Carpet and rug stores carry everything you could need for the floors of your home or business including different types of carpets, area rugs and other flooring such as ceramic tile, vinyl and linoleum flooring, and more. Additionally, carpet stores often provide installation services for carpet and tile as well as offer services to repair floors that have been damaged. There are also risks to operating a rug and carpet store including damage during installation, injury within your store and liabilities with the products themselves. Protect your risks by purchasing carpet and rug insurance.
Types of Carpet and Rug Store Insurance
There are many different types of insurance policies for carpet and rug stores. Consider your risks and choose insurance that covers those risks, such as the ones listed below:
The first business insurance policy you should get for your carpet and rug store is general liability. This covers many liabilities you experience, such as injuries in your store or lawsuits following damage that services you provided cost your customers. For example, if while installing new carpet, your employee accidentally damages an expensive item in a customer’s home, those liability costs are covered as completed operations under general liability.
If you make deliveries or run business errands with your own vehicle, you should have a commercial auto insurance policy. Business auto offers coverage for bodily injury, damage to vehicles and other property, and theft or vandalism in many cases. The coverage is often for your own vehicle and others involved. If you get into a collision while dropping off a new rug to a local customer, injuries to the other drivers will also be covered under the policy.
Due to the nature of your merchandise, things like fire and flood could completely destroy your rugs and carpets very quickly. This creates a need for business property insurance which will offer coverage for a variety of unexpected events including fires and natural disasters. It can help you replace items that were destroyed and make necessary repairs to the building structure.
The products you sell could potentially damage a customer’s property or cause them injury. For example, a carpet may still have nails or tile could have very sharp edges that were not sanded down appropriately during installation. Injuries occurring from your products, or illnesses such as from chemicals used in the carpet or rugs, may end up being your responsibility. Product liability insurance protects your business from the legal and medical costs associated with these types of claims.
If your carpet and rug stores operate an online store, you should have a separate insurance policy to cover cyber crimes. Unfortunately, cyber crimes like stealing sensitive information or forging payments for merchandise are common even with Internet security. The best way to protect your business is with a cyber liability insurance policy.
In the United States, workers’ compensation is required for all employees in most states. Each of your employees should be covered by the policy, which protects them from work-related injuries or illnesses. In a carpet and rug store, injuries can occur from repetitive motions, back injuries from lifting heavy merchandise or injuries that occur while installing the customer’s new flooring. If an employee needs to see a doctor due to a work-related injury, the policy covers all medical costs, prescriptions, recovery and any lost income.
Carpet and Rug Store Crime Insurance
With even the best security available including surveillance equipment and security guards, you could be the victim of a crime. Theft from employees, shoplifting, and vandalism are a significant risk with carpet stores and should be protected. The best way do this is with a crime insurance policy that covers loss and damage as a result of the crime.
Carpet and rug store insurance should cover not just probable risks but the unexpected ones as well. By purchasing these insurance policies, you are protecting the business you have worked so hard to start and make successful.