Sporting Goods Stores
Sporting goods stores may sell athletic clothing or shoes, specialize in a specific sport such as skiing or hunting, or provide a wide range of sporting goods. Some offer equipment rental, trade-ins, and used equipment sales, while others provide equipment repair. Training classes, ranges for archery or shooting, and arrangements for excursions like fishing, scuba diving, or camping trips are also common. Some stores even sponsor athletic competitions and events.
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Coverage Options
Property Exposures
Property exposures in sporting goods stores come from fabric items and possible guns and ammunition. Aerosols and plastics add to the fire load, and down-filled items are highly susceptible to smoke and fire. Theft is a major concern due to the street value of athletic shoes and other trendy items, particularly firearms and ammunition. Appropriate security measures should be in place.
Crime Exposures
Crime exposures include employee dishonesty and theft of money and securities either from holdup or safe burglary. Employee dishonesty can be controlled through inventory monitoring, control of the cash register, disciplined controls, and division of duties. Theft prevention requires controls of monies kept in the cash drawers and regular bank drops.
Occupiers’ Liability
In a retail environment where the public comes to the premises, occupiers’ liability is always a concern. All stock should be on shelves easily accessible to customers, and floor coverings should be in good condition. Sufficient exits must be provided and well marked, with backup systems in case of power failure. If equipment rental is offered, reconditioning controls are crucial.
Parking lots and sidewalks should be in good repair, with snow and ice removed and adequate lighting and security if open after dark.
Products Liability
Products liability is limited unless there is reconditioning, repair, or direct importing of foreign-made equipment. In such cases, the retailer may assume the responsibility of a manufacturer.
Automobile Liability
Generally a minor exposure with light errand duty. Anyone using a vehicle must have a valid licence and acceptable MVR. Vehicles should have regular maintenance.
Workers Compensation
Workers compensation concerns in retail operations include lifting, back injury, hernia, sprain, and strain. Training and use of material lifting or conveying devices are essential. If classes or demonstrations are held, this concern needs careful evaluation.
Why Insure Your Sporting Goods Store?
Operating a sporting goods store involves significant risks, from potential property damage and theft to customer injuries and employee accidents. Comprehensive insurance coverage protects your business from these risks, ensuring that you can continue to serve your customers without interruption.
Who Needs Sporting Goods Store Insurance?
Sporting goods retailers
Specialty sports stores (e.g., ski shops, hunting stores)
Stores offering equipment rental or repair services
Stores providing training classes or excursions
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Professional Liability (Errors & Omissions)
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Sporting Goods Stores
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KRGinsure: Your Coverage Expert
At KRGinsure, we understand the unique challenges faced by sporting goods store owners. Our dedicated brokers are here to help you design a tailored insurance program that meets the specific needs of your business. We provide expert advice on risk management and ensure that you have the right coverage in place to protect your operations. Contact KRGinsure today to learn more about our comprehensive sporting goods store insurance solutions and how we can help safeguard your business.