Idaho Paint Wallpaper Store Insurance Policy Information
Idaho Paint Wallpaper Store Insurance. Paint stores sell all types of paints and supplies for interior and exterior use. They may sell other supplies for walls and floors, such as wallpaper, window treatments, glues, plaster, tile, or linoleum. Some offer interior design, painting, wallpapering, or flooring installation services, either through their own employees or through independent contractors. Some provide delivery service, especially if they sell primarily in bulk to contractors.
Decorative wallpaper and paint make it incredibly easy for homeowners to revamp their living spaces. This is why these products are in constant demand. As the owner of a company that services this niche, you'll want to have quality commercial insurance. Moreover, your business insurance package should be streamlined for meeting the unique needs of your store and your operations. This is why Idaho paint wallpaper store insurance is so important.
Idaho paint wallpaper 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 You Need Paint And Wallpaper Insurance ID
Your inventory likely represents the majority of your company's assets. As such, you'll need to have sufficient protection for your wares in the event of floods, fires, theft or other unexpected events. A comprehensive package will including building insurance for protecting the actual building structure in which your inventory is housed, contents insurance for protecting your inventory itself, and flood insurance, given that typical business insurance plans do not provide protection for flood events. Flood insurance can be bound specifically for the building, your contents, or for both. Keep in mind that if you only have building insurance, this policy will not guard you against any losses resulting from damaged or lost inventory that's housed within its structure.
Finding Business Insurance That Represents All Your Needs
Idaho paint wallpaper store insurance should do more than protect your inventory and your actual shop. It should also provide protection against liability and events that are directly related to your operations. For instance, you have to consider the possibility of customers or other store visitors suffering harm while on your property. You also have to think about the damages that can be sustained by people as the result of using your products. Other coverages to add to your business policy include:
- Pollution Liability: Given that you both stock and sell paints and other items that contain potentially hazardous chemicals, you will need this coverage in place to protect against any environmental harm that your goods may be responsible for. Having a feasible strategy for covering damages like these is a vital part of protecting your public image.
- Product Liability: Whether your goods wind up causing illness, property damage or physical injuries, you will want this insurance in place to protect you from the financial burden of legal fees and liability.
- Premises Liability: All store owners should have premises liability insurance. If a person slips, trips or falls while shopping in your store, this plan will cover the resulting legal and medical costs, among other things.
- Employment Practices Liability: You probably aren't running your store all on your own. Whenever you have paid employees in place, you'll need this coverage for protection against wrongful termination suits, sexual harassment and other illegal employment practices, whether these are intentional or a matter of oversight.
- Employee Dishonesty: There is always the potential of having a trusted employee violate your trust. You may have a worker embezzle funds from your organization or engage in other illegal practices that result in significant financial loss.
- Business Income Insurance: Should a covered event ever occur that brings your store to a temporary standstill, you can rely on this plan to provide with up to a full year's worth of income. For small and growing businesses, this coverage can mean the difference between having to close your doors after an unexpected loss and being able to keep your company afloat.
Idaho Paint And Walllpaper Store's Risks & Exposures
Premises liability exposure comes from slips and falls due to public access to the premises. Floor coverings must be in good condition with no frayed or worn spots on carpet and no cracks or holes in flooring. 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.
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.
Products liability exposure is very high if any lead paints are sold. Other products need proper warning labels regarding use and ventilation to prevent bodily injury from inhalation of vapors and fire. Foreign-made items should come from a domestic-based wholesaler. Any direct importer should be considered as a product manufacturer.
Environmental impairment exposure comes from the potential for spilled paints, varnishes and shellacs. All disposal must meet EPA standards.
Workers compensation exposures come from lifting which can cause back injury, hernias, sprains, and strains, and also from slips and falls. 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. Stepladders should be available. Housekeeping in storage areas, especially during peak times, is vital in preventing trips and falls.
Employees mixing paint can incur lung- or breathing-related problems. Employees who paint or install wallcoverings can slip and fall at job sites, fall from heights, incur electrical burns from exposed wires, or work in poorly-ventilated areas. Drivers of delivery trucks can be injured in accidents.
Property exposures are normally high due to the flammability of paints, shellacs, varnishes, and aerosols. The paint may be latex, water-based or oil-based. Lead paints are government controlled and should no longer be available except in special circumstances. These must be labeled properly, stored in approved containers, and located in separate storage areas. The paint mixing operation needs to be adequately controlled to prevent spills. There should be no smoking on premises.
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, 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 deliveries are made, there will be a goods in transit exposure.
Commercial auto exposure can be high if delivery services are provided due to the potential for spillage. Drivers should have a valid license and acceptable MVR and be trained in handling unwieldy loads that may shift during transport. Vehicles must be regularly maintained with full documentation kept.
