Virginia Paint Wallpaper Store Insurance Policy Information
Virginia Paint Wallpaper Store Insurance. Paint stores sell all types of paints and supplies for interior and exterior use. They may sell other supplies for walls and floors, such as wallpaper, window treatments, glues, plaster, tile, or linoleum. Some offer interior design, painting, wallpapering, or flooring installation services, either through their own employees or through independent contractors. Some provide delivery service, especially if they sell primarily in bulk to contractors.
Decorative wallpaper and paint make it incredibly easy for homeowners to revamp their living spaces. This is why these products are in constant demand. As the owner of a company that services this niche, you'll want to have quality commercial insurance. Moreover, your business insurance package should be streamlined for meeting the unique needs of your store and your operations. This is why Virginia paint wallpaper store insurance is so important.
Virginia paint wallpaper 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 You Need Paint And Wallpaper Insurance VA
Your inventory likely represents the majority of your company's assets. As such, you'll need to have sufficient protection for your wares in the event of floods, fires, theft or other unexpected events. A comprehensive package will including building insurance for protecting the actual building structure in which your inventory is housed, contents insurance for protecting your inventory itself, and flood insurance, given that typical business insurance plans do not provide protection for flood events. Flood insurance can be bound specifically for the building, your contents, or for both. Keep in mind that if you only have building insurance, this policy will not guard you against any losses resulting from damaged or lost inventory that's housed within its structure.
Finding Business Insurance That Represents All Your Needs
Virginia paint wallpaper store insurance should do more than protect your inventory and your actual shop. It should also provide protection against liability and events that are directly related to your operations. For instance, you have to consider the possibility of customers or other store visitors suffering harm while on your property. You also have to think about the damages that can be sustained by people as the result of using your products. Other coverages to add to your business policy include:
- Pollution Liability: Given that you both stock and sell paints and other items that contain potentially hazardous chemicals, you will need this coverage in place to protect against any environmental harm that your goods may be responsible for. Having a feasible strategy for covering damages like these is a vital part of protecting your public image.
- Product Liability: Whether your goods wind up causing illness, property damage or physical injuries, you will want this insurance in place to protect you from the financial burden of legal fees and liability.
- Premises Liability: All store owners should have premises liability insurance. If a person slips, trips or falls while shopping in your store, this plan will cover the resulting legal and medical costs, among other things.
- Employment Practices Liability: You probably aren't running your store all on your own. Whenever you have paid employees in place, you'll need this coverage for protection against wrongful termination suits, sexual harassment and other illegal employment practices, whether these are intentional or a matter of oversight.
- Employee Dishonesty: There is always the potential of having a trusted employee violate your trust. You may have a worker embezzle funds from your organization or engage in other illegal practices that result in significant financial loss.
- Business Income Insurance: Should a covered event ever occur that brings your store to a temporary standstill, you can rely on this plan to provide with up to a full year's worth of income. For small and growing businesses, this coverage can mean the difference between having to close your doors after an unexpected loss and being able to keep your company afloat.
Virginia Paint And Walllpaper Store's Risks & Exposures
Premises liability exposure comes from slips and falls due to public access to the premises. Floor coverings 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.
Products liability exposure is very high if any lead paints are sold. Other products need proper warning labels regarding use and ventilation to prevent bodily injury from inhalation of vapors and fire. Foreign-made items should come from a domestic-based wholesaler. Any direct importer should be considered as a product manufacturer.
Environmental impairment exposure comes from the potential for spilled paints, varnishes and shellacs. All disposal must meet EPA standards.
Workers compensation exposures come from lifting which can cause back injury, hernias, sprains, and strains, and also from slips and falls. 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.
Employees mixing paint can incur lung- or breathing-related problems. Employees who paint or install wallcoverings can slip and fall at job sites, fall from heights, incur electrical burns from exposed wires, or work in poorly-ventilated areas. Drivers of delivery trucks can be injured in accidents.
Property exposures are normally high due to the flammability of paints, shellacs, varnishes, and aerosols. The paint may be latex, water-based or oil-based. Lead paints are government controlled and should no longer be available except in special circumstances. These must be labeled properly, stored in approved containers, and located in separate storage areas. The paint mixing operation needs to be adequately controlled to prevent spills. There should be no smoking on premises.
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, 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 deliveries are made, there will be a goods in transit exposure.
Commercial auto exposure can be high if delivery services are provided due to the potential for spillage. Drivers should have a valid license and acceptable MVR and be trained in handling unwieldy loads that may shift during transport. Vehicles must be regularly maintained with full documentation kept.
Coverage That You Absolutely Need
There are several forms of Virginia paint wallpaper store insurance that you might be required to have. For instance, depending upon the state in which your store is located, you may be legally required to have workers' compensation insurance. This cover will pay for the medical care that injured workers need after being harmed while on the job and it will additionally provide wage replacement for these individuals as well. If your store maintains its own fleet of automobiles, you'll also need commercial auto insurance that meets the minimum, local requirements for coverage.
Given the vast range of protections that may be essential for protecting your business, your products, your workers and the people who visit your store, it's important to work with a seasoned insurance agent. This professional can review your risk profile and can recommend the best options for your company according to his or her findings. This is important to do even if you already have commercial coverage in place. A thorough review of your current insurance portfolio could reveal critical vulnerabilities that might have a negative and lasting impact on the long-term health of your business.
