Book Store Insurance
Book and magazine stores can be quiet like libraries, or a hub of activity throughout the day. The way you’ve designed your store and business model determines just what is needed by customers and employees at all times. Don’t lose all of that hard work by skimping on the right types of commercial business insurance.
General Liability Insurance
General liability provides you with a wide variety of business-level insurance protection. It helps pay for damages and liability if a customer is injured in your store or if their property gets damaged while they’re there. General liability can also provide you with protection against product and advertising liability and provide financial help when other hazards or disasters arrive.
Business Owners Policy (BOP)
A business owners insurance policy lets you pick and choose customized insurance protection based on your specific business needs. It includes general liability and you can add different types of physical and intangible protection options.
- Equipment Breakdown – Some equipment, such as air conditioning units or a furnace, are critical to maintaining quality business levels. A business owners policy, or BOP, can take care of the expenses that arise when equipment malfunctions.
- Buildings and Contents – A BOP protects your business buildings and the physical assets you have inside. For instance, if you have specialized furniture inside your bookstore to create an attractive atmosphere for your customers, the expense of replacing those furnishings could be quite high.
- Business Income and Extra Expense – When damages occur that are severe enough they can cause you to have to close the doors of your bookstore until repairs are made. A BOP can cover extra business expenses such as when you have to rent temporary office spaces.
- Products and Completed Operations (Included in General Liability) – Even though you are not the publisher of the books and magazines you sell, your store may be involved in a lawsuit if your customer received direct damage from the products you sold.
- Electronic Data– If you keep important business files in digital format, a BOP can protect you from the expense of having to replace or recover them in the event of a problem. For example, an Internet connected computer at your bookstore could become infected with a virus that destroys your book database.
- Newly Acquired or Constructed Buildings – Once your business has overgrown and needs extra room for new inventory, you may look into expanding your operations, whenever you are ready for the move, your insurance coverage will expand to all new locations.
- Valuable Papers Protection – Any critical business paperwork that you keep in physical form can also be protected from loss by your BOP. If, for instance, you keep authentication records on rare books, these could be extremely expensive to replace.
- Employee Dishonesty Coverage – Whether employees commit dishonest actions towards customers or they are accused of them, your book and magazine store can be held liable.
Workers Comp Insurance
Having employees lets you run your book store efficiently. As an employer in the United States, you are required to carry workers comp insurance. Workers comp takes care of your employees if they are ever injured on the job. It pays for physician or hospital care, prescription medications, and temporary or permanent disability if applicable.
Commercial Auto Insurance
If you use automobiles for any business purposes, you need to protect them from loss with a commercial auto insurance policy. This coverage can be tailored to protect company cars as well as personal vehicles you use for business, or rentals and loaned cars.