How to Insure a Furniture Store
A furniture store is a place where people buy furniture and related accessories. It can be a general furniture store or a more specialized store that specializes in custom or commissioned items. In any case, it is a business that needs to be well-insured. In addition to retailing general furniture, a furniture store will also sell seats and upholstered suites.
Business entity for a furniture store
A business entity is an ideal way to protect yourself as the owner of a furniture store from personal liability. You can either form an LLC yourself or hire a business entity formation service for a small fee. In either case, you must elect a registered agent and register with state and federal taxes.
You will also need a certificate of occupancy. This document proves that the store complies with local and national government regulations, including building codes and zoning laws. Other federal regulations may apply to you, including health licenses from OSHA, trademarks, and copyrights. In addition, you may also need state and city-based licenses to operate your furniture store.
Insurance coverage for a furniture store
Insurance coverage for a furniture store is important to protect the business from liability claims and lawsuits. Most states require stores to carry this type of coverage. It covers property damage, liability and injuries. Moreover, it provides a safety net for employees in case of an accident. For this reason, many stores choose the most comprehensive policy.
Besides property damage, furniture store owners also have to worry about liability for injuries to employees and customers. General liability insurance pays for legal fees and legal expenses in case of a lawsuit, including attorney fees, court costs, and administrative and investigative expenses. Depending on the level of protection chosen, general liability insurance can provide up to $2 million in coverage for each claim. Some carriers offer a higher limit, up to $5 million.
IKEA’s “Design Your Own” universe
The IKEA “Design Your Own” universe is a collection of products based on the same basic concept: create the perfect living space. This approach includes the redesign of existing products. For example, Marianne and Knut Hagberg, who have worked for the company for 36 years, have redesigned three different mesh document trays, each resulting in a different shape of support. They joke that soon they’ll run out of shapes.
The IKEA design center is like looking into the future. It is already working on products for 2019, including electric bikes that are coming soon to some markets. It is also developing products for today’s families that encourage interaction and play. This is crucial in a world where socializing through devices is robbing families of the togetherness that makes home life enjoyable.
IKEA’s online shop
The online shop at IKEA has more than 1 billion products and represents around 3% of the company’s overall sales. It’s a challenging experience to navigate the site, as the variety of products is enormous and search filters are not intuitive. However, the IKEA staff have extensive knowledge and are always eager to assist you.
To help consumers find the right products, IKEA uses demographics and segmentation. The brand caters to different customer segments in various parts of the world, including the United States, Europe, South America, Asia, and Australia. The retailer focuses on life cycle stages, with product lines targeting groups such as newlywed couples, families with young children, and empty nesters.
Room & Board
The Room & Board furniture store is located in New York City. The location is close to the High Line, as well as several restaurants and retail stores. The building itself dates back to 1902 and used to be a warehouse for the Siegel Cooper Company. This location is one of the largest in the country. The room & board store is a member of the community and actively involved in it.
Room & Board has over 15 locations nationwide and is even expanding into Washington, D.C. The stores are between 35,000 and 50,000 square feet. Some of them are freestanding, while others are inside of lifestyle outdoor centers. Despite its rapid expansion, Room & Board has had a tough time keeping up with demand, and many of its most popular pieces are out of stock. The company has also embraced a custom furniture model, hiring small, family-run businesses and artisans to create its furniture.