Virginia Economic Data & Small Business Insurance Information
If you're planning on starting a business, a lot of planning and factors need to be taken into consideration. Of course, having a great business model and offering valuable products and services are all keys to your success; however, there's something else that you need to take into consideration: where you're going to set up shop.
In order to reap the success that you hope for, you need to choose a location that offers favorable conditions for your specific business. If you operation isn't located in a location that can benefit from what you plan on offering, you aren't going to achieve the success that you desire.
For entrepreneurs who are thinking about Virginia as a location for their headquarters or a branch of their company, it's important to familiarize yourself with the economic trends in the commonwealth. It's also essential that you have a keen understanding in regard to the type of insurance coverage you'll need to carry to protect yourself, your clients, and your employees.
Business Economic Trends In Virginia
In regard to job growth, VA exceeds the rate of national job growth. As of February 2019, unemployment rates were at a historic low in The Volunteer State, with a rate of 3.2% throughout the state; 0.1% lower than the last historic low of 3.3% in October of 2018. That's lower than the national unemployment rate, which was reported to be 3.8% in February of 2019. Economists are forecasting continued job growth throughout the state into 2019.
The Commonwealth of Virginia has seen a dramatic upswing in economic growth in recent years. As of late 2019, the unemployment rate had fallen to a record low of just 2.9 percent; a significant difference compared to the national unemployment rate, which was 3.7 percent. In a one-year period, nearly 65,000 jobs were added. In 2019, the unemployment rate and economic growth of the state continues to be positive, and it expected to remain in the green well into 2019 and the future.
In regard to areas that offer the most favorable conditions for business owners, there are several. Metropolitan areas, including northern (Arlington, Fairfax, etc...), central (Richmond, Ashland, Lynchburg, etc...), and southern (Chesapeake, Newport News, Hampton, Norfolk, etc...) all afford great opportunities for entrepreneurs. However, virtually any location in the Commonwealth of Virginia can be considered favorable for business owners.
Industries that offer great promise in Virginia include:
- Education and training
- Information technology
- Travel and tourism
Commercial Insurance Regulations & Limits In VA
The Virginia Bureau of Insurance regulates insurance in Virginia. Just like any other state in the country, there are regulations in place regarding commercial insurance. Business owners are required to carry certain types of coverage to protect themselves, their clients, and their employees.
Small businesses with 2 or more employees are required by VA state law to have workers comp insurance coverage.
If you use certain types of motor vehicles for business-related purposes, you'll also need to invest in commercial auto insurance coverage to protect your drivers, as well as other drivers on the road.
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
- Appliance & Electronics Store
- Art Gallery
- Bicycle Shop
- Book Store
- Bridal Shop
- Candy Confectionery Store
- Carpet Store
- Clothing Store
- Collectibles Memorabilia Store
- Convenience Store
- Cosmetics Store
- Dry Cleaning
- Equipment Rental
- Funeral Home
- Furniture Store
- Gift Store
- Hardware Store
- Home Improvement Store
- Hotel Motel
- Ice Cream Shop
- Jewelry Store
- Lingerie Store
- Luggage Store
- Music Store
- Office Supply Store
- Paint & Wallpaper Store
- Pet Store
- Pharmacy Liability
- Plumbing Supplies Fixtures Store
- Scrap Metal Dealers
- Sewing Store
- Shoe Store
- Sporting Goods Store
- Stationary Store
- Thrift Store
- Ticket Agency
- Tobacco Store
- Toy Store
- Travel Agency
- Wig Store
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.
Request a free Virginia Paint Wallpaper Store insurance quote in Alexandria, Annandale, Arlington, Ashburn, Bailey's Crossroads, Blacksburg, Bon Air, Brambleton, Brandermill, Bristol, Broadlands, Buckhall, Bull Run, Burke, Burke Centre, Cave Spring, Centreville, Chantilly, Charlottesville, Cherry Hill, Chesapeake, Chester, Christiansburg, Colonial Heights, Culpeper, Dale City, Danville, East Highland Park, Fair Oaks, Fairfax, Falls Church, Fort Hunt, Franconia, Franklin Farm, Fredericksburg, Front Royal, Gainesville, Glen Allen, Great Falls, Groveton, Hampton, Harrisonburg, Herndon, Highland Springs, Hollins, Hopewell, Hybla Valley, Idylwood, Kings Park West, Kingstowne, Lake Ridge, Lakeside, Laurel, Leesburg, Lincolnia, Linton Hall, Lorton, Lynchburg, Manassas, Manassas Park, Martinsville, Marumsco, McLean, McNair, Meadowbrook, Mechanicsville, Merrifield, Montclair, Neabsco, Newington, Newport News, Norfolk, Oakton, Petersburg, Portsmouth, Radford, Reston, Richmond, Roanoke, Rose Hill, Salem, Short Pump, South Riding, Springfield, Staunton, Sterling, Sudley, Suffolk, Timberlake, Tuckahoe, Tysons, Vienna, Virginia Beach, Waynesboro, West Falls Church, West Springfield, Williamsburg, Winchester, Wolf Trap, Woodlawn and all other cities in VA - Old Dominion.
Also learn about Virginia small business insurance requirements for general liability, business property, commercial auto & workers compensation including VA business insurance costs. Call us (703) 747-9779.