When you also have equipment or operate from a store
All Basic plan benefits and:
Get protected against employment-related issues
All Standard plan benefits and:
*plus Workers Compensation
Business Owners Policy (BOP) combines Commercial Property and General Liability under one package with add-ons. It covers lawsuits when you're liable for injuring someone's reputation, property, physical injury, copyright infringement and other related incidents. This policy costs less than buying a General Liability and Commercial Property insurance separately.
Workers' Compensation is a form of insurance that provides medical benefits and wage replacement to employees who become sick or injured during the course of their employment. In exchange, employees no longer have the right to sue the business for employer negligence regarding these occurrences.
Business Interruption compensates for the loss of income when your business has to vacate the premises due to the disaster-related damage that has caused your business property. It also covers the operating expenses like employee wages and the monthly bills that continue even though the business is on halt.
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.
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.
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.
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