If you own a floor covering, you will find that the housing market has quite an effect on how much business you get. Fortunately, the housing market has improved in recent years, which means you should be prepared to see a growth of about 1.5% per year for the next 10 to 15 years. Whether you sell tile, hardwood, carpet, laminate, or any other material for floors, you should check out the kind of coverage your floor covering insurance policy should include.
When you own a retail store of any kind, you need to be prepared for numerous customers to walk through your business each day. A major aspect of being prepared is having general liability as part of your floor covering store insurance policy. When you stock your store with heavy flooring materials, such as tile or stone, there’s a chance they could fall on a customer, or that a customer could drop them on his or her feet.Without general liability coverage, you will be responsible for paying the medical bills of injured customers.
Liability also pays for repairs when someone’s property is damaged at your store. In addition, it will pay for your legal defense if you are accused of stealing another store’s ideas or committing libel or slander. Otherwise, you might have to pay legal fees and any settlements out of pocket.
Business Owners (BOP)
A BOP is important because it combines a few types of coverage that you may find helpful. For example, this part of your business insurance policy will pay for repairs to your store after it is damaged by a natural disaster or even vandalism. It will also pay to replace any items within the store that are lost or destroyed. Other issues that your BOP should cover include sewer and drain backup, equipment breakdown, and alteration and forgery.
Every residential and commercial building has some type of floor covering installed. Typically, floor covering includes carpet, tile, laminate, and wood flooring. Floor covering installers spend much of their day kneeling or sitting on floors using tools that could result in serious injury if an accident were to happen. The installers also lift and carry heavy packages of flooring products around the job site which could lead to back and neck injuries. Floor covering contractors should consider a package of insurance coverage’s to protect them financially when an accident happens. Skyscraper insurance Brokers recommends General Liability, Workers’ Comp, Tool Coverage, Commercial Auto, and Surety Bonds to create a hedge of financial protection around you and your business.
Did you know Insurance Adjusters determine the amount the insurance companies will pay to replace your damaged flooring? Many times their estimated amount does not come close to the replacement cost of your original flooring product.
Skyscraper insurance loves the floor covering industry! Everyone from the retailers who sell the flooring to the wholesalers that distribute the flooring and everyone in between, including the contractors that install and the cleaners that keep the floors looking like new.