Lamp Store Insurance Policy Information
Lamp Store Insurance. Lamps and other lighting fixtures play an indispensable role within private residences, public buildings, and commercial premises.
Lamp stores sell floor lamps, table lamps, ceiling lights, ceiling fans, outdoor lighting units, lampshades, and related items. Some offer delivery and installation services. Others contract these with an electrical contractor.
The store may be independent or part of a regional or national chain that sells items online as well as in stores.
In addition to providing light, they also make an essential contribution to the ambiance of any space. Lamp stores specialize in offering diverse types of lamps, such as floor lamps and table lamps, as well as lamp shades and fittings.
Because lighting is universally essential, these businesses - which now often operate ecommerce spaces as well as physical stores - can unquestionably thrive. Lamp stores can also, on the other hand, fall victim to a wide variety of serious perils that could threaten their financial future at any time.
Investing in a comprehensive lamp store insurance plan is vital for that reason. Whether you already own and operate a lamp store or are considering taking this step, learning what types of insurance are most important within this branch of commerce can save your business.
Keep reading to find out what kinds of coverage lamp stores should always carry.
Lamp store insurance protects your 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 lamp store insurance questions:
- How Much Does Lamp Store Insurance Cost?
- Why Do Lamp Stores Need Insurance?
- What Type Of Insurance Do Lamp Stores Need?
How Much Does Lamp Store Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for lamp stores ranges from $37 to $59 per month based on location, size, revenue, claims history and more.
Why Do Lamp Stores Need Insurance?
Lamp stores need insurance not only because certain types of coverage will be mandated, but also because the hazards they face could, at virtually any time, transform from worry to reality.
Lamp stores are vulnerable to both universal and industry-specific risks, and without adequate insurance in place, the consequences could be devastating.
Acts of nature such as wildfires, earthquakes, and tornadoes could cause massive damage to your building and inventory. Burglary, employee fraud, vandalism, and accidents that lead to unintentional fires are further examples of serious threats.
Employees may become injured within any retail setting, and the same holds true for customers and others who frequent your premises. Not only are the liability risks associated with such events considerable, end consumers or others could also potentially be hurt when a lighting fixture you have sold malfunctions. Time-consuming and extremely costly litigation is nearly inevitable in these cases.
Equipped with a well-crafted lamp store insurance plan, these shops can brave these challenges without suffering long-term financial hardship. The right insurance offers the peace of mind you need to concentrate on growing your store without unnecessary worries.
What Type Of Insurance Do Lamp Stores Need?
A lamp store's precise insurance needs will be influenced by the same factors that make a particular business unique.
The exact nature of the commodities you sell, the jurisdiction within which your store is based, the size of your business, and your number of employees are merely examples of factors that will influence the kinds of coverage you should invest in.
For this reason, it is essential to have an in-depth consultation with a reputable commercial insurance broker. Meanwhile, among the types of lamp store insurance coverages required are:
- Commercial Property: This form of insurance is designed to shield your lamp stores the financial consequences of perils such as natural disasters, fires, theft, and vandalism. Your building and the assets within are both covered, and your insurer will fund repair and replacement costs up to the predefined limit you selected. Businesses will additionally want to purchase flood insurance, as this does not fall under most commercial property insurance plans.
- Commercial General Liability: As a business owner, you always hope that your company's activities will never damage property belonging to third parties, or lead to injuries of any type. Should you find yourself facing third party bodily injury or property damage claims, however, this crucial form of lamp store insurance will cover a majority of your legal costs.
- Product Liability: Because commercial general liability insurance does not cover personal injury or property damage claims that pertain to the products you sell after they leave your care, lamp stores should also invest in product liability insurance. This form of coverage also takes care of expenses related to any product recalls, such as when the manufacturer of lamps you carry discovers a dangerous flaw.
- Workers Compensation: Even in the least hazardous occupations, employees may become injured at work due to accidents or negligence. If this were to happen within your lamp store, workers comp would cover the injured employee's medical costs as well as any wages they miss out on if they cannot return to work for a time.
These important types of lamp store insurance will defend against the fiscal consequences of the most common perils. However, your store may require additional coverage.
Discuss your risk profile with a competent commercial insurance broker specializing in retail to make sure you are fully covered.
Lamp 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 goods should be kept on easily reached shelves so customers do not pull items down on themselves. Shattered glass from broken items must be cleaned up quickly.
Flooring 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. There should be a disaster plan in place for unexpected emergencies.
If delivery and installation services are offered, customers' premises may be damaged. If the store recommends independent contractors, certificates of insurance should be maintained to verify that the contractors carry adequate limits of liability.
