Furniture Store Insurance

Owners of successful furniture stores need to ensure their businesses are protected from every possible angle. This includes having coverage for liability, property damage, possible crime, and more. Without the right coverage in place, your furniture store could be vulnerable to potential major losses.

Fortunately, a local independent insurance agent can help you get set up with the right coverage. They'll get your business equipped with a strong furniture store insurance policy. But first, here's a closer look at furniture store insurance and why it's necessary.

What Is Furniture Store Insurance?

Furniture store insurance is a special type of business insurance designed to cover the unique exposures faced by furniture stores. Furniture store insurance is a package of essential coverages that consider many different facets of your business, including possible liability or commercial property damage. To build a policy that best meets your business's needs, work together with an independent insurance agent.

Who Needs Furniture Store Insurance?

There may be some confusion regarding which types of businesses need a furniture store insurance policy. If you're in charge of any of the following types of businesses, a furniture store insurance package may be right for you:

• Traditional furniture stores
• Office supply stores
• Branded furniture stores
• Department stores
• Used furniture stores

An independent insurance agent can also help you evaluate if used furniture store insurance or another type is the right kind of coverage for your unique business.

What Does Furniture Store Insurance Cover?

Your furniture store insurance policy must consider many different aspects of your business and where losses might occur. Furniture stores are stocked with a lot of expensive merchandise and other business property, like computers and décor. 

But your furniture store may also run into issues with lawsuits or company vehicles down the road. You'll likely be able to choose between the following types of coverage when building your furniture store insurance package:

• Commercial property insurance: This covers your business's buildings and the contents of your stores or warehouses against hazards such as wind, fire, and vandalism. Covered property includes your building's structures, as well as your inventory of furniture, computer systems, light fixtures, flooring, décor, etc.
• Commercial general liability insurance: This is standard coverage included in business insurance policies. Often referred to as CGL, this insurance covers a number of common liability exposures faced by businesses in the retail industry. These include the following:
  • Premises liability insurance: This covers losses related to claims of injuries or property damage suffered by third parties while they are on your furniture store’s property.
  • Product liability insurance: This covers losses related to third-party injuries or property damage caused by faulty or defective products sold in your store.
  • Advertising liability insurance: This covers losses related to accidental trademark or copyright infringement by your store for the purposes of promoting a product or service.
• Commercial vehicle insurance: This covers incidents related to your business's vehicles. Your furniture store likely owns a fleet of trucks or vans for furniture transport and delivery. These company vehicles must be covered against liability, theft, and more.
• Cyber liability insurance: This provides coverage to pay for credit monitoring services and other damages in the event of a data breach or cyber-attack. In such instances, customer credit card numbers, employee records, and other private or sensitive data may be exposed, stolen, and distributed, which could leave your business vulnerable to hefty lawsuits.
• Employment practices liability insurance: This provides coverage if a current or former employee sues your furniture store for any number of illegal business practices, such as wrongful termination, harassment, or discrimination.
• Business income insurance: This provides your furniture store with a continuation of income if a covered disaster like a fire forces a shutdown for an extended period while repairs are made.
• Workers' compensation insurance: This provides coverage for necessary medical treatment, paid time off, partial wage replacement, and other financial losses associated with employee injuries and illnesses caused by the job environment or duties.

An independent insurance agent can help you assemble the right business insurance policy with the appropriate combination of coverages for your furniture store.

How Much Does Furniture Store Insurance Cost?

The cost of your furniture store insurance can depend on a number of different factors. These include your business's location, the amount of inventory you need coverage for, your prior claims history, and others. Here are some general cost estimations for several types of coverage needed by many furniture stores:

• General liability insurance: Many furniture stores pay less than $45 per month for this coverage.
• Commercial auto insurance: Many furniture stores pay around $142 per month for this coverage.
• Cyber liability insurance: Many furniture stores pay around $140 per month for this coverage.
• Workers’ compensation insurance: Many furniture stores pay under $90 per month for this coverage.

Keep in mind that the cost of your specific furniture store's coverage may vary considerably. However, working with an independent insurance agent in your area is a great way to get matched to the most affordable policy that still gets the job done right. 

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Here's How an Independent Insurance Agent Can Help

Independent insurance agents have access to multiple furniture store insurance companies so they can shop and compare policies for you. Ultimately, they'll present you with quotes that represent policies offering only the best blend of coverage and cost. And down the road, they'll be there for you to help file claims or update your coverage as necessary.