Furniture Shop Insurance

Insurance for furniture store: Get the coverage you need

When people buy furniture from you, they’re getting something that’s not found anywhere else. Buildings, staff, and stock are among the most important things you own, therefore it’s important to take precautions to safeguard your company’s assets.

Furniture stores face a lot of liability risks because they sell expensive items and have a lot of customers coming in and out every day. You need to think about all the risks that come with owning and running a furniture store. The risks can range from customers hurting themselves while looking at your retail outlet display to employees hurting their backs while trying to lift heavy items. Getting your company fully insured is a great way to safeguard its finances.

Furniture shop industry

• Today, the United Kingdom is home to 12,000+ unique furniture shops.
• More than 10,000+ people are employed by these establishments.
• About  £13 billion of annual revenue is made by department stores.

Safeguarding your furniture store

Any shop owner knows that managing a busy shop doesn’t end when the door shuts for business at the end of the day. Insurance for your furniture store should be on your list of priorities alongside accounting, shipping, and order taking.

When you already have so much on your plate, the very last thing you want to do is spend hours researching insurance policies. A good insurance broker will know what coverages are essential for your unique set of circumstances.

Furniture shop insurance made easy

In the case of property damage, inventory loss, bodily injury to workers or the general public, or other unforeseen incidents, furniture shop insurance can provide financial protection.

It is common for furniture stores to carry expensive items, employ several people, and have a steady stream of customers. For this, you should consider purchasing an insurance policy for your furniture store. In some situations, like employer’s liability, it is probably the law.

Why do furniture stores need insurance?

When you insure your business against potential risks, you can be certain that your most valuable assets will be safeguarded. Don’t stress about the financial consequences of a flood, theft, or a customer’s injury in your furniture store because of insurance.

Things to know about furniture shop insurance

There is no “one size fits all” policy for the insurance of a small company, and this includes a furniture shop. It’s more like a mix of different kinds of coverage that are customized for your business.

If you work with an insurance provider, they may put you in touch with providers that are familiar with insuring furniture shops. They may even have ready-made packages tailored specifically to the needs of furniture stores, making insurance purchasing a breeze.

While searching for insurance for your furniture business, you may come across the following policies.

Insurance policies for furniture shops

There are a variety of furniture store insurance policies from which you may choose to ensure the safety of your business. It’s crucial to know what each policy covers so that your assets are secure when a problem comes up out of the blue. Common kinds of insurance for furniture stores include:

Standard Covers

• Contents coverage
• Unexpected damage
• Product liability
• Glass
• Vehicle insurance
• Business interruption
• Employers’ liability
• Public liability
• Account receivable or Book debts
• Money in locker or bank
• Money on site

Optional Covers

• Income loss
• Legal costs
• Machinery Breakdown
• Subsidence
• In-Transit Goods
• Loss of rent collected
• Terrorism
• Buildings coverage

Defending your furniture store against claims

Damage to assets and property

If your company’s building or assets are damaged by a fire or another covered risk, you will be able to recover some of the expenses associated with making the necessary repairs or replacements thanks to your commercial property insurance coverage. Most of the time, vandalism and burglary are also taken care of.

Claims involving third parties

Sometimes, no matter how neat and orderly you maintain your furniture store, an accident just can’t be avoided. Public liability insurance protects business owners against lawsuits filed by injured customers in the event of an accident, such as a customer slipping and falling inside the shop.

Loss of income

If you have to temporarily shut down your furniture shop because of property damage or another covered disaster, you can get benefits to assist you in making up for some of the money or income you lost.

Cost of furniture shop insurance

Perhaps you’re scared that investing in insurance would reduce your income. But does insurance cost that much for furniture shops?  The answer depends upon the insurance requirements of your furniture shop. However, numerous variables affect premium prices:

• What is the size of your shop? How much square footage does it have?
• How much stock can it hold?
• Where is your shop situated?
• What kind of furniture do you have for sale? How much has the replacement cost?
• What is your company’s yearly payroll?
• How many people work for your company?
• Do you provide delivery of furniture purchases from your store? In all, how many vehicles do you have?