Personal injury exposures include allegations of discrimination 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 normally low unless there is direct import of the products. Foreign-made items should come from a domestic-based wholesaler. Any direct importer should be considered as a product manufacturer.
Workers compensation exposures are moderate due to employees standing for long hours, the use of computers, cuts, and punctures from broken glass, and restocking which requires lifting and placing items on shelves. Continual standing can result in musculoskeletal disorders of the back, legs, or feet.
Trips, slips, and falls are common, as are cuts and punctures from broken glass. 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, from slips and falls, and from cuts and eye injuries from glass breakage.
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.
Cleaning workers can develop respiratory ailments or contact dermatitis from working with chemicals. In any retail business, hold-ups are possible. Employees should be trained to respond in a prescribed manner.
Drivers of delivery trucks can be injured in accidents or fall on stairs or from tailgates. Installers can fall from heights, be injured by falling objects, or be electrocuted while working on wiring.
Property exposures are moderate due to the heavy electrical load from floor models being plugged into numerous outlets for display. Wiring must be up to date and meet current codes. Lamps are susceptible to water and fire damage. Packing materials may increase the fire load.
Breakage is a concern due to the fragility of lighting fixtures. High-value items may be targeted by thieves. Appropriate security measures must be taken, 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 exposure potential is moderate. While backup facilities are readily available, sales may peak at particular times during the year.
Crime exposures are from employee dishonesty and loss of money and securities either 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 customers' and vendors' information. Backup copies of all records, including computer files, should be made and stored off premises.
There may be goods in transit for deliveries to customers or between stores. Lamps are highly susceptible to damage by breakage and may be damaged by overturn or collision.
Business auto exposure may be limited to hired and non-owned liability for employees running errands. If delivery services are provided, all drivers should have a valid license and acceptable MVR. Vehicles must be regularly maintained with full documentation kept.
Commercial Insurance And Business Industry Classification
- SIC CODE: 5719 Miscellaneous Home Furnishings
- NAICS CODE: 442299 All Other Home Furnishing Stores
- Suggested ISO General Liability Code(s): 13351 Furniture Stores - Other Than Not-For-Profit, 13352 Furniture Stores - Not-For-Profit Only
- Suggested Workers Compensation Code(s): 8017 Store - Retail NOC
Description for 5719: Miscellaneous Home Furnishings
Division G: Retail Trade | Major Group 57: Home Furniture, Furnishings, And Equipment Stores | Industry Group 571: Home Furniture And Furnishings Stores
5719 Miscellaneous Home Furnishings: Establishments primarily engaged in the retail sale of miscellaneous home-furnishings, such as china, glassware, and metalware for kitchen and table use; bedding and linen; brooms and brushes; lamps and shades; mirrors and pictures; venetian blinds; and window shades. Establishments primarily engaged in the retail sale of miscellaneous home furnishings by house-to-house canvass or by party-plan merchandising are classified in Industry 5963.
- Aluminum ware stores-retail
- Bedding (sheets, blankets, spreads, and pillows)-retail
- China stores-retail
- Crockery stores-retail
- Cutlery stores-retail
- Enamelware stores-retail
- Fireplace screens and accessories-retail Fireplace stores-retail
- Glassware stores-retail
- Housewares stores-retail
- Kitchenware stores-retail
- Lamp and shade shops-retail
- Linen shops-retail
- Metalware stores-retail
- Pottery stores-retail
- Tinware stores-retail
- Venetian blind shops-retail
- Window shade shops-retail
- Wood-burning stoves-retail
Lamp Store Insurance - The Bottom Line
To protect your shop, employees and customers - having the right lamp store insurance coverage is essential. To go over the policy options available to you, how much coverage you should invest in and the premiums - speak to a reputable commercial insurance agent.
Types Of Small Business Insurance - Requirements & Regulations
Perhaps you have the next great idea for a product or service that you know will appeal to your local area. If you've got a business, you've got risks. Unexpected events and lawsuits can wipe out a business quickly, wasting all the time and money you've invested.
Operating a business is challenging enough without having to worry about suffering a significant financial loss due to unforeseen and unplanned circumstances. Small business insurance can protect your company from some of the more common losses experienced by business owners, such as property damage, business interruption, theft, liability, and employee injury.
Purchasing the appropriate commercial insurance coverage can make the difference between going out of business after a loss or recovering with minimal business interruption and financial impairment to your company's operations.
Insurance is so important to proper business function that both federal governments and state governments require companies to carry certain types. Thus, being properly insured also helps you protect your company by protecting it from government fines and penalties.
Small Business Insurance Information
In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.
The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.
Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.
According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage.
