Furniture Store Insurance can be provided on our broad Business Owner Policy (BOP) coverage form which is a great pricing advantage for your small to medium sized business. For even larger and more extensive operations we can use our commercial package policy (CPP) to accomplish similar coverage and pricing. When we can use use a Business Owner Policy we can provide the best possible coverage and cost for Furniture Store Insurance. Because we are able to place and qualify your business in a less costly Business Owner Policy classification we can save you money without compromising coverage while keeping it simple.
The Furniture Store Insurance policy language has been carefully written to provide comprehensive insurance for owners of furniture businesses including those with multiple locations. We know that our Furniture Store Insurance policy will be an excellent policy choice for your needs. Our BOP furniture coverage is ideal for the variety of property and liability exposures inherent in the products you sell and services you provide.
Furniture Store Insurance needs are similar to many other retail businesses with the primary exposure being the premises and operations exposure. In our BOP we include effective general liability and business property coverage as a start and weave into the coverage structure the other various coverage parts that you need for your furniture business operations. Our BOP coverage is thorough and when it is up and running and protecting you, our Furniture Store Insurance package is providing a shield of protection for the property and liability and the intangibles of being in the furniture business. We can write Furniture Store Insurance on either a single locations or multiple location basis but this policy is designed for small to medium operations. This class of business tends to be freely underwritten on the primary classification and the typical points of emphasis from underwriter are the maintenance and condition of facilities along with prior loss history and respectable financial success. Furniture stores offering their own credit facilities may need more accounts receivable coverage than other businesses. Maintaining good electronic record backup procedures is a must.
The Furniture Store Insurance policy we write for furniture businesses will typically include the following coverage and options when selected. Basic general liability and property insurance is included automatically:
Furniture Store Insurance Package Policy – Liability
- Bodily Injury and Property Damage, Premises Liability
- Limits available up to $2,000,000/$4,000,000
- Personal Injury and Advertising Liability Coverage
- Coverage on your premises or wherever you do your work
- Employment Practices Liability Insurance
- Fellow Employee Coverage
- Host Liquor Liability
- Non-owned Watercraft
- Hired and Non-Owned Auto Liability
- Products and Completed Operations Liability
- Employee Benefits Liability
- Ohio Stop Gap Liability Insurance
- Cyber Insurance – Data Breach, Cyber Extortion
- Electronic Data Liability Coverage
Liability insurance protects against the tort of negligence in the Furniture Store Insurance policy. The tort of negligence is a breach of duty that is derived from common law principles that have evolved through decades and even centuries of recorded decisions about our relationships with one another including situations involving Furniture Store Insurance clients. Slip, trip and fall are among the most common losses for retail furniture stores. A duty is an obligation we owe to someone else. In essence, we owe each other the duty to protect them from the consequences of our actions and when someone is hurt or suffers harm to either body, property, or reputation, we may be negligent.
In our culture we boil down our grievances to a money damages settlement in most cases. In the case of the liability coverage provided in our Furniture Store Insurance policy, we will pay for the benefit of a legal defense against the claims of injury or damage and we will also pay the amounts that become due to another because a finding of your negligence has been agreed upon. Agreements occur through legal proceedings or an agreement accomplished through the negotiations of your insurance carrier and the other people involved in the claim. This includes bodily injury and property damage as a result of events on the premises, through acts on and away from the work facilities, injuries caused by products, advertising injury, personal injuries other than bodily injury, hired and non-owned auto liability, and injury or damage caused due to computer intrusion and compromise when coverage is chosen. The benefit of a defense of claims can be the best benefit of the well endorsed Furniture Store Insurance policy.
