Army Navy Surplus Store Insurance Policy Information
Army Navy Surplus Store Insurance. 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 coverage are needed? Keep reading to discover more.
Army Navy surplus store insurance protects your military-related shop from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Below are some answers to commonly asked Army Navy store insurance questions:
- What Is Army Navy Surplus Store Insurance?
- How Much Does Army Navy Surplus Store Insurance Cost?
- Why Do Army Navy Surplus Stores Need Insurance?
- What Type Of Insurance Do Army Navy Surplus Stores Need?
- What Does Army Navy Surplus Store Insurance Cover & Pay For?
What Is Army Navy Surplus Store Insurance?
Army Navy Surplus Store insurance is a type of insurance that is specifically designed for businesses that sell surplus military equipment and clothing. This type of insurance typically includes coverage for property damage, liability, and inventory loss.
It may also include coverage for theft, vandalism, and other risks specific to surplus stores. The specific coverage options and limits will vary depending on the insurance provider and the specific needs of the business.
How Much Does Army Navy Surplus Store Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small Army Navy surplus stores ranges from $37 to $59 per month based on location, size, revenue, claims history and more.
Why Do Army Navy Surplus Stores Need Insurance?
Army Navy surplus stores need insurance to protect themselves from potential losses or liabilities that may occur in the course of their business operations. These stores handle a variety of goods, including military equipment and clothing, which can be expensive and sensitive in nature.
Insurance coverage can protect the store against theft, damage, and other risks, ensuring that the store can continue to operate in the event of an unexpected event. Additionally, insurance can also protect the store from potential liability claims that may arise from customers or employees.
This can include claims related to injuries sustained on the store's property or from defective products. Overall, insurance is an essential component of any business, and army navy surplus stores are no exception.
What Type Of Insurance Do 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 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:
- 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 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 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.
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.
What Does Army Navy Surplus Store Insurance Cover & Pay For?
Here are some reasons why Army Navy surplus stores may be sued and how insurance can protect them.
Product Liability: If a customer purchases a product from an Army Navy surplus store, such as a military surplus jacket, and later suffers an injury due to a defect in the product, they may file a product liability lawsuit against the store. Insurance, such as product liability insurance, can help cover the costs of legal defense and potential damages awarded to the injured party.
Example: A customer purchases a pair of boots from an Army Navy surplus store, and the boots have a manufacturing defect that causes the customer to slip and fall, resulting in injuries. The customer files a lawsuit against the store for product liability, claiming that the defective boots caused their injuries. The store's product liability insurance can help cover the costs of defending against the lawsuit and paying any damages awarded to the customer.
Premises Liability: Army Navy surplus stores typically have physical retail locations where customers can browse and purchase products. If a customer or other third party suffers an injury while on the store's premises, they may file a premises liability lawsuit against the store. Insurance, such as general liability insurance, can help protect the store in such cases.
Example: A customer visits an Army Navy surplus store and slips on a wet floor, resulting in a broken arm. The customer files a premises liability lawsuit against the store, alleging that the store failed to maintain a safe environment for customers. The store's general liability insurance can help cover the costs of legal defense and potential damages awarded to the injured customer.
Employee Injury: If an employee of an Army Navy surplus store suffers an injury while performing their job duties, they may file a workers' compensation claim against the store. Workers' compensation insurance is typically required for businesses with employees and can provide coverage for medical expenses, lost wages, and other costs associated with work-related injuries.
Example: An employee of an Army Navy surplus store injures their back while lifting heavy boxes of inventory. The employee files a workers' compensation claim against the store, seeking coverage for medical treatment and lost wages. The store's workers' compensation insurance can help cover these costs and protect the store from financial loss.
Theft or Vandalism: Army Navy surplus stores may be at risk of theft or vandalism due to the valuable merchandise they carry, such as military surplus items. If the store experiences theft or vandalism resulting in loss of inventory or property damage, insurance, such as property insurance, can help cover the financial losses.
Example: A group of thieves breaks into an Army Navy surplus store during the night and steals a significant amount of merchandise, including military uniforms and equipment. The store files an insurance claim with their property insurance to recoup the financial loss of the stolen merchandise, and the insurance coverage helps the store recover the value of the stolen items.
