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.
Business crime insurance, also known as commercial crime insurance, protects against organization-related crime and the resulting losses for your small business. When someone defrauds, embezzles, forges documents, or commits theft, you're covered for the losses.
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).
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!
Why do Electronics Stores need insurance?
Establishments in this industry sell both consumer and household electronics. Retail shops will specialize in new electronic products and software such as televisions, cameras, computers; or household electronics and appliances, such as refrigerators, vacuum cleaners, air conditioners, ovens, and similar devices.
Your business could be one faulty product away from falling bankrupt, especially when the product you have sold to your customer causes them financial harm. Without insurance, your business will be paying court and legal fees from your business or personal finances. Insurance is your business’s safety net. It makes sure that when it happens, your insurance will pay for the expenses up to its covered limits.
What risks do Electronics Stores face?
Opening an electronics store business comes with inherent risks. Some of those include:
These are just some of the many risks electronics stores can face.
How much does insurance cost for Electronic Stores?
The cost of insurance for electronics stores varies on the type of services you offer, the size of your business, the number of employees you have and many other criteria. To determine the cost of your insurance, take our online assessment or simply call our customer service representatives. We’ll be happy to assist you with your needs.