It is not only during the holidays that toy stores face commercial dangers, although they certainly increase during peak season.
Like other retail outlets, toy stores share common risks, but there are definitely additional exposures due to the specific industry line.
Ordinary risks include damage from fire, weather, and crime. If repair or construction is necessary due to damage to facilities, a business may not be able to operate for the time being. This unfortunately results in a loss of income.
As with any other business, a toy store can be sued for a variety of reasons, including injuries caused by a slip and fall on the spot. Due to the nature of the line of work and the merchandise sold, a toy store can also become the worst part of a product liability lawsuit.
The following are three insurance claim scenarios that underscore the need for a personalized insurance plan.
Property coverage
An employee took a break in the warehouse. His lit cigarette started a fire that spread, causing tens of thousands of damage to facilities and property. Due to the scale of the damage and the time required to repair, rebuild and restock, the toy store was forced to close the store for a few weeks, resulting in a significant loss of revenue and additional expenses.
General liability coverage
The rain made the parking lot slippery. A child fell, slipped and broke his arm. The parents sued the toy store for medical and hospital expenses.
Product recall coverage
A girl was injured while handling a defective doll. The parents sued the toy maker. They also sued the toy store where the doll was purchased, citing negligence regarding the sale of a substandard item.
Business Owners Policy: Toy Store Owner’s Insurance
A toy store’s business owners policy may consist of different pieces of coverage as it relates to the individual store.
The following protection policies can be bundled together for comprehensive business related coverage.
• General liability coverage
• Property coverage
• Business interruption coverage
• Liability coverage for labor practices
• Crime coverage
• Product liability coverage
• Commercial vehicle coverage
• Cyber liability coverage
• Workers compensation
• Equipment breakdown coverage
Naturally, the Christmas season has a greater exposure to damage and loss. A professional agency may offer temporary coverage options to add to daily insurance plans. Dealing with a reputable independent insurance agency will ensure that you get the lowest competitive quote associated with your needs.