Insurance For a Hardware Store
Insurance For a Hardware Store with an experienced and qualified Insurance Broker on your side
Insurance For a Hardware Store
Insurance For a Hardware Store with an experienced and qualified Insurance Broker on your side
Why it matters
Insurance for Hardware Stores – Hardware Stores can have a high number of visitors to their stores which increases the risk of trips and falls either by objects in the path of the usual flow of foot traffic or spills on the ground. A Public Liability Insurance policy can protect the hardware store from the resulting claims from these injuries.
Hardware stores also have a high fire risk with large amounts of timber and chemicals onsite. A fire could be catastrophic and also see your revenue completely destroyed if you were unable to trade.
Morgan Insurance Brokers will go into detail below on how Insurance can protect your business.
What Does Public Liability Insurance Cover?
Public Liability Insurance will cover the legal, defence and compensation costs if someone were to injure themselves at your premise. If you're found negligent and liable for the damages, the policy will respond by paying the compensation claim. If it's found you aren't negligent, the policy will respond by paying the legal and defence costs to protect your position.
A property damage claim example for a hardware store could be that an employee is helping a customer load timber into the back of their vehicle, when the employee has accidently dropped the timber and damaged the customers vehicle. A Public Liability Insurance policy could pay the cost to repair the vehicle.
A products liability example could be that the items that you sell could have injured one of your customers. Although you are not the manufacturer of the item itself, the claim will most likely be brought against yourself. Your policy will protect your vicarious liability.
A personal Injury claim example for a hardware store could be if a customer was at your store and fell or tripped over a spill that had already been notified to your staff by other customers, but your staff failed to attend to the spill in an acceptable time frame. A Public Liability Insurance policy could pay the medical expenses and lost income whilst off work.
Is Insurance mandatory for a hardware store?
Insurance for a Hardware Store is not mandatory by any governing association however, in order to trade from a retail premise, your landlord will request to site your Certificate of Currency that covers
- Public Liability $20,000,000
- Glass Cover
- Contents & Stock
- and potentially Business Interruption Cover
Workers Compensation is mandatory in every state and territory in Australia to protect your employees from any medical or out of pocket expenses they may incur if they injur themselves at work.
What does business insurance cover?
Business Insurance policies can protect a hardware store from the below risks:
How Morgan Insurance Brokers can help Handymen
Hardware stores have a unique retail risk and requires a tailored Insurance Program that can protect their business to ensure trade is not disrupted in the event that something goes wrong. Morgan Insurance Brokers have access to a large panel of insurers that can provide competitive and comprehensive policies that you can rely on. Call now!
