining the right insurance can be challenging to navigate, it is crucial to consult an experience commercial insurance broker.
With that in mind, here is a glimpse at the most important types of Army Navy surplus store insurance Ohio:
- Commercial Property: This form of insurance is designed to protect you from financial losses associated with perils that damage your building and its contents - like acts of nature, theft, vandalism, and fire. Army-navy stores will need property insurance whether their store is owned or rented.
- Commercial General Liability: Whether someone gets injured on your premises or one of your employees accidentally damages a neighboring property while unloading a shipment, it is all too easy to find yourself facing a third party personal injury or property damage claim. This type of coverage helps you pay for your legal costs.
- Product Liability: This type of insurance exists to protect you from the costs that might arise from claims that any product you sold caused harm to a third party, as well as in cases of product recall. It is essential for any retail store.
- Workers Compensation: If an employee were to be injured in the workplace, this kind of Army Navy surplus store insurance Ohio will cover not just their medical bills but also any income they lose if they are rendered unable to return to work for a time.
These types of Army Navy surplus store insurance Ohio shield your shop from the financial consequences of many perils - but you may also need other kinds of coverage, such as commercial auto or crime insurance.
To make sure all your bases are covered, talk to a commercial insurance broker who is deeply familiar with the retail industry.
OH Army Navy Surplus Store's Risks & Exposures
Premises liability exposure is high due to the number of visitors to the store. To prevent slips and falls, there should be good lighting and adequate aisle space. All stock should be on sturdy shelves that are easily accessible to customers. The stock dropped on floors by customers must be retrieved promptly.
Floor coverings should be in good condition, no frayed or worn spots on carpet and no cracks or holes in flooring. Steps and uneven floor surfaces should be prominently marked. Enough exits must be provided and be well marked, with backup lighting systems in case of power failure.
Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls. If the business is open after dark, there should be adequate lighting and appropriate security for the area. There should be a disaster plan in place for unexpected emergencies.
Personal injury exposures include allegations of discrimination, invasion of privacy in dressing rooms and from apprehending and detaining shoplifters, which may result in claims of assault and battery, false arrest or detention, unauthorized or intrusive searches, or wrongful ejection from the premises.
Shoplifting procedures must be fully understood and utilized by all employees.
Products liability exposure is limited unless there is reconditioning, repair of items or direct importing of foreign-made equipment. In any of these cases, the retailer can assume the responsibility of a manufacturer. Foreign-made items should come from a domestic-based wholesaler.
Workers compensation exposure is moderate due to employees standing for long hours, the use of computers, and restocking which requires lifting and placing items on clothing rods or on shelves. Continual standing can result in musculoskeletal disorders of the back, legs, or feet. Trips, slips, and falls are common.
When work is done on computers, employees are exposed to eyestrain, neck strain, and repetitive motion injuries including carpal tunnel syndrome. Lifting can cause back injury, hernias, sprains, and strains. Employees should be provided with safety equipment, trained on proper handling techniques, and have conveying devices available to assist with heavy lifting.
Cleaning workers can develop respiratory ailments or contact dermatitis from working with chemicals. In any retail business, hold-ups may occur. Employees should be trained to respond in a prescribed manner.
Property exposures are moderate due to the value and combustibility of stock and its packaging materials. Ignition sources are limited to electrical wiring and heating and cooling systems. All wiring should be well maintained and meet current codes for the occupancy.
Aerosols and plastics add to the fire potential. Any down-filled or fabric items are highly susceptible to damage from water, smoke, and fire. Theft can be a concern because of the street market for higher-valued items.
Appropriate security measures should be present, including physical barriers to prevent entrance to the premises after hours and an alarm system that reports directly to a central station or the police department.
Business interruption exposures are moderate as backup facilities are readily available and sales are not particularly seasonal.
Crime exposures are from employee dishonesty and theft of money and securities from holdup or safe burglary. Background checks should be conducted on all employees handling money. There must be a separation of duties between persons handling deposits and disbursements and reconciling 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, computers to transact sales and monitor inventory, and valuable papers and records for vendors' and customers' information. Backup copies of all records, including computer files, should be made and stored off premises.
Business auto exposure is generally limited to hired and non-owned liability for employees running errands.
Army Navy Surplus Store Insurance Ohio - The Bottom Line
To protect your business, employees and customers, having the right Army Navy surplus store insurance Ohio coverage is vital. To see what policies are available to you, how much coverage you should have and the cost - speak to a reputable commercial insurance agent.
