Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Business Interruption Insurance protects your small business if impacted by a covered risk. It'll cover the costs in replacing lost income and paying for additional expenditures. Also known as Business Interruption Coverage, this policy is usually part of your BOP (Business Owners Policy).
Product Liability insurance covers your business if you need to recall one of your products. It covers your costs for retrieving the defective product from the manufacturer or seller to prevent any further bodily injury or property damage.
Why do Book Stores need insurance?
Insurance protects your bookstore against potential risks and exposures. Without an insurance, you risk paying for the costs of personal injury when a customer slips and falls on your property, repair or replacement of damaged property from fire, flood, or natural disaster, cost of replacement for stolen goods and many other incidents. Any of these could cost you a lot, but when you have insurance there is a safety net to cover the expenses up to the provided limits.
What risks do Book Stores face?
Unlike most businesses, book stores do not carry major risk, but they have unique risks that can cause huge financial loss. People usually congregate in book stores to socialize or just hang out. This increases injury liability risks in your book store. In the event of a fire, for example, you may face major inventory loss. Even if the fire is contained, the smoke and water exposure will make almost every book you have unusable. If your book store hosts an author and the author is sued for copyright infringement, your store may be named in the liability suit.
How much does insurance cost for Book Stores?
The cost of your insurance will be based on the size of your business, the type of services you offer, and many other criteria. But we can provide you the usual cost of insurances for bookstores.