Types Of Small Business Insurance
Choosing the right type of coverage is absolutely vital. You've got plenty of options. Some you'll need. Some you won't. You should know what's available. Once you look over your options you'll need to conduct a thorough risk assessment. As you evaluate each type of insurance, ask yourself:
- What type of business am I running?
- What are common risks associated with this industry?
- Does this type of insurance cover a situation that could feasibly arise during the normal course of doing business?
- Does my state require me to carry this type of insurance?
- Does my lender or do any of my investors require me to carry this type of policy?
A licensed insurance agent or broker in your state can help you determine what kinds of coverages are prudent for your business types. If you find one licensed to sell multiple policies from multiple companies (independent agents) that person can often help you get the best insurance rates, too. Following is some information on some of the most common small business insurance policies:
|Business Insurance Policy Type||What Is Covered?|
|General Liability Insurance||What is covered under commercial general liability insurance? It steps in to pay claims when you lose a lawsuit with an injured customer, employee, or vendor. The injury could be physical, or it could be a financial loss based on advertising practices.|
|Workers Compensation Insurance||What is covered under workers compensation insurance? This type of insurance protects a business and its owner(s) from claims by employees who suffer a work-related injury, illness or disease. Workers comp typically provides the injured employee with benefits to cover medical expenses, a portion of his/her lost wages, rehabilitation costs if applicable, and permanent partial or permanent total disability.|
|Product Liability Insurance||What is covered under product liability insurance? I pays an injured party's settlement or lawsuit claim arising from a defective product. These are usually caused by design defects, manufacturing defects, or a failure to provide adequate warning or instructions as to how to safely use the product.|
|Commercial Property Insurance||What is covered under business property insurance? General liability policies don't cover damages to your business property. That's what commercial property insurance is for. It protects all of the physical parts of your business: your building, your inventory, and your equipment, giving you the funds you need to replace them in the event of a disaster. If you work from home, you might consider a Home Based Business Insurance policy instead.|
|Business Owners Policy (BOP)||What is covered under a business owners policy (BOP)? This is a policy designed for small, low-risk businesses. It simplifies the basic insurance purchase process by combining general liability policies with business income and commercial property insurance.|
|Commercial Auto Insurance||What is covered under business auto insurance? This type of insurance covers automobiles being used for business purposes. This could include a fleet of business-only vehicles or a single company car. In some cases it might cover your car or your employee's car while they're being used for business. These policies have much higher limits, ensuring you can cover your costs if one of these vehicles gets into an accident.|
|Commercial Umbrella Policies||What is covered under commercial umbrella insurance? This type of policy is a sort of "gap" insurance. It covers your liability in the event that a court verdict or settlement exceeds your general liability policy limits.|
|Liquor Liability Insurance||What is covered under liquor liability insurance? It covers bodily injury or property damage caused by an intoxicated person who was served liquor by the policy holder.|
|Professional Liability (Errors & Omissions)||What is covered under professional liability insurance? This type of business insurance is also known as malpractice oe E&O. It covers the damages that can arise from major mistakes, especially in high-stakes professions where mistakes can be devastating.|
|Surety Bond||What is covered under surety bonds? Bonding is a contract where one party, the SURETY (who assures the obligee that the principal can perform the task), guarantees the performance of certain obligations of a second party, the PRINCIPAL (the contractor or business who will perform the contractual obligation), to a third party, the OBLIGEE (the project owner who is the recipient of an obligation).|
Who Needs General Liability Insurance? - Virtually every business. A single lawsuit or settlement could bankrupt your business five times over. You might also need this policy to win business. Many companies and government agencies won't do business with your company until you can produce proof that you've obtained one of these policies.
Business Insurance Required by Law
If you have any employees most states will require you to carry worker's compensation and unemployment insurance. Some states require you to insure yourself even if you are the only employee working in the business.
Your insurance agent can help you check applicable state laws so you can bring your business into compliance.
Other Types Of Small Business Insurance
There are dozens of other, more specialized forms of small business insurance capable of covering specific problems and risks. These forms of insurance include:
- Business Interruption Insurance
- Commercial Flood Insurance
- Contractor's Insurance
- Cyber Liability
- Data Breach
- Directors and Officers
- Employment Practices Liability
- Environmental or Pollution Liability
- Management Liability
- Sexual Misconduct Liability
Whether you need any or all of these policies will depend on the results of your risk assessment. For example, you probably don't need an environmental or pollution policy if you're running an IT company out of a leased office, but you would need data breach and cyber liability policies to fully protect your business.
Also learn about small business insurance requirements for general liability, business property, commercial auto & workers compensation including small business commercial insurance costs. Call us (855) 767-7828.
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.