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Options To Protect Your Business And Help Mitigate Risk
Camera Store Insurance
Camera stores are like toy stores for photography buffs. Your camera store may cater to high end, professional photographer clients or it may carry cameras and accessories that appeal to hobbyists, beginners and professionals alike. You may have chosen to open a camera store because of your own love for photography. Whether you operate your store directly or you choose to let a manager take care of the day to day operations, as the owner there are many aspects of the business that you must take care of yourself. One important area you must take care of is making sure you have the right business insurance coverage.
General liability insurance is the first line of defense for your business against day to day accidents, risks and hazards. This insurance provides your company with a broad level of base coverage for common problems or unexpected events. It helps protect your company both financially and legally if customers take legal actions against your business. General liability also expands as your company does, so if you decide to add a new camera store location then it is automatically covered by your current policy. Other ways this insurance protects your business includes:
Other CoveragesPhotographer Insurance
General Liability Insurance Includes:
- Premises Liability - Premises liability insurance protects you from suffering severe financial hardships when accidents happen at your store. If a customer has an accident inside your camera store and suffers bodily injuries that must receive medical attention, they may sue your store for the costs. Your premises liability insurance pays those medical bills and any other personal property damages that might occur on your property.
- Products Liability - The best companies in the world cannot avoid mistakes and problems with their products. Even though you simply sell products that other company’s make, there is a chance that your company can be sued when problems arise. If you sell products that cause physical injuries to happen, your customers may sue your camera store. Products liability insurance helps pay for your legal defense costs while also providing for the customer’s medical bills, property damage bills, settlement or awards.
- Completed Operations - When you provide services to your customers, one of them may decide that you caused them harm with the services you provided. They may claim you caused property damages or physical injuries, and sue your company for restitution. Completed operations insurance protects you from these potential issues. It pays for your legal defense costs and any settlements or awards due to the customer.
Business Owners Policy
You can get general liability insurance automatically as part of another level of protection called a BOP, or business owners insurance policy. A business owners policy is popular for small businesses because it provides them with a way to directly protect from losses of business assets. Your BOP can protect you from financial problems caused by the loss of tangible assets for example, such as your camera store inventory. It also protects you against losses of intangible assets such as your store’s camera calibration software. You can customize your BOP so that it only provides the coverage you need. Examples of options can include:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
Business Auto Insurance
When you must drive for a business reason, such as visiting one of your camera store suppliers, you are at risk of having an auto accident. If you also have employees who drive for business reasons then those risks are increased. Protect your company from potential financial losses caused by auto accidents by carrying business auto insurance. This coverage pays for the medical expenses when someone is injured in an accident. It also pays for repairs to property that gets damaged. With additional options it can also protect you from losses caused by theft, fire, hit and run accidents and related auto risks.
If you have employees at your camera store, you must also have workers comp insurance. This coverage is mandated by law in most states, so that your employees are protected in the event that they have an accident on the job. Workers comp insurance pays for the employee’s medical care that is caused by on the job injuries. It also pays for recovery and related expenses that arise.
Commercial umbrella insurance provides your camera store with extra business insurance beyond the maximum limits of your other policies.