Coverage That You Absolutely Need
There are several forms of Idaho paint wallpaper store insurance that you might be required to have. For instance, depending upon the state in which your store is located, you may be legally required to have workers' compensation insurance. This cover will pay for the medical care that injured workers need after being harmed while on the job and it will additionally provide wage replacement for these individuals as well. If your store maintains its own fleet of automobiles, you'll also need commercial auto insurance that meets the minimum, local requirements for coverage.
Given the vast range of protections that may be essential for protecting your business, your products, your workers and the people who visit your store, it's important to work with a seasoned insurance agent. This professional can review your risk profile and can recommend the best options for your company according to his or her findings. This is important to do even if you already have commercial coverage in place. A thorough review of your current insurance portfolio could reveal critical vulnerabilities that might have a negative and lasting impact on the long-term health of your business.
Idaho Economic Data, Regulations And Limits On Commercial Insurance
If you are an entrepreneur, you need to have more than just high-quality products, great services, and a well-designed business model in order to achieve success. You also need to set up your operations in the right location.
It doesn't matter how high-quality your goods and services are, if your business is situated in a region that lacks the market you are trying to reach and doesn't have a strong workforce, chances are your company isn't going to succeed. Therefore, it's crucial to familiarize yourself with the economy of the state that you are thinking about starting a business in.
Whether you are considering establishing a startup in Idaho or you want to expand your existing operation by opening a subsidiary in the state, read on to learn more about Idaho's economic data.
Additionally we also provide a brief introduction to the commercial insurance policies you'll need to invest in.
Economic Trends For Business Owners In Idaho
The unemployment rate of a state is a good indicator of a state's economy. It indicates whether or not businesses are flourishing and if there are enough jobs to support the state.
As of December, 2019, the Bureau of Labor Statistics stated that the unemployment rate of Idaho was 2.9%, which was 0.6% lower than the national average, which was 3.5% at the same time. Throughout the course of 2019, the unemployment rate remained steady. According to economists, the rate of employment is expected to remain the steady in the upcoming years.
There are numerous locations in the state of Idaho that prove to offer a healthy environment for businesses. These locations include major cities and the suburban regions that surrounded them, such as:
- Couer d'Alene
- Idaho Falls
- Twin Falls
While businesses of all sizes and in various industries do well in Idaho, there are certain sectors that tend to do better. The top industries in this state include:
- Agriculture, with some of the top products being dairy, trout, lamb, wool, craps, seeds, potatoes, and several other types of livestock.
- Food and beverage processing, including canning and freezing plants.
- Healthcare and Biosciences, including nursing, dental hygiene, and physical therapy.
- Hospitality and tourism, thanks to the numerous tourist attractions, including annual concerts, festivals, whitewater rafting, and skiing.
- Manufacturing, specifically of electrical equipment, computer equipment, fabricate metals, and chemicals.
Commercial Insurance Requirements In Idaho
The Idaho Department of Insurance regulates insurance in ID. Idaho mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Idaho requires you to have worker's compensation insurance if you hire even one employee on a regular basis - unless you are specifically exempt from the law. 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.
Idaho 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 Idaho Paint Wallpaper Store insurance quote in Aberdeen, American Falls, Ammon, Ashton, Bellevue, Blackfoot, Boise City, Bonners Ferry, Buhl, Burley, Caldwell, Cascade, Challis, Chubbuck, Coeur d'Alene, Cottonwood, Council, Dalton Gardens, Driggs, Eagle, Emmett, Filer, Fort Hall, Fruitland, Garden City, Genesee, Glenns Ferry, Gooding, Grace, Grangeville, Greenleaf, Groveland, Hailey, Hagerman, Hansen, Hayden, Heyburn, Hidden Springs, Homedale, Idaho Falls, Inkom, Iona, Jerome, Kamiah, Kellogg, Ketchum, Kimberly, Kootenai, Kuna, Lapwai, Lewiston, Lincoln, Malad City, Marsing, McCall, Meridian, Middleton, Montpelier, Moreland, Moscow, Mountain Home, Nampa, New Plymouth, Orofino, Osburn, Parma, Paul, Payette, Pinehurst, Plummer, Pocatello, Ponderay, Post Falls, Preston, Priest River, Rathdrum, Rexburg, Rigby, Riverside, Robie Creek, Rupert, Salmon, Sandpoint, Shelley, Shoshone, Soda Springs, Spirit Lake, St. Anthony, St. Maries, Star, Sugar City, Sun Valley, Troy, Twin Falls, Tyhee, Ucon, Victor, Weiser, Wendell, Wilder and all other cities near me in ID - The Gem State.
Also find Idaho insurance agents & brokers and learn about Idaho small business insurance requirements for general liability, business property, commercial auto & workers compensation including ID business insurance costs. Call us (208) 325-5655.