Hardware Store Business Insurance: Types and Coverage

Hardware Store Business Insurance: Types and Coverage

December 15, 2022

Your hardware store is important to you. Here’s what you need to know about the hardware store business insurance you need to protect you and your company.

What Does Insurance Do For A Business?

Insurance protects businesses in the same way it protects people: by helping to cover costs associated with any damage or liability for which your business is responsible. 

Liability and property damage insurance are critical to hardware store owners, as they protect you from having to pay out-of-pocket for any accidents or legal claims against your business. Insurance can also protect your hardware store from theft, vandalism, loss of income, employee injuries, and employee illness.

Types Of Business Insurance For A Hardware Store

When a business owner purchases insurance for their company, they have many options to choose from. The following are the best types of business insurance for a hardware store. 

  • General Liability Insurance: If a hardware business should get any type of insurance, it’s liability insurance. Liability insurance protects you from claims of bodily injury, product liability, or personal injury. For example, a person may sue your store after being injured by a falling or faulty product. With liability insurance, you won’t have to pay their associated costs out-of-pocket. Since hardware stores often stock a variety of dangerous items – such as power tools, flammable chemicals, electrical equipment, sharp objects, and cleaning products – general liability insurance will prove incredibly worthwhile. 
  • Commercial Property Insurance: A hardware store’s inventory is its most valuable asset, so you’ll want to protect it at all costs. Commercial property insurance does just that. When you purchase this type of insurance, you get damage protection for all your property. This includes equipment, buildings, storage space, and merchandise.
  • Workers’ Compensation Insurance: The lawrequires businesses to purchase workers’ compensation insurance. This helps cover costs should your employees be hurt on the job. 
  • Commercial Crime Insurance: Hardware stores sell many high-value items. (Suggestion to add: Did you know that your property policy does not cover you if an employee steals from you?  Whether it’s cash, a high value item, or multiple items over an extended period of time, your store needs a Commercial Crime policy in order to cover this type of exposure).  Commercial crime insurance will protect your merchandise in the event of theft, forgery, or untrustworthy employees. 

How Do I Choose Business Insurance?

The business insurance landscape can seem confusing, especially if it’s your first time trying to purchase insurance for your small business. Here are a few things you can do to find the best business insurance for your hardware store:

  • Do online research on the best insurance companies in your area. 
  • Read online reviews from other businesses. 
  • Talk to other business owners in your area. 
  • Talk with an independent insurance agent like TruView Insurance Group. 

Get a Free Quote on Hardware Store Business Insurance

Using an independent insurance agent is the best way to find business insurance that fits your needs. Independent agents are different because they work in your best interest instead of any specific insurance company’s. They serve as trusted advisors – not quote machines – to help you find the best insurance for your business needs.  

At TruView Insurance, our independent insurance agents have a proven track record of helping small business owners in Arizona find insurance. We work with our customers to tailor insurance options to their budgets and coverage needs. If you’re ready to insure your hardware store business, call our office to speak to a professional insurance provider today.