Running an equipment store involves more than just selling tools and machinery. It requires careful management of valuable inventory, protection against risks, and ensuring safety for both customers and employees. Mike Morse, director of small business underwriting at Central Insurance, recently shared valuable insights on essential insurance policies that equipment store owners should consider to safeguard their businesses.
One of the most critical types of insurance for equipment store owners is premises liability coverage. This insurance protects businesses from claims related to injuries or property damage that occur on their premises. With foot traffic being a constant in retail, the risk of accidents is high. Statistics show that around 60% of same-level fall injuries happen in retail settings. A slip on a wet floor or a tripping hazard can lead to costly lawsuits. Morse emphasizes the importance of maintaining clean walkways and conducting regular safety checks to minimize these risks.
Another key policy is commercial property insurance. If your store holds a stock of tools and equipment, this coverage is essential. It protects against damages from fires, theft, and other unexpected events. Morse suggests that store owners should regularly assess their inventory’s value and adjust their insurance coverage accordingly. Fires are a significant threat, with one occurring every 64 seconds in retail environments, making this coverage vital.
For businesses that offer delivery or installation services, inland marine insurance is recommended. This policy covers equipment while in transit or at job sites, filling gaps that standard commercial property policies might leave. It offers protection against theft and damage during transportation.
Additionally, workers’ compensation insurance is crucial for equipment stores. Handling heavy items can lead to injuries, and this coverage helps cover medical costs and lost wages for employees who get hurt on the job. Morse highlights that having a safe work environment not only protects employees but also helps the business financially.
Beyond these core policies, Morse suggests considering additional coverages such as cyber liability insurance to protect against data breaches, crime insurance for theft, and business income insurance to cover lost revenue during temporary closures due to covered events.
Central Insurance stands out in the industry, offering tailored insurance solutions for equipment stores. With a solid reputation and a strong focus on understanding the unique risks these businesses face, Central provides valuable support to help store owners protect their investments.
For those interested in finding the right insurance coverage for their equipment store, contacting a local independent agent from Central Insurance is a great first step. They can provide personalized advice and help ensure that your business is adequately protected.