Property Coverage for Furniture store businesses
- Owned Buildings including multiple locations
- Business Personal Property, Fixtures, Stock, Inventory
- Computers and Electronic Records including media
- Building Limit Automatic Increase at the Time of Loss
- Valuable Papers and Records
- Accounts Receivable Coverage
- Computer Coverage and Cyber Crime
- Outdoor Signs—Attached and Detached
- Building Ordinance and Law Coverage
- Off-Premises Coverage for Business Personal Property
- Property in Transit when properly endorsed
- Earthquake Coverage (Some carriers)
- Loss of Rents, Business Income, including Extra Expense Coverage
- Coverage For Water & Sewer Back-up – Not Flood
- Equipment Breakdown & Electrical Disturbance
Our Furniture Store Insurance package policies are a combination of property and liability coverage. You do not need to own the building but at the least we must include the business personal property in the coverage including stock and fixtures along with liability coverage. If you own the building the BOP policy expects this to be included in policy coverage too. The Furniture Store Insurance policy provides a lot of coverage in a tidy package and it is flexible enough to handle several locations and variety of situations for building, business personal property, computer and cyber-crime needs, signs, coverage on or off premises, loss of business income and break down of critical building mechanical systems that may alter your ability to operate your business.
Inland Marine and Special Property
(See IM Section for more Details)
Inland Marine coverage is especially designed for mobile equipment and property that leaves the insured premises/location. A Furniture Store Insurance policy should consider the value of merchandise on a truck for delivery as property away from the premises and amend inland marine coverage to include property in transit or add cargo to the business auto coverage. Also, IM is needed if you take property to a client location like a laptop or other devices you use in the field, the IM coverage provides great protection for this mobile property.
Furniture Store Insurance often includes an Umbrella liability policy as an additional limit of liability protection because of the potential for large liability claims can occur. Even if you are meticulous in your facilities management, you are still exposed to claims from slip and fall and product failure and it is wise to layer up your liability coverage for the ultimate protection.
Think of an Umbrella policy as an extension of the underlying liability policy limits. What isn’t covered in the primary policies may still be picked up in the Umbrella policy when the cause of loss is not specifically excluded. Most carriers writing the primary Furniture Store Insurance policy will also write an Umbrella over their underlying policies. It is good to know what is and isn’t covered by the Umbrella so make sure to ask.
Crime, Surety & Fidelity Bonds
- Employee Theft
- Crime Inside
- Crime Outside
- Surety Bonds
While you are busy operating and managing your business, your Furniture Store Insurance can be on guard for the loss of money through theft, robbery or burglary, or the dishonesty of an employee. These are losses that can cripple a furniture business and tailoring the needs for crime, surety and fidelity coverage can be done within the Business Owner Policy but may be better handled on a separate policy.
(See business Auto Section for Details)
Most retail furniture businesses maintain their own delivery and business use vehicles but you may also engage third parties to complete these tasks.
If you maintain and operate your own business autos, trucks and trailers, you will need a separate business auto insurance policy that can be coordinated with your Furniture Store Insurance policy and which can enjoy maximum discounts on premium. One of the biggest driver of pricing for business autos are driving records, claims experience, and types of equipment. Also, if you rely on the vehicles owned by your employees for delivery or business errands, you will need employer’s non-ownership coverage since their accidents could become your obligation to defend. You should purchase liability protection in limits similar to those you carry on premises and operations coverage. We cover non-owned auto liability with an endorsement to your Furniture Store Insurance policy when you don’t otherwise own or operate business autos.
If you hire and engage third parties to delivery your products an additional conversation should be had to assure your coverage is adequate and the coverage of the delivery vendor is appropriate for your exposures. Adequate notification practices are a must in these situations.
The business auto coverage is dealt with in general detail in the business auto section. Follow the link to this section for my information.
Professional Advice and Agency Service
Quality coverage begins with understanding your needs and the extent of the risks in your operation. Our claims and underwriter resources have plenty of experience in insuring and providing risk control and management benefits to businesses and their owners. Moreover, I have 37 years of experience working with business owners and have insured hundreds of millions of dollars of property through the years along for hundreds and thousands of businesses. I have worked with fleets of over 100 vehicles. Furniture Store Insurance is a relatively common coverage policy product and while our policies are competitive and priced right, it is also wise to work with an agent with enough relevant experience so you get the best coverage and best rates and coverage advice that helps avoid coverage holes. I have considerable experience working with small business owners and am available to help you.
This agency represents quality carriers that have the ability to provide the coverage your business needs whether or not it is ultimately provided inside of our Business Owner Policy or our more flexible Commercial Package Policy (CPP) option. Call and ask for Terry McCarthy at (513) 779-7920, 9-5 Monday – Friday most days. We’re available to meet at most any time with an appointment in advance.
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