Trophy Store Insurance Montana Policy Information
Trophy Store Insurance Montana.Trophies are awarded for a wide variety of reasons - ranging from sporting events to "employee of the month" awards and graduation ceremonies. Anyone who is looking for the perfect custom trophy for their event will turn to a trophy store.
Trophy stores sell awards for sporting, scholastic, and other events, including cups, medals, plaques, and trophies. Items may be purchased ready for engraving or may be assembled from parts. Engraving may be done on premises to a customer's specifications or sent to an offsite vendor.
The store may be independent or part of a MT regional or national chain that sells athletic goods online as well as in stores.
If you own and operate a trophy store, you will unquestionably do everything in your power to ensure that your business runs smoothly and that your customers are satisfied. The risk that your business will be confronted with a mishap or even a catastrophe is, however, always present.
Should unforeseen circumstances arise, you can expect to be met with a significant financial burden. Investing in trophy store insurance Montana is the best way to protect your business - but what types of insurance are needed, and why? Read on to discover more.
Trophy store insurance Montana protects your shop from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Why Do Montana Trophy Stores Need Insurance?
Just like any other business, trophy stores are vulnerable to a range of hazards. Industry-specific risks and universal risks, which could impact any commercial venture, must both be considered as you investigate how you can shield your trophy store from financial losses.
Your store may be impacted by an act of nature - and both large-scale disasters such as earthquakes and wildfires, and more localized events like hailstorms or blizzards could inflict extensive property damage. Human acts like vandalism and theft pose other realistic threats, in addition to accidents.
An employee, customer, or vendor may be injured within your store due to accidents or maintenance oversights. A trophy you sold and customized may cause injury or property damage later on, and you could still be held responsible.
Essential and valuable equipment, like engraving machines, could suddenly break down and require repair or replacement.
All these scenarios share one common thread; they are associated with massive expenses, for which you will not have planned. Armed with trophy store insurance Montana, however, your shop will not be brought to the brink of bankruptcy.
Your insurer will cover the majority of your expenses, and your store can recover from the peril and thrive once more. This, in short, is why insurance is so important.
What Type Of Insurance Do MT Trophy Stores Need?
Every trophy store will have unique insurance needs. Variables such as your MT store's location, size, the equipment you use, and how many workers you have hired all impact the types of coverage you need to invest in to shield your business from financial loss.
For this reason, it is imperative that trophy store owners consult a skilled commercial insurance broker who is deeply familiar with their business. Meanwhile, among the core types of trophy store insurance Montana coverage needed are:
- Commercial Property: This type of insurance shields your business from the financial consequences of perils that lead to property damage, such as theft, fire, vandalism, and acts of nature. The building itself and its contents can both be covered, but note that flood insurance is sold as a separate policy.
- Commercial General Liability: Third party bodily injury and property damage claims, resulting from mishaps within your store or due to your company's actions, are realistic threats. Commercial general liability insurance will cover your legal defense expenses, such as attorney fees and settlement costs.
- Product Liability: This form of trophy store insurance Montana is essential, because if a trophy you sell causes injury to third parties, even long after the sale, you may face a lawsuit. Product liability coverage serves the same purpose as general liability coverage, but for your trophies and related goods.
- Equipment Breakdown: Engraving equipment, HVAC systems, and security systems are some examples of valuable equipment that you can decide to insure. Should an covered item of equipment require repair or even replacement, you will not have to worry about funding this yourself.
- Workers Compensation: This form of insurance is usually required if you have employees. In the event that an employee sustains an injury or occupational illness (such as due to dust exposure) over the course of their professional duties, this type of coverage takes care of their medical expenses as well as any wages they lose due to work absences.
These types of trophy store insurance Montana will protect your shop from many common perils - but because you may need further kinds of coverage, it is essential to sit down with a commercial insurance broker and discuss your individual circumstances.
MT Trophy Store's Risks & Exposures
Premises liability exposure is moderate. While customers visit the store, their numbers tend to be limited. 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.
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. 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 vendors provide services, the store should require certificates of insurance verifying appropriate 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 limited unless parts are directly imported, which can result in the retailer assuming the legal liability of a manufacturer. Foreign-made items should come from a domestic-based wholesaler. Awards that are manufactured or assembled must be inspected to be sure there are no sharp edges or loose parts.
Workers compensation exposure is moderate due to employees standing for long hours, assembling trophies, the use of computers, and restocking which requires lifting and placing items on shelves. Continual standing can result in musculoskeletal disorders of the back, legs, or feet.
Equipment used in manufacturing and assembling operations should be appropriately maintained to prevent injury. 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 can occur. Employees should be trained to respond in a prescribed manner.
Property exposures can be high due to the machinery and equipment used to make, assemble, and engrave trophies, plaques, and other awards. Electrical wiring must be well maintained and meet current codes for the occupancy. Wood parts may be cut from larger boards, varnished and assembled into trophies.
Flammable paints and solvents should be stored away from stock. Business interruption exposures are moderate. While backup facilities are readily available, sales may peak with a particular sport's season.
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 a separation of duties between persons handling deposits and disbursements and reconciling bank statements.
Inland marine exposures are from accounts receivable if the store offers credit, bailees customers if the store accepts customers' items for repair, 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. If there are owned vehicles, all drivers must have a valid license and acceptable MVR. Vehicles should have regular maintenance with records kept.
Trophy Store Insurance Montana - The Bottom Line
To protect your shop, employees customers, having the right trophy store insurance Montana coverage is essential. To go over the policy options available to you, how much coverage you should have and the cost - speak to a reputable commercial insurance broker.
Montana Economic Data, Regulations And Limits On Commercial Insurance
Thinking about starting a new business? Already own a successful business and want to expand your operations? Whatever the case may be, if you want to experience as much success as possible, you are going to want to ensure you choose the best possible location for your specific industry.
No matter how outstanding your goods and services may be, if the area where your business is located doesn't offer a healthy climate that will support your company, chances are you'll struggle to succeed.
If you are thinking about opening up a business in Montana, being familiar with the state's economic trends can help you determine if it's a good location for you. It's also wise to know what type of insurance you'll need to invest in so that you can plan ahead.
With that said, below, we provide an overview of the economic trends in the state of Montana, as well as the commercial insurance requirements for business owners in the Treasure State.
Economic Trends For Business Owners In Montana
As of December, 2019, the Bureau of Labor Statistics reported that the unemployment rate in the state of Montana was 3.4%; that's 0.1% lower than the national average, which was 3.5% at the same time. This rate remained steady throughout the entire 2019 fiscal year, and it is expected to either continue remaining steady or improve in coming years, according to economists.
Unemployment rate is a vital statistic for business owners, as it indicates the job market of a location, which is a strong determining factor in the success of businesses in the region.
There are several areas throughout the state of Montana that are seeing economic booms and where businesses are flourishing. Among those locations include the following cities and the areas that surround them:
- Great Falls
Several industries are seeing substantial growth in MT; however, there are particular sectors that are really thriving in Montana. Among those sectors include:
- Advanced manufacturing
- Hospitality and tourism
- Information technology
- Oil and gas production
- Retail development
If you are considering opening a business in any of the above-mentioned areas, your chances of success in Montana are favorable.
Commercial Insurance Requirements In Montana
The Office of the Montana State Auditor, Commissioner of Securities and Insurance regulates insurance in MT. Montana mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Montana requires you to have worker's compensation insurance if you hire even one employee on a regular basis. 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.
Montana 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 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 MT local small businesses by General Liability Class Code and learn about Montana small business insurance requirements for general liability, business property, commercial auto & workers compensation including MT business insurance costs. Call us (406) 637-8400.