It's important to note that insurance coverage and claim processes can vary depending on the specific policy and insurance provider. It's recommended that Army Navy surplus stores work with a qualified insurance professional to assess their risks and obtain appropriate insurance coverage tailored to their needs. In the event of a lawsuit, the store should promptly notify their insurance provider and follow the claim process outlined in their insurance policy to seek coverage for the legal expenses and potential damages.
Commercial Insurance And Business Industry Classification
- SIC CODE: 5999 Miscellaneous Retail Stores, Not Elsewhere Classified
- NAICS CODE: 452990 All Other General Merchandise Stores
- Suggested Workers Compensation Code(s): 8017 Store - Retail NOC
Description for 5999: Miscellaneous Retail Stores, Not Elsewhere Classified
Division G: Retail Trade | Major Group 59: Miscellaneous Retail | Industry Group 599: Retail Stores, Not Elsewhere Classified
5999 Miscellaneous Retail Stores, Not Elsewhere Classified: Establishments primarily engaged in the retail sale of specialized lines of merchandise, not elsewhere classified, such as artists' supplies; orthopedic and artificial limbs; rubber stamps; pets; religious goods; and monuments and tombstones. This industry also includes establishments primarily engaged in selling a general line of their own or consigned merchandise at retail on an auction basis. Establishments primarily engaged in auctioning tangible personal property of others on a contract or fee basis are classified in Services, Industry 7389.
- Architectural supplies-retail
- Art dealers-retail
- Artificial flowers-retail
- Artists' supply and material stores-retail
- Auction rooms (general merchandise)-retail
- Autograph and philatelist supply stores-retail
- Awning shops-retail
- Baby carriages-retail
- Banner shops-retail
- Cake decorating supplies-retail
- Candle shops-retail
- Coin shops-retail, except mail-order
- Cosmetics stores-retail
- Electric razor shops-retail
- Flag shops-retail
- Gem stones, rough-retail
- Gravestones, finished-retail
- Hearing aids-retail
- Hot tub-retail
- Ice dealers-retail
- Monuments, finished to custom order-retail
- Orthopedic and artificial limb stores-retail
- Pet food stores-retail
- Pet shops-retail
- Picture frames, ready-made-retail
- Police supply stores-retail
- Religious goods stores (other than books)-retail
- Rock and stone specimens-retail
- Rubber stamp stores-retail
- Sales barns-retail
- Stamps, philatelist-retail: except mail-order
- Stones, crystalline: rough-retail
- Swimming pools, home: not installed-retail
- Telephone stores-retail
- Tent shops-retail
- Trophy shops-retail
- Typewriter stores-retail
- Whirlpool baths-retail
Army Navy Surplus Store Insurance - The Bottom Line
To protect your business, employees and customers, having the right Army Navy surplus store insurance 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.
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
- Specialty Retail Stores
The retail industry is a vital sector of the economy, providing goods and services to consumers across the globe. It is also a sector that is constantly evolving, with new technologies and trends emerging on a regular basis.
Despite its importance, the retail industry is not without its risks. Retail businesses face a variety of threats, including theft, damage to property, and liability issues. These risks can have significant financial consequences for retail businesses, which is why commercial insurance is so important.
Insurance can provide retailers with protection against financial loss resulting from unforeseen events. For example, if a retail store is damaged by a natural disaster, insurance can help cover the cost of repairs and help the business get back on its feet. Similarly, if a retail employee is injured on the job, insurance can help cover their medical expenses and any lost wages.
In addition to protecting against financial loss, commercial insurance can also help retail businesses protect their reputation. If a retail business is sued or faces other legal challenges, insurance can provide financial support and legal representation. This can help to protect the business's reputation and maintain customer trust.
Overall, insurance is an essential component of a successful retail business. It helps to safeguard against financial loss and protect against potential legal challenges, which can be especially important for smaller businesses that may not have the resources to absorb these types of losses.
By investing in business insurance, retail businesses can ensure that they are well-equipped to handle the many challenges that come with operating in this dynamic industry.
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.