Buy Home Improvement Store Insurance

Home improvement store insurance is a type of liability insurance that covers home improvement stores against potential claims and lawsuits arising from damages caused by products sold at the store.

This insurance provides protection against claims related to property damage, personal injury, and product defects. It also covers legal expenses, settlements, and judgments, as well as the cost of defending against lawsuits.

This insurance is important for home improvement stores, as they are often held liable for damages caused by their products, even if they did not manufacture the products themselves.

The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small home improvement stores ranges from $57 to $79 per month based on location, size, payroll, sales and experience.

Home improvement stores need insurance to protect against potential losses and liabilities. These stores deal with a large volume of products, equipment, and customers, and any one of these elements can create a risk of liability or loss. Some common risks that home improvement stores may face include:

Property damage: The store building and its contents may be damaged due to natural disasters, theft, fire, or other events.

Product liability: If a product sold in the store causes harm to a customer, the store may be liable.

Employee injuries: Employees may be injured while working in the store, which could result in workers' compensation claims.

Customer injuries: Customers may slip, trip, or fall while shopping in the store, and the store may be held liable for their injuries.

Cyber attacks: Home improvement stores may store sensitive customer data, making them vulnerable to cyber attacks and data breaches.

Having insurance coverage can help home improvement stores manage these risks and protect their business from financial losses.

Due to various risks you might be exposed to, you need to choose multiple home improvement store insurance coverages. Consider the following home improvement store insurance:

Commercial General Liability - The insurance policy you purchase should have none of these excluded; products liability, completed operations and premises liability. Product liability is for damage from the goods you sold, while premises liability is for the injuries to customers in your store.

Completed operations entail coverage for the services you provide such as tile flooring or installing counter tops. General liability is an essential home improvement store insurance you should not be without.

Product Liability Insurance - Product liability should be included in your general liability policy - but be careful - many carriers exclude it by default. It protects you from either legal or medical cost since the products you sell can either cause loss or damage.

For instance, a consumer may purchase paint from your store that contains chemicals that could make a person ill. Even though you didn't manufacture the products, you might be drawn in on a lawsuit by the plaintiff's attorney for medical plus legal costs.

Commercial Auto - If you or your workers use personal vehicles for business operations, consider getting commercial auto insurance. This policy covers property damage, vehicle damage as well as body injury for any person in the car accident. Many home stores offer delivery and thus need commercial vehicle insurance.

Business Property - Business property insurance is imperative since accidents or some events could occur with little or no warning. Calamities such as flood, fire, natural disaster or severe weather conditions cause serious damage to your property.

When this happens, there is nothing you can do rather than wait until the repairs are complete. However, with the business property insurance, you can get help replacing the merchandise destroyed as well as having assistance make the repairs required. Note that flood is different policy not included on commercial property policies.

Cyber Liability Insurance - This home improvement store insurance policy will protect you against cyber crimes such as hackers who steal customer financial information, a person paying for goods with stolen debit cards or getting a virus on your site. All of these crimes plus others are covered by the cyber liability insurance.

Workers Compensation - Your employees are putting themselves at risk with the products you sell such as; box cutters, lifting heavy machines or get injured while stocking shelves. Most states require you have workers comp for any non partner or owner employees.

This policy will assist in paying for medical costs for your workers if they come across work related injury. For example, if an employee is stocking shelves with the gardening supplies and a tool falls on him or her causing a body injury, workers comp pays for all the medical care they need. If they're unable to work, it covers lost wages.

Crime Insurance - Crimes such as vandalism, theft and shoplifting can affect your cost of doing business and income. While you cannot totally prevent them from happening, you can protect your store with the crime insurance coverage.

Commercial crime helps manage the loss exposures and replace merchandise or money that was stolen and/or damaged during the event of a crime.

Home improvement stores can be sued for a variety of reasons, including but not limited to:

• Slip and fall accidents: Customers may slip and fall on a wet or slippery floor, or on a piece of debris left on the floor. In such cases, the store may be held liable for the injuries sustained by the customer.
• Product liability: Home improvement stores sell a wide range of products, including power tools, building materials, and electrical equipment. If any of these products are defective and cause harm or injury to the customer, the store may be sued for product liability.
• Negligence: Home improvement stores have a duty of care to ensure the safety of their customers. If they fail to fulfill this duty of care and a customer is injured as a result, the store may be held liable for negligence.
• Contract disputes: Home improvement stores often engage in contracts with customers for the sale and installation of home improvement products. If there is a breach of contract, the customer may sue the store for damages.

Insurance can help protect home improvement stores from lawsuits by providing coverage for:

General liability: This type of insurance provides coverage for slip and fall accidents, property damage, and bodily injury claims. If a customer is injured on the store's premises, general liability insurance can help cover the costs of medical expenses, legal fees, and other damages.

Product liability: This type of insurance provides coverage for claims arising from defective products sold by the store. If a customer is injured by a defective product, product liability insurance can help cover the costs of legal fees, settlements, and judgments.

Professional liability: This type of insurance provides coverage for claims arising from professional errors or negligence. If a store employee makes a mistake during the installation of a product, professional liability insurance can help cover the costs of legal fees and settlements.

Contract liability: This type of insurance provides coverage for claims arising from breach of contract. If a customer sues the store for breach of contract, contract liability insurance can help cover the costs of legal fees, settlements, and judgments.

Overall, insurance provides a critical layer of protection for home improvement stores, as it helps cover the costs of legal fees, settlements, and judgments in the event of a lawsuit. Without insurance, home improvement stores could face significant financial losses and damage to their reputation.