It’s not only during the holiday times that toy shops are faced with business perils, though they certainly are heightened during the busy season.
Like other retail outlets, toy stores share common risks, but there definitely are added exposures due to the specific line of industry.
Ordinary risks include damages caused by fire, weather and crime. Should repair or construction be necessary due to damages incurred to the premises, a business may find it cannot operate for the time being. This, unfortunately, translates into loss of income.
As with any other business, a toy store may be sued for a variety of reasons, including injury caused by a a slip and fall on site. Due to the nature of line of work and merchandise sold, a toy store may also become the brunt of a product liability lawsuit.
The following are three insurance claim scenarios that underscore the need for a tailored insurance plan.
An employee’s took a break in the stock room. His lit cigarette caused a fire that spread to incur tens of thousands of damage to the premises and goods. Because of the extent of damages and time needed to repair, rebuild and restock, the toy store was forced to close up shop for a few weeks, leading to significant income loss and extra expenses.
General Liability Coverage
The rain caused the parking lot to become slippery. A child fell and slipped and broke his arm. The parents sued the toy store for doctors and hospital expenditures.
Product Recall Coverage
A girl got hurt while handling a defective doll. The parents sued the toy manufacturer. They also sued the toy store where the doll was purchased, citing negligence in regard to selling a substandard item.
Business Owners Policy: The Toy Store Owner’s Insurance
A toy store’s business owners policy may consist of different pieces of coverage as it pertains to the individual shop.
The following protective policies can be grouped together for comprehensive related commercial coverage.
• General Liability Coverage
• Property Coverage
• Business Interruption Coverage
• Employment Practices Liability Coverage
• Crime Coverage
• Product liability Coverage
• Commercial Auto Coverage
• Cyber Liability Coverage
• Workers Compensation
• Equipment Breakdown Coverage
Naturally, holiday season has greater exposure to damages and losses. A professional agency will be able to offer temporary coverage options to add to everyday insurance plans. Dealing with a recognized independent insurance agency will ensure you get the lowest competitive quote associated with your needs.
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