Hearing aid stores face unique challenges. While ensuring they meet all health and safety guidelines for selling a medical product, they also have to meet standards for providing health services to their customers. Throughout the process, there are operational risks that could result in liability and litigation claims. When customers get injured or suffer property damage, the ensuing loss could be costly. Your hearing aid store could also face damages to the commercial property that could be expensive to repair and recover without proper insurance.
With hearing aid store insurance from ALIGNED, your business can stay covered to reduce financial risk.
Why is Hearing Aid Store Insurance Important?
Hearing aid stores should have detailed, comprehensive insurance policies that protect themselves against the unique challenges and sensitivities they face. Otherwise, repercussions could be a lot and even cause your hearing aid store to go bankrupt.
Some of the operational risks that a hearing aid store could face include:
- A customer could slip and fall on your premises and suffer an injury.
- You could sell a hearing aid to a client that doesn’t match their needs or is a faulty device.
- A hearing aid you sold could cause injury or trigger an allergic reaction which results in a product liability claim.
- Your hearing aid store could be subject to theft, vandalism, or another type of unexpected peril.
There are also many risks that you might never think about. Having comprehensive hearing aid store insurance coverage ensures your business is protected during the times where unexpected events and accidents happen.
What Does Hearing Aid Store Insurance Include?
Commercial General Liability Insurance – Also called CGL insurance, provides coverage for injuries and property damages occurring to a third party during your business operations. For example, if a client is injured while on your premises, you are covered for lawsuits, losses, and medical expenses.
Professional Liability Insurance – A hearing aid store could sometimes be asked for their expertise and knowledge, especially if they provide additional services other than the products they sell. If your mistakes, omissions, and neglect cause clients to not get the results you promised, there could be lawsuits. Professional liability insurance covers situations where your mistakes cause these financial losses.
Product Liability Coverage – product liability insurance protects your business against liability and damages resulting from the products you sell at youe store. For example, if a customer suffers injury or property damage as a result of a defective product from your store, product liability coverage can cover medical expenses, settlements, awards, etc.
Find the Right Hearing Aid Store Insurance for Your Business
ALIGNED works with Canada’s top insurance companies to provide custom insurance packages at affordable prices. Contact an ALIGNED commercial insurance specialist for a free quote, or use our free online tool.
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