Getting hardware store insurance is one of the best decisions any small business owner will ever make. It protects you from losses that could arise from theft, damages, product liability, and lots more. Understand why you need hardware store insurance and where to find the best hardware store insurance quotes, that will give you the total coverage that your business needs.
Owning a hardware store is the first step in your journey to entrepreneurship. Whether you are in it solely for the gains, to meet craftsmen, or folks like you who love to get their hands dirty with DIYs, running a hardware store allows you to offer practical solutions, just as you will love selling. Irrespective of how interesting it is to run a hardware store, most store owners get so lost in the fun, that you forget to do the little things that matter.
What if someone breaks into your store and carts away with your goods? What if there’s a pipe burst or fire outbreak? A customer bought a bad tool from you, which resulted in an injury, and they are threatening to sue. How do you handle these issues when they arise, knowing fully well that these (sometimes) unavoidable problems can bankrupt your business?
Hardware store insurance is the perfect solution to mitigating risks and protecting your store from the claims and costs that might arise from damages. Given the variety of hardware insurance quotes available from various insurance companies, how can you determine which one is best for your needs?
What is retail insurance for hardware stores?
Retail insurance for hardware stores is a type of insurance that provides adequate coverage for hardware stores and protection against different kinds of risks. With retail insurance, your hardware store is protected from the following risks:
- Claims from Customers’s Injuries
- Damage to your store or inventory
- Lawsuits related to defective products
- Accidents caused by your store’s equipment
Insurance for hardware stores offers coverage for general liability, product liability, commercial property, and sometimes business interruption. Whatever terminations or attacks that your store may face either from interactions with customers, tools, or equipment, store insurance ensures you only worry about rebuilding while the losses are being taken care of.
What does hardware shop insurance cover?
Hardware store insurance covers a wide range of protections, all of which are designed to safeguard your hardware store from risks and losses. Here are some common risks and damages that store insurance covers:
- Property-related damages
- Public/General Liability
- Damages to goods or products in transit
- Cyberattacks
- Business Interruption
How much does hardware store insurance cost?
The cost of hardware store insurance can start from $50 per month to as high as $350 monthly. The amount you will pay for hardware store insurance depends on some factors.
These factors include the type of insurance package that you choose, the coverage that it offers, the structure of your business, the number of employees that you have, and precautionary measures that exist. In certain scenarios, you might get a customized quote for your hardware shop insurance. This ensures that the coverage is tweaked to accommodate your business needs.
Types of Insurance Coverage for Hardware Stores and Quote
| Coverage Type | Description | Average Annual Quote |
| General Liability | Covers customer injuries and property damage | $360-$800 |
| Product Liability | Covers injuries or damages that arise from the use of your product. | $1000 – $1500 |
| Commercial Property | Protects physical assets like buildings, tools, and inventory against fire, theft, repairs, or replacement risks. | $840 – $1,800 |
| Workers’ Compensation | Covers employee injuries and illnesses, medical bills, and lost wages while on the job. | Varies by state/business/number of employees |
| Business Interruption | Covers lost income during unexpected closures | $500-$2,000 |
General Liability
This type of liability protects you and your business against customer injuries or property. If your business causes harm to a customer or their property, you are shielded from the claims. These claims can arise if the customer falls or is injured while on your business property. This can include claims from slander, libel, or harmful advertising, whatever way your business operation hurts a customer or reputation.
The average cost of general liability insurance for hardware stores should range from $30 to $70 per month.
Get low cost hardware store insurance quotes starting from $17/mo
Product Liability
Product liability, which is slightly similar to general liability, applies only when a customer is injured by the use of your product. Quotes for insurance in this category range between $83 and $125 per month.
Commercial Property
Every hardware business needs commercial property insurance to protect its physical assets. These include coverage against damages, theft, fire outbreaks, and hazards that may destroy your goods, products, or buildings.
Commercial property quotes for hardware stores fall within the range of $70-$150 monthly.
Workers’ Compensation
Workers’ compensation insurance covers medical bills for employees when they are sick on the job, including whatever wages they might have missed while trying to recover. The quote for this insurance package usually varies based on the different laws that apply in different states. This variation also exists because of the different sizes of businesses, the number of employees therein, and how much you pay them.
Business Interruption
Business interruption insurance exists to cover losses incurred during the unexpected closure of a business. For instance, during the COVID-19 outbreak, most businesses had to shut down, and this resulted in the loss of a lot of revenue.
Businesses with the interruption insurance package do not need to worry about the losses that arise from unexpected closures, which can even arise from fire outbreaks, natural disasters, etc.
Quotes for business interruption insurance for hardware stores range between $41 and $167 monthly.
FAQs
What insurance do I need for a hardware store?
The type of insurance that you need for your hardware store depends on the needs and size of your business. If you have so many employees to cater to, then you might consider workers’ compensation insurance, or you can start with general liability if you are uncertain about which insurance coverage you need.
However, you can discuss with an insurer to decide which is best for you. A customized plan could work too.
CONCLUSION
It is normal to be skeptical about which insurance company will represent your business well and give you the best coverage you need at the most affordable rates.
Barter Insurance offers flexible insurance quotes for hardware stores, full coverage, and customizable plans to adopt the unique needs of your business.
Stop worrying about what tomorrow will bring and start securing the future of your business today!
