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Why do sporting goods stores need insurance?
If a customer slips and suffers an injury while testing out barbells, bats, or rackets in your sporting goods store, you could be held responsible. Business insurance can help pay for legal costs, property repairs, and data breaches, so you can focus on running your shop.
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Insureon helps owners of sporting goods stores get quotes from top-rated insurance companies with an easy online application.
Gain peace of mind knowing you have the right coverage for your shop.
What types of insurance do sporting goods stores need?
Stores that sell sporting goods often purchase these insurance policies.
Business owner’s policy
A BOP bundles commercial property coverage and general liability coverage in one plan. It's often the most cost-effective type of commercial insurance for a small sports store.
BEST FOR
- Slip-and-fall injuries
- Business interruption incidents
- Damaged or stolen sports equipment
General liability insurance
A general liability policy covers the most common risks at a sporting goods store, including slip-and-fall injuries. Bundle it with commercial property insurance for savings in a BOP.
BEST FOR
- Accidental customer injuries
- Damage to a customer's property
- Product liability insurance
Workers’ compensation insurance
Most states require workers' comp for sporting goods stores that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.
BEST FOR
- Employee medical expenses
- Disability benefits
- Lawsuits from employee injuries
Cyber insurance
This policy helps sporting goods stores recover financially from data breaches and cyberattacks. It's also called cyber liability insurance or cybersecurity insurance.
BEST FOR
- Data breach customer notifications
- Data breach investigations
- PR campaigns after a breach
Commercial umbrella insurance
When a sporting goods store reaches the policy limit on a claim, umbrella insurance (similar to excess liability insurance) boosts coverage on general liability, commercial auto, or employer’s liability insurance.
BEST FOR
- Bodily injury lawsuits
- Product liability lawsuits
- Auto accident lawsuits
Commercial auto insurance
Commercial auto insurance is usually required for business-owned vehicles. It covers costs if a sporting goods store's truck or other vehicle gets into an accident.
BEST FOR
- Injuries caused to another person
- Physical damage to another vehicle
- Vehicle theft and vandalism
Looking for different coverage? See more policies.
How much does business insurance cost for retail stores?
A sporting goods store with only a few employees won't have to pay a lot for business insurance.
Factors that affect your premiums include:
How do I get business insurance for sporting goods stores?
It's easy to get business insurance for your sporting goods store or bike shop if you have your business's information on hand. Our application will ask for basic facts about your store, 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 insurance agents work with top-rated U.S. providers to find coverage that matches your business insurance needs, whether you work independently or hire employees.
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FAQs about sporting goods store insurance
Review answers to frequently asked questions about sports store insurance.
Do sporting goods stores need product liability insurance?
Yes. Every retailer, manufacturer, or distributor of products should carry product liability insurance. Every business in the supply chain—including your sporting goods store—could be held liable for harm caused by a defective product.
This coverage can help pay for injuries and property damage caused by:
- Manufacturing defects, such as a bench press that breaks under stress
- Design defects, such as insufficient padding on a helmet
- Marketing defects, such as lack of warnings on a ball machine
Your general liability insurance policy likely includes this coverage.
In addition to carrying the right insurance, it's important to reduce your product liability risks whenever possible. A claim could force you to pay a fortune in legal costs, even if the defect wasn't your fault. Liability claims also make your premiums go up, which is another good reason to avoid them.
Does sporting equipment insurance protect against theft?
Yes, you can get insurance coverage that reimburses you for theft of valuable apparel and other items at your sporting goods store. Commercial property insurance, included in a business owner's policy, covers costs in the event of a smash-and-grab burglary, vandalism, and other property losses.
As for employee theft, you can look to commercial crime insurance for protection. Also called employee dishonesty coverage, you can add it to your property policy or BOP.
Don't forgo installing a security system to prevent theft, even if you have insurance. Along with keeping you and your employees safe, you can also save money on your policy with the right security measures in place.
What other insurance policies should a sporting goods store carry?
Depending on your store’s unique risks and exposures, you may want to consider these additional policies:
- Business income insurance covers day-to-day expenses and lost profits when a fire or other covered property claim forces your shop to close temporarily.
- Equipment breakdown coverage covers the sudden failure of specialized equipment, such as your point of sale system.
- Electronic data processing insurance helps you recover financially from lost data, such as a fire that destroys your computers and hard drives.
If you need help finding the right coverage, contact a licensed agent for advice.