The Hardware Man - Reviewing Business Insurance

Howdy Folks,

I have been in the process of reviewing our insurance as the business has evolved. We are adding an aerial lift and bounce house to our rental inventory and realigning assets within our businesses for better coverage. Store inventory has expanded and our current carrier was unable to cover the new additions to the business. Needless to say, our new policy costs considerably more.

Insurance is a necessary evil in our world today. Personally, we pay coverage for home and auto, for heath care, accidents or death. We have riders for sewage backup, for uninsured motorists or for an expensive vacation that may need to be canceled. Even our higher priced purchases come with an option for additional warranty or coverage. It takes me back to a job interview when I shadowed a door-to-door insurance salesman. One prospect responded with the statement that he is ‘Insurance Poor’, as in he pays too much for too much insurance. I know that feeling.

This past week we had some unusual excitement on Main Street in my hometown of Zelienople. Mondays are usually an off day for retailers along Main Street as they take a day to relax and regroup after a busy weekend. Across the street from my office, a fire broke out in a second story apartment of an older building. Witnesses stated they heard a small explosion, and the fire quickly grew. The older gentleman who lived there was able to safely evacuate with only a shoebox of possessions. At street level, the two businesses that occupied the store fronts were closed for the day and no injuries were reported. Firefighters from multiple departments responded and were able to extinguish the blaze quickly without damaging neighboring buildings.

As a board member of our local business association, our focus turned quickly to the two businesses affected. While we certainly feel for the upstairs tenant, he will be well cared for as he transitions to a new place and rebuilds what he lost. His church, friends and neighbors have already pitched in to help with monetary and physical donations. The hair salon was a long-standing business that is suddenly without access to their storefront. All her equipment is now ruined with smoke and water damage. The flower shop had just opened a month ago and we were scheduling her Grand Opening celebration this week. She had hardly gotten started when factors outside of her control forced the closure of her business.

In true small-town spirit, the community has begun to rally behind them all. Zelienople is a great community with a vibrant downtown. Full of small restaurants, shops and boutiques, the business owners work together to promote and complement each other. Many have reached out to offer assistance and goods to help with whatever comes next for the affected businesses. The salon owner reported that other stylists have offered space to share while they recover. There have been offers for new signage and support for their new locations, whenever and wherever that may be. Our association will be responding as best we can to their specific needs.

We sincerely hope that these businesses will be able to set up shops again in town. It will be a huge adjustment to them, but ultimately their success depends on if they had sufficient insurance coverage.

With all that in mind, maybe this new policy isn’t too expensive after all.

---

Daniel Karns and his wife own Clintonville Hardware & Rental along with other businesses. Join the discussion by contacting him at info@clintonvillehardware.com.