Optical goods stores sell a variety of products relating to opticals including eyeglasses, prescription sunglasses, contacts and accessories like eyeglass cases, cleaner, contact solution and contact lens cases. Optical goods stores may also be staffed with optometrists who perform eye exams and prepare prescription glasses. A variety of risks are associated with operating an optical goods store including injuries with the machines used for prescription glasses, liabilities within the store and general business risks. Protect these risks with optical goods store business insurance policies.
Types of Optical Goods Store Business Insurance
There are many different types of optical goods store business insurance policies, each of which is going to provide coverage for your different risks. The following are the most important policies to consider:
General liability is the most common type of insurance available for optical goods businesses. This policy will cover bodily injury if a customer is injured while on your premises, as well as completed operations and product liability. Completed operations includes coverage for services you provided, such as making prescription glasses. If you make a pair of prescription sunglasses that the customer later claims is the wrong prescription and it caused them eye pain, you could be liable for it. General liability will cover these types of claims and legal costs.
Business auto insurance is for the protection of you or employees using their vehicles for business purposes. If you’re using your vehicle to go to the bank, pick up supplies for the back office or make deliveries, you should have a business auto insurance policy. Most standard commercial auto policies cover property damage and bodily injury. Some may also cover theft or vandalism, such as if you make a stop along the way, and the supplies you just purchased are stolen from your car.
You are also looking at a variety of risks with your business property. Unexpected events like natural disasters, snow or heavy rain, heavy winds, or fire could cause significant damage inside and outside your property. A business property insurance policy covers repairs made to the building structure and can help you replace items that were damaged, such as glasses which can all break very easily in most catastrophes.
If you also sell your optical goods online, you should also have a cyber liability insurance policy. Cyber crimes are a risk whenever you have an online store as experienced hackers can steal financial or personal information or do a number of illegal things to your website. Protect your business from cyber crimes with a cyber liability policy.
Most states in the U.S. require all employees to be covered by workers compensation insurance. Even if it isn’t required in your state, it is still a good idea for protection of employees and your business. Employees benefit from it with medical care and rehab if they suffer an injury at work. You will benefit by not being sued or responsible for the costs if they have a work-related accident. At an optical goods store, employees might cut themselves on the glass when making glasses or slip and fall if contact solutions spills on the tile. Medical costs, recovery and lost income is covered with workers’ compensation.
Lastly, you are at risk for crimes like shoplifting of optical goods, theft of money by passersby or employees and vandalism of merchandise or the store itself. Protect your business from crimes with a crime insurance policy. When a crime is committed, repairs and replacing money or merchandise is covered.
After working hard to open your optical goods store, you should protect it with business insurance. Even if you are careful, have security personnel, screen employees and provide a safe environment, accidents can occur. The best thing to do is protect yourself with optical goods store business insurance just in case.