Like many businesses in the retail industry, hardware stores face a myriad of hazards that can lead to injuries, property damage, loss of income, and much more. Hardware store owners have enough on their plate with running a business that it is often difficult to find the right insurance coverage plan to help protect them from the unexpected.
PLM has been protecting businesses in the lumber and wood industry for over 128 years. We have gleaned from our experience in finding the right coverages and risk management tools for retail businesses in this industry to be able to present our latest insurance solution exclusively for hardware stores – HardwareXpress.
About HardwareXpress
HardwareXpress (HX) is PLM’s newest specialized program that offers quick and competitive quotes with personalized coverage exclusively for hardware stores. HX’s easy process allows for bindable quotes within 48 hours of submission with no pre-inspection required. Hardware store owners can independently manage loss control by conducting virtual inspections on their own schedule. In the event of a loss, HX’s dedicated team supplies businesses with industry leading support to help prevent operation downtime and minimize loss of income. With two-year policy terms and EFT billing, hardware store operators are able to focus on what truly matters – running their business.
Eligibility Requirements
All hardware store submissions will be evaluated for risk exposure. Additional criteria may be used to determine if the risk adheres to program eligibility. If the business does not fit the criteria for HX, PLM will still review the business through our normal submission process.
- Single Store Location
- Up to $3 Million TIV
- Up to $2 Million Annual Sales
- 4 Automobiles or Less
- No Installation
Common Questions with Matthew Kienholz, Director of Regulatory Compliance & Sydney Stenson, Project Associate
- Q: Who receives the benefits from a program like HardwareXpress?
- A: Pennsylvania Lumbermens Mutual operates to serve those in the lumber and building material industries. We have been around for 125+ years because we put their needs at the core of our mission. For a long time, PLM has been looking for ways to enhance our support of the retail operations in these industries, specifically hardware stores, which are the backbone of many communities across America. HardwareXpress is designed to be a collaboration with small, main street hardware stores who are looking to partner with a trusted carrier on their tailored insurance needs. Outside of HardwareXpress, PLM continues to have an appetite for hardware stores and building material dealers of all sizes.
- Q: How is a HardwareXpress quote different from a PLM quote?
- A: The great thing about HardwareXpress is that it offers everything you expect to get with a PLM quote. You’re still getting a competitive quote from an AM Best A- rated carrier with 125+ years of experience insuring businesses in the lumber and building material industry. PLM offers first-rate loss control resources and experienced claims handling during your time of need. We’re also excited to offer a Workers’ Compensation quote through PLM’s in-house wholesale brokerage, ABM. Workers’ Comp coverage is placed by ABM through partner carriers. HardwareXpress offers a bindable quote within 48 hours, no pre-inspection of your operations, extended term policies, and personalized coverages to fit the needs of hardware operations.
- Q: What coverage options are available?
- A: Coverage options include the following: property, general liability, auto, inland marine, profits, umbrella, employment practices liability, cyber liability, crime, and workers’ compensation (placed by ABM, through partner carriers). Any member of our dedicated team is happy to discuss coverage specifics and program offerings.
- Q: What steps need to be taken to get a quote from the HardwareXpress program?
- A: Obtaining a quote through HardwareXpress is simple – either complete the form on our website (www.plmins.com/hardware) or submit Acord applications to our email at hardware@plmins.com. A member of the dedicated HardwareXpress team will be in touch once a submission is received.
- Q: What actions must be taken after a policy is bound?
- A: Once a policy is bound, there’s only two final steps that need to be completed. First, all HardwareXpress policies have the option to pay in full or enroll in our 10-pay EFT plan. If using EFT, a completed EFT form must be submitted upon binding to begin enrollment. Second, a virtual loss control survey must be completed within 15 days of binding. We’ll partner with you by sending you a link to complete an online survey. All you need to do is answer a few questions and take a couple of pictures around your business. Our Anytime Risk Management self-survey allows you to take the reins of your loss control and complete surveys when it makes the most sense for you. Once these two steps are completed, nothing further needs to be done until your policy renews in two years or your insurance needs change.
For more information on HardwareXpress, visit www.plmins.com/hardware.
Interested in discovering more about PLM’s services? Connect with our network of Business Development Representative or Loss Control Representatives and start receiving industry leading insurance solutions.
