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May 2018—

The HFA Business Insurance Program can protect your business—and save you money

Your furniture store might be open from 9 to 5, but you’re exposed to financial risk 24/7. A single legal action, ADA issue (physical or web-based), natural disaster or injured employee can be devastating to your bottom line. Fortunately, the Home Furnishings Association, through Arthur J. Gallagher & Co. and their partnership with The Hartford, offers coverages designed with the home furnishings business owner in mind.

The HFA Business Insurance Program protects your business, so you can focus on your customers, not on coverage. As an HFA member, you have access to exclusive solutions tailored to the needs and exposures of the home furnishing industry. You’ll benefit from aggressive pricing, superior customer service and a sales team dedicated to members.

The insurance industry is in constant change these days and can be a bit overwhelming. If you’re uncertain about which insurance options may be best for your business, start by talking to HFA Business Insurance Specialist Jim Saris.

Although it’s becoming easier to shop for personal insurance online, Saris advises a different approach for business owners. For example, for personal insurance such as auto coverage, there’s strong competition among insurers, which makes it easier to find and select different policies online; that’s not the case with business insurance.

The HFA Business Insurance Program not only helps you wade through the offers and options that are best for your business, it compares policies and provides competitive rates.

And, while every business is different, there are some common types of insurance that every small- or medium-sized retail furniture business should consider.

Property insurance

From the building that houses your store to the furniture, computers and important papers inside, commercial property insurance covers damage or loss for a wide variety of reasons, including natural disasters and theft. Nobody knows this better than our HFA members in Florida and Texas after last year’s hurricane season. Property insurance can also cover inventory, tools and machinery. Policies cover all risks or specific risks if your business is in an area with a high likelihood of experiencing a certain disaster, such as flooding, tornados or earthquakes.

Business interruption coverage

When hurricanes Harvey and Irma struck Texas and Florida respectively, many retailers were slow in getting their businesses back open. Some had to wait weeks for power to be restored. Some needed weeks to clean up from the mud and flooding. Others lost most or all their inventory. That’s where business interruption insurance can prove to be a godsend. Commercial property insurance can also include business interruption coverage that protects your earnings in case a natural disaster or another covered incident shuts down your store. The coverage would help replace any income you lost while the business was closed.

Commercial vehicle insurance

If you use your vehicle for business, your personal policy might not cover it. In addition, commercial auto insurance policies typically have higher liability limits, according to InsureU. Commercial vehicle insurance may also cover vehicles you don’t own, such as rental cars or employees’ cars, when they are driven for your business.

Life insurance

If you co-own your small business with a spouse or partners, life insurance is another option to consider in case one of the partners dies. If a family member wants your small business to buy out the deceased partner’s share, the unexpected cost could devastate your organization’s bottom line. Key person life insurance covers the individuals who are critical to your furniture store’s success, such as founders, partners or experts. If a designated person should die, your store would receive proceeds from the policy to cover the financial aspects of the loss.

Workers’ compensation insurance

If you have employees, your small business may be legally required to purchase workers’ compensation insurance and unemployment insurance. In some cases, the law may require disability insurance to cover your employees’ sickness or injuries outside of work. The HFA Business Insurance Program offers Employment Practices Liability, or EPL insurance, which protects you from claims such as discrimination and wrongful termination.

And so much more

The HFA Business Insurance Program also offers group health, which assists with paying for health care coasts, including preventative care and treatment. And the HFA’s umbrella coverage provides additional protection against injury or property damage.

With the buying power of an association, the HFA Business Insurance Program can offer a competitive quote to your business. For more information on the program, contact Jana Sutherland at (800) 422-3778 or jsutherland@myhfa.org.