Insurance for Music Stores
Owning a musical instrument store allows you to conduct retail operations while focusing on a specific area of interest. This is a particularly rewarding business for anyone who loves music, and it can be designed to focus on varying levels of customer needs. Protect your store with commercial insurance policies that are designed to fit your specific business needs.
General liability is an all-around broad level of commercial insurance. It grows as your business grows without having to add specific coverages to the policy. In fact, general liability protects you against most potential problems as long as they’re not specifically excluded from your policy contract. Examples of some of the things a general liability policy can protect you from include: customer bodily injury in your musical instrument store, customer property damage on your business premises, product and advertising liability and general fire and water damage.
A business owners policy (BOP) includes general liability and provides you with additional specified coverages. This is particularly useful for small musical instrument stores like yours because you can add just the right types of protection for your needs.
- Equipment Breakdown – Equipment and machinery break down at some point or another. The cost for repairing or replacing broken equipment can be extensive, and may be more than your store can handle. For example, your musical tuning equipment might break and you can lose customers due to the outage. A BOP can protect you from these types of financial hardships.
- