Utah Pet Store Insurance Policy Information
Utah Pet Store Insurance. Pet stores sell pets and related supplies including pet food, collars, leashes, habitats, clothing and pet toys. Some offer animals such as cats or dogs, while other offer more exotic animals, such as rare birds, rodents, fish, spiders and snakes. Related services that may be offered include kenneling, grooming, and veterinary care. Some pet stores offer adoption programs in conjunction with local animal shelters or sponsor exhibitions or competitions.
You've chosen a truly special industry, one that supports and nurtures the joy and companionship of pet ownership. Through your pet store business, your customers trust you to provide them with safe products and responsible grooming services that leave everyone happy and healthy. But your pet store gets its the life from something else. The pets themselves.
And while pets give a certain magic to the pet store environment, they also add a lot of complexity and a significant amount of risk. The injury or death of one of the pets can be tragic and costly, putting your pet store business at great risk for survival. This makes Utah pet store insurance a huge necessity for your business.
Utah pet 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 Do You Need Pet Store Insurance?
Utah pet store insurance offers protection from a wide range of risks and exposures that could potentially impact your business and ability to operate. It's essential to ensure you have the right protection in place to safeguard the pets, buildings, contents, stock as well as your liability towards staff, customers and suppliers. Without the right coverage in place, you may be personally liable for accidents that occur, which could also jeopardize the future of your business.
Types Of Pet Store Insurance?
General Liability: UT pet store owners purchase this insurance to provide coverage for legal hassles due to claims by customers. This policy protect against payments as the result of bodily injury as well as property damage. If someone tripped over spilt animal feed in your shop and claimed compensation for their injury, Utah pet store insurance pays for medical expenses, lawsuit defense costs, and settlement bonds or judgements during an appeal procedure.
Another example, let's say that one day a customer is in your store for a routine visit. The night before the visit, your cleaning crew left a very slippery floor and didn't use non-skid wax. The customer is walking around your premises when they suddenly trip and fall. General Liability Insurance will pay for legal defense if the customer decided to bring a lawsuit against you for their injuries.
Business Property: Research places the average cost of fire for small businesses at $35,000. If you do not have this kind of cash lying around, property insurance is a no-brainer. If certain disasters and weather events strike, Utah pet store insurance will cover the cost of making repairs and replacement to your property. Burglary is yet another common pet store claim, so chances are you need the coverage commercial property offers.
Inland Marine: This protects you against losses related to animal mortality. A broker can help you determine whether this coverage is a good fit for you, as may be the case if you keep highly valuable breeds.
Bailee Insurance: If your pet store offers veterinary, grooming or kenneling services, you need Bailee insurance. This Utah pet store insurance provides coverage for pets belonging to other people but left in your care, custody or control.
UT Commercial Auto: Driving for business is riskier than personal auto use - especially if it requires picking up or delivering pets or expensive products.
Worker's Compensation: Worker's compensation is required in most states for any non-owner employees and is an important Utah pet store insurance policy for pet shops to have. Your employees are at risk of falling inside the shop or getting injured by your pets. If they get a work-related injury, the diagnosis and treatment will be covered by worker's compensation insurance. The policy also covers recovery, physical therapy, and any lost income while they are out of work.
Commercial Flood Insurance: Business insurance policies don't include coverage for damages caused by floods. Because floodwaters can cause extensive damage, it is important that you look into supplementing your policy with commercial flood insurance if you are in or near a flood zone.
Utah Pet Shop's Risks & Exposures
Animal mortality exposure is unique to pet stores and pet care operations. Animals can escape, be injured by employees, customers or other animals, or contract disease. Others need controlled environments, such as tropical fish, that require backup power facilities should power outages occur.
Premises liability exposure comes from slips and falls due to public access to the premises. Aisles must be adequate and free of debris with flooring in good condition with no frayed or worn spots on carpet and no cracks or holes in flooring. Pet "accidents" must be quickly cleaned up to prevent slips and falls. 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.
All goods should be kept on easily reached shelves so that customers do not pull down items on themselves. Interaction of the store's pets offered for sale and customers can create injury due to bites, pecks, or scratches. In addition, some stores encourage owners to bring their animals to the premises, which increases liability if not well controlled. Visiting animals should be leashed and remain with their owners at all times. Pet grooming, kenneling and veterinary care will increase the number of visitors.
Animal rights demonstrations may be a concern if the store sells puppies, particularly when the animals are purchased through "puppy mills."
Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slip and fall. If the business is open after dark, there should be adequate lighting and appropriate security for the area.
Personal injury exposures are from apprehending and detaining shoplifters. Shoplifting procedures must be fully understood and utilized by all employees.
Products liability exposure is normally low unless animals, pet food and supplies are imported. These should come from a domestic-based wholesaler. Professional services must be carefully evaluated as any injury or loss to a high-value animal may result in expensive claims. It is important to remember that death or damage to pets are not bodily injury claims, but are property damage claims.
Workers compensation exposure is from lifting which can cause back injury, hernia, sprains, and strains, and from slips and falls. Employees have animal-related exposures including bites, pecks, scratches, and diseases that may be transmitted to humans. 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.
Housekeeping in storage areas, especially during peak times, is vital to prevent trips and falls. As with any retail operation, hold-ups may occur. Employees should be trained to respond in a prescribed manner. Drivers of delivery trucks can be injured in accidents.
Property exposure ignition sources are generally limited to electrical wiring and heating and cooling systems. Animal stock is sensitive to fire, smoke, and water. Should even a small fire occur, the store could incur a large loss if the animals or fish must be destroyed. Other than the animals, the stock is not highly damageable. The theft exposure is limited unless the shop deals in rare or specialty items.
Business interruption is a concern because sales may peak at particular times during the year and sought after items and some types of animals may not be quickly replaceable.
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, bailees customers if the store offers grooming or kenneling services for customers' animals, 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 the store attends exhibitions or sponsors events, there may be a goods in transit exposure.
Business auto exposure is generally limited to hired and non-owned for employees running errands. If the pet store offers pickup or delivery of animals for services such as pet grooming or veterinary care, anyone who uses a vehicle must have a valid license and acceptable MVR. Vehicles should have regular maintenance with records kept.
UT Pet Store Insurance
Most animal lovers think there couldn't be anything better than running a pet shop, however if this is what you do for a living you know that it comes with its own stresses! Even though working with pets can be extremely rewarding - especially when you find them a new home - you still need insurance to protect your pet store business from the various risks you face daily.
Utah Economic Data, Regulations & Limits On Commercial Insurance
If you are an entrepreneur who has your sights setting on opening up a business in the state of Utah or you are thinking about expanding your operation to the Beehive State, making sure that it offers a climate and demographic that will support your industry is vital to your overall success. If the state does not offer a positive business climate or demographics that will benefit from the products and/or services that you offer, there's a good chance your business could fail.
By assessing the employment rate as well as the key industries that are thriving in UT you will be able to determine if it is an ideal location for your enterprise. Additionally, knowing what type of commercial insurance coverage you'll need is important so you can make sure you are properly protected and set yourself up for success.
Economic Trends For Utah Business Owners
As of January, 2022, Utah has one of the strongest labor markets in the country. At this time, the unemployment rate was registered at 3.1 percent, which is lower than the national average of 3.6 percent. The unemployment rate to continue holding steady or drop even further, as more job opportunities are projected to become available.
Both large urban and small urban areas offer good opportunities for business owners. In a report that was issued at the end of 2018, six Utah cities were included on the list of top cities to start a business in the United States. These cities include:
- St George
Salt Lake City, the state's capital, and the surrounding areas also offer opportunities for business owners who are interested in starting a business in Utah.
The top industries that are poised to see the most growth in Utah over the course of the next few years include:
- Aerospace and defense
- Information technology
- Leisure and hospitality
- Petroleum production
If you are considering going into business in UT, having an operation in any of these industries will likely afford you success.
Commercial Insurance Regulations In Utah
The Utah Insurance Department regulates commercial insurance in the Beehive State. Business owners are required to invest in commercial insurance coverage, as it safeguards their interests, as well as the interest of all that are involved in the company, including employees, clients, and vendors.
Just like any other state in the country, there are specific types of commercial insurance coverage that business owners need to carry in UT. These coverages include:
- Workers Compensation Insurance: Pays for medical expenses and lost wages should an employee sustain a work-related injury or illness.
- Commercial Auto Insurance: For vehicles over a certain weight, covers any damages if a vehicle that is used for work-related purposes is involved in an accident.
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
- 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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