Ohio Economic Data, Regulations & Commercial Insurance Minimum Requirements
If you're an entrepreneur, you know how important it is to research the location where you plan on setting up shop. No matter how how-quality and valuable the products and/or services your business offers may be, if you're situated in an area that isn't suitable for your operation (the wrong target demographic, a poor market, etc.), you just aren't going to achieve the success that you're hoping for.
If you're considering Ohio for your headquarters or for a new branch of your business, you definitely want to take the time to research the area before you set up shop. Below, we'll take a look at the economic trends of the Buckeye State, including employment rates and key industries that are thriving in the area. We'll also highlight some of the key forms of commercial insurance business owners need to carry when operating in Ohio.
Economic Trends for Business Owners In Ohio
The Buckeye State has seen a marked increase in job growth, which is indicated by the record low unemployment rate. According to the Ohio Department of Job and Family Services, as of April, 2021, the rate of unemployment was 4.3 percent; the lowest it's been in more than 18 years. In April the previous year, the rate was 4.6 percent, a difference of .03 percent in 1 year; however, and more notably, the rate has dropped .01 percent in just one month, as it was 4.4 percent in March, 2021. July, 2001 was the last time Ohio saw such a low level of unemployment, when the rate was 4.2 percent.
In January, 2010, the rate was an astounding 11.1 percent, so it's safe to say that there has been a definite decrease in the number of jobless people in the Buckeye State, which is a strong indication of the overall economy of the state.
The greater Cincinnati area is one of the best places for businesses in Ohio, where smaller cities are seeing the largest growth. Examples include Blue Ash, Beachwood, Independence, Sharonville, and Springdale. Industries that are thriving in Ohio include:
- Advanced Energy and Environmental Technologies
- Aerospace and Aviation
- Information Technology
- Logistics and Distribution
- Oil and Gas
Business Insurance Regulations In OH
The Ohio Department of Insurance regulates insurance in Ohio. Certain policies are mandated in Ohio, meaning business owners must carry specific types of coverage. Business owners can protect themselves, the customers they serve, the vendors they work with, and their workers from various risks by investing in the right type of insurance coverage. Coverages that are required include:
Workers Compensation - Most Ohio businesses with employees are required to pay for workers comp. If your OH business has just one employee, you're probably required to carry workers' compensation insurance. In Ohio, workers' compensation insurance is provided through the state - rather than through private insurance companies.
Other forms of insurance that business owners may be required by contract or municipality. The amount of coverage business owners need to carry for each policy vary and depend on a variety of factors, including the size of the operation, the number of employees, and the nature of operations.
Additional Resources 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
- Antique Dealers
- Appliance & Electronics Store
- Army Navy Surplus Stores
- Art Dealers
- Art Gallery
- Arts & Crafts Supply Stores
- Bicycle Shop
- Boat Dealers
- Book Store
- Bridal Shop
- Candy Confectionery Store
- Carpet Store
- Cell Phone Stores
- Clothing Store
- Collectibles Memorabilia Store
- Consignment Stores
- Convenience Store
- Cosmetics Store
- Costume Stores
- Dry Cleaning
- Embroidery Services
- Equipment Rental
- Fabric Stores
- Fish Markets
- Flea Markets
- Funeral Home
- Furniture Store
- Gift Store
- Greeting Card Stores
- Hardware Store
- Harness & Saddle Shops
- Home Improvement Store
- Infant, Baby & Children's Clothing Stores
- Jewelry Store
- Lamp Stores
- Lingerie Store
- Luggage Store
- Meat Market & Butcher Shop
- Men's Clothing Stores
- Music Store
- Office Supply Store
- Paint & Wallpaper Store
- Pawn Shop
- Pet Store
- Pharmacy Liability
- Plumbing Supplies Fixtures Store
- Poultry Dealers
- Rent To Own Stores
- Scrap Metal Dealers
- Sewing Store
- Shoe Store
- Sporting Goods Store
- Stationary Store
- Thrift Store
- Ticket Agency
- Tire Store
- Tobacco Store
- Toy Store
- Travel Agency
- Trophy Stores
- Tuxedo And Formal Wear Rental Store
- Vending Machine Operators
- Wig Store
- Women's Clothing Stores
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.
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Also find Ohio insurance agents & brokers and learn about Ohio small business insurance requirements for general liability, business property, commercial auto & workers compensation including OH business insurance costs. Call us (614) 407-1774.