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Why do appliance stores need insurance?
Appliances can overheat and cause a fire, which makes selling them risky. Business insurance helps pay for legal costs if a customer sues over a faulty unit. It also covers damaged inventory, auto accidents, and theft.
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With Insureon, owners of appliance stores can get insurance coverage the same day they apply for quotes.
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What type of insurance is recommended for an appliance store?
These insurance policies cover common risks at appliance stores.
Business owner's policy
A business owner's policy, or BOP, is a cost-effective way for owners of appliance stores to buy general liability coverage and commercial property coverage together.
BEST FOR
- Injuries caused by appliances
- Damaged washers or other inventory
- Business interruption coverage
General liability insurance
A general liability policy covers third-party lawsuits from injuries and property damage. For example, a customer could sue if a defective air fryer causes a fire.
BEST FOR
- Customer bodily injuries
- Product liability claims
- Libel and other advertising injuries
Workers’ compensation insurance
Most states require workers' comp as soon as an appliance store hires its first employee. It also protects sole proprietors from work-related medical bills that health insurance might deny.
BEST FOR
- Employee medical expenses
- Disability benefits
- Lawsuits from work-related injuries
Cyber insurance
This policy helps appliance stores recover financially from data breaches and cyberattacks. It’s sometimes referred to as cyber liability insurance or cybersecurity insurance.
BEST FOR
- Customer notification expenses
- Fraud monitoring services
- Cyber extortion demands
Commercial umbrella insurance
Umbrella insurance boosts coverage on an appliance store's general liability, employer’s liability, or commercial auto insurance policy once the limit is reached on a claim.
BEST FOR
- Customer injury lawsuits
- Employee injury lawsuits
- Auto accident lawsuits
Commercial auto insurance
This policy covers legal defense costs if your appliance store's delivery van or other vehicle gets into an accident. Each state has its own requirements for auto liability insurance.
BEST FOR
- Injuries caused to another person
- Property damage caused by your vehicle
- Vehicle theft and vandalism
Looking for different coverage? See more policies.
How much does insurance cost for an appliance store?
A mom-and-pop appliance store with only a few employees won't have to pay a lot for business insurance.
Factors that affect the cost of retail business insurance include:
- Products you sell, such as washing machines, sinks, or ovens
- Services you offer, such as appliance installation or delivery
- Whether you have a brick-and-mortar business or an e-commerce business
- Business operations and income
- Policy limits, deductibles, and exclusions
- Coverage options, including any additional insureds
- Claims history
How do I get appliance store insurance?
It's easy to get appliance store insurance if you have your company's information on hand. Our application will ask for basic facts about your shop, such as revenue and number of employees.
You can buy a policy online and get a certificate of insurance with Insureon in three easy steps:
- Complete a free online application.
- Compare insurance quotes and choose policies.
- Pay for your policy and download a certificate.
Insureon's licensed agents work with top-rated U.S. carriers to find the right insurance coverage for your appliance business, whether you work independently or hire employees.
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FAQs about business insurance for appliance stores
Review answers to frequently asked questions about insurance for sellers of washers, dryers, ovens, microwaves, and other appliances.
Do appliance stores need product liability insurance?
Appliances with faulty wiring or defective components can be hazardous, which is why your business needs product liability insurance.
This policy covers a wide range of product lawsuits, such as:
- A dryer that overheats and causes a fire
- Faulty ventilation on a stove that causes illness
- Stovetop fires and burns
- Slips in puddles created by a fridge or freezer
- Lack of warning labels on an appliance
- Errors in instructions
- Improper installation of a unit
Product liability insurance covers legal costs when a product sold at your store causes a bodily injury or damages someone's property. Because major appliances are susceptible to overheating, this is one of the most important policies for appliance retailers and other stores that cater to installation contractors.
If a customer sues your business, the resulting legal bills could bankrupt your small business. Even if you weren't responsible for the product defect that caused the issue, you could still be held liable. That's why retailers, manufacturers, wholesalers, and distributors all need this coverage.
Fortunately, when you buy commercial general liability insurance or a business owner's policy it usually includes product liability coverage. It's sometimes called products-completed operations insurance.
Does appliance store insurance protect against theft?
Yes, you can buy insurance that provides financial reimbursement for theft at your appliance store. These types of business insurance protect against burglaries and similar incidents:
- Commercial property insurance covers theft of appliances from your store, along with vandalism, fires, storms, and other events that damage or destroy business property. You can save money by bundling it with general liability insurance in a business owner's policy.
- Commercial crime insurance protects against losses related to employee dishonesty, such as cash register theft or check fraud. You can usually add it to your property policy or BOP.
Property claims cause your premium to go up, which is another reason it's best to prevent theft in the first place. Sometimes insurers even offer a discount when you install an approved security system or take other steps they recommend.
What other types of insurance policies should appliance stores carry?
Appliance store business owners should consider several other types of insurance as part of their risk management plan. That includes:
- Business income insurance: This policy covers employee wages, rent, lost income, and day-to-day expenses when your store is forced to close due to damage from a fire, storm, or other covered property claim. It's also called business interruption insurance.
- Equipment breakdown insurance: If a hand truck, pallet jack, point of sale device, or other piece of equipment fails unexpectedly, this policy can help pay to repair or replace it.
- Electronic data processing insurance: This policy protects against financial losses related to data loss on computers, backup drives, operating systems, network storage servers, and other eligible devices.
- Inland marine insurance: Because commercial property insurance only covers items at your business address, you may need inland marine insurance to protect shipments of appliances and other products while they are in transit or stored off-site.
- Product recall insurance: Appliance stores can face significant losses when a product is recalled. This policy helps cover the cost of removing defective appliances, along with related PR efforts.
If you have questions or need help finding the right insurance solutions for your risks, chat with a licensed agent today.