It’s not just during the holiday season that toy stores face business dangers, although they certainly increase during the peak season.
Like other retail establishments, toy stores share common risks, but there are definitely additional exposures due to the industry-specific line.
Ordinary risks include damage from fire, weather, and crime. In the event that repair or construction is necessary due to damage to the facility, a business may not be able to operate for the time being. This unfortunately translates into lost revenue.
As with any other business, a toy store can be sued for a variety of reasons, including on-site slip and fall injuries. Due to the nature of the line of work and the merchandise sold, a toy store can also become the brunt 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 burning cigarette started a fire that spread and caused tens of thousands of damages to facilities and property. Due to the extent of the damage and the time required to repair, rebuild, and restock, the toy store was forced to close for a few weeks, resulting in significant loss of revenue and additional expenses.
General Liability Coverage
The rain made the parking lot slippery. A boy fell and 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 toymaker. They also sued the toy store where the doll was purchased, citing negligence regarding the sale of an inferior item.
Business Owners Policy: Toy Store Owners Insurance
A toy store business owners policy may consist of different parts of coverage as applicable to the individual store.
The following protection policies can be bundled together for related comprehensive business coverage.
• General liability coverage
• Property coverage
• Business interruption coverage
• Liability Coverage for Labor Practices
• Crime coverage
• Product liability coverage
• Commercial auto coverage
• Cyber Responsibility Coverage
• Workers Compensation
• Equipment breakdown coverage
Naturally, the holiday season has a higher 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 you get the lowest competitive quote associated with your needs.
