Cell Phone Stores
With the demand for cell phones rising, the need for cell phone stores is increasing all over the country. This is an ideal business for anyone who wants to be at the forefront of emerging technology. Protect your company, its tangle assets, your employees and your customers with the right levels of small business insurance coverage so that you can continue growing and prospering well into the future.
General liability insurance is a broad level of basic commercial insurance coverage. It is designed to help protect your company from financial losses that can be created due to unexpected events. Some potential problems that are covered under a general liability policy include customer injuries while in your cell phone store. If your customer’s property such as their cell phone is being repaired or reprogrammed by you or your employee and you damage the item, than you may be held liable for the damages. General liability can help with most problems as long as they are not specifically excluded from your policy contract.
Business Owners Policy (Bop)
Business owners insurance or a BOP (Business Owners Policy) provides you with general liability plus property protection. This insurance can be custom tailored to provide only the coverage your cell phone store needs.
- Equipment Breakdown – Equipment failure can be a big problem or a minor irritation. Either way, it is expensive and time consuming to repair broken equipment. A BOP can protect you from financial surprises by covering the repairs and replacements of major equipment.
- Buildings and Contents – If your store is damaged due to fire, vandalism or other unexpected events, a BOP can help cover the costs that arise. For example, if the carpeting inside your store is ruined from water damage, the BOP can pay for carpet replacements and any additional costs your company incurs.
- Business Income and Extra Expense – When events are severe enough you may be forced to close your store until repairs can be made. If this happens, your business owners policy can provide you with lost income until you can resume normal business operations.
- Products and Completed Operations (Included in General Liability) – Occasionally a problem or defect is found with sold products. If the products are found to be harmful to your customers, your cell phone store could be held liable in certain situations. A BOP can protect you from certain types of product liability through the general liability section of your policy.
- Electronic Data – Cell phone stores rely on electronic data to conduct business. Customer credit reports, electronic payment systems and cell phone activations are all conducted through computers. A BOP can protect you from the expenses involved with recovering or replacing critical digital files and software.
- Employee Dishonesty Coverage – Dishonest actions by your employees can cost your company a lot of money. It is estimated that small businesses lose as much as six percent of their annual revenue due to employee dishonesty.
You are required by law to protect your employees with workers compensation insurance. This coverage pays for the employee’s medical expenses if they are ever hurt on the job.
Commercial auto insurance protects you from losses that arise due to auto accidents and related injuries when driven for work.