Category: News

For many animal lovers, running a pet shop is a dream come true. Surrounded by fiery friends all day long you can help them find the perfect food, toys and accessories. But like with any business, owning a pet store comes with its own set of risks. That’s where business insurance comes in, acting as your superhero cape when unexpected things happen. 

Why Does Your Pet Store Need Insurance? 

Here are some of the paw-sibilities that business insurance can protect you from: 

• Animal-related injuries: Bites, scratches, and allergic reactions are all potential risks. Liability insurance can be your knight in shining armor. Generally this insurance covers medical expenses and legal fees if someone is hurt due to an animal in your care. 
• Property damage: Pets can be playful (sometimes too playful!). They might knock over displays, chew on furniture, or have “accidents” on carpets. Property insurance can help you repair or replace damaged items without feeling the financial bite. 
• Product liability: Imagine a pet becomes sick after consuming a product from your store. Unquestionably, product liability insurance can be your furry guardian angel, covering legal fees and settlements in such cases. Therefore the responsibility is yours.
• Employee injuries: Your employees face risks too. Some examples include lifting heavy bags of food or scratched by a nervous animal. If someone becomes injured on the job, workers’ compensation insurance can provide medical care and lost wages.
• Theft and vandalism: Unfortunately, even the most adorable animals can be tempting targets for thieves. Crime insurance can help you recover losses if robbery or vandalism occurs.
• Business interruption: Floods, fires, or even power outages can force you to close your doors. Business interruption insurance can help you cover lost income and keep your business afloat during such times. 

Choosing the Right Coverage for Your Pack 

Just like no two pups are alike, every pet store has its own unique needs. That’s why there’s no one-size-fits-all approach to business insurance. Some of the most common types of coverage for pet stores include: 

• General liability insurance: This is your go-to shield against everyday mishaps like customer injuries or property damage. 
• Property insurance: This protects your building, inventory, and equipment from unexpected events like fires or storms. 
• Product liability insurance: This acts as your safety net if a product you sell causes harm to a pet. 
• Workers’ compensation insurance: This takes care of your employees if hurt on the job. 
• Crime insurance: This covers losses if your store is robbed or vandalized. 
• Business interruption insurance: This provides financial support if you have to close your doors due to a covered event. 

Remember, the best insurance policy is one that’s tailored to your specific needs. Talk to an insurance agent who understands the pet retail industry and can help you create a customized plan that protects your business from head to tail. 

Don’t Let Insurance Bite You in the Wallet 

While having the right insurance is crucial, it shouldn’t break the bank. Here are some tips for finding affordable coverage: 

• Shop around and compare quotes from different insurance companies. 
• Ask about discounts for things like having a good safety record or installing security cameras. 
• Increase your deductible to lower your premiums. 
• Review your coverage regularly and adjust it as your business grows. 

To learn more check out: 

6 Must Have Insurance Coverages For Your Pet Store

Cyber Insurance For The Secure Pet Retail World

By following these tips, you can find the right insurance for your pet store without sacrificing a chunk of your kibble budget. Having the right business insurance can give you peace of mind and protect your furry business from the unexpected. So, don’t let insurance be a bone of contention and get the right coverage from Gild Insurance.

Dude, where’s my office! There’s been a fundamental shift in where people are working today. The water cooler is still there, but the people around it don’t all work at the same company. With this shift in where we are all working, it begs the question – Do I have business insurance for that? We all think of insurance needs based on fire or flood events. But business insurance is so much more than that regarding coworking spaces for small business owners. At this point, you may be asking yourself: “What business insurance coverage does my business need at coworking spaces?”

Insurance Coverage Needs for Coworking Spaces for Small Business:

• General Liability – Does your business use contracts to provide its services or sell products? Operating from a flexible office space won’t save your business from the risks associated with those business activities! Obligations under client contracts or the risks of selling a product, do not disappear just because your business utilizes a coworking space. General liability a foundational business insurance coverage for any business typically provides product and contractual coverage. So, whether your business operates out of a brick and mortar or at coworking spaces, general liability is where all business owners start thinking about business insurance.
• Business Owners Policy – Picture this, you are at your coworking space having a productive day. You get up to go grab a cup of coffee and when you return your laptop is missing! If your business does not have property coverage, the costs to replace that laptop will have to come out of your pocket. Combine the coverages of general liability and property and make life a bit easier by purchasing a business owners policy (BOP).
• Worker’s Compensation – Now that business owners can work anywhere, the people they hire can too! Technology has allowed us to have video chats and be connected as seamlessly as if we were sitting beside one another. If you have employees or hire 1099 contractors to do work on your behalf, worker’s compensation is a must have coverage. Worker’s compensation is mandatory in most states, even if your employees operate remotely or in a coworking space.
• Professional Liability/Errors & Omissions – Don’t think that the possibility of a missed deadline leading to a dissatisfied client only happens if you own the building. If advice or expertise is your job, then professional liability is an essential coverage!

What Other Business Insurance Does My Business Need?

• Cyber Insurance – Free WIFI at coworking spaces may be a great amenity, but it is not without risks. A shared or public network may increase your business’ Cyber Insurance can provide you with coverage in the event of a breach. Data security losses can be extremely expensive. Many victims are often forced to consider paying a ransom to regain access to their systems and/or information. Cyber coverage can be purchased on its own. But often times, it can be added in a cost-effective manner to a business owners policy.
• Hired Non-Owned Auto – Do you hire or rent cars for your business? If you have employees, do you ever have them run an errand for the business in their personal vehicles? This is a common ask of small business owners who do not have owned business autos. Non-Owned Auto is the coverage needed to help protect your business in the event that employee running the errand has an accident.

As you can see there are many insurance coverages that will be needed no matter where you work. Go enjoy that view at your local coworking space. Drink the free coffee and put the cup in the sink without washing it. But before going tomorrow, make sure you have the proper insurance coverage to protect you against things that could happen. At Gild Insurance, we can help you with that!

To learn more about coworking risks, check out:

Considering a Coworking Space?

The Highlights of Business Insurance For Remote or Hybrid Businesses.

Take care of your business insurance needs by booking time with a Gild Agent or receiving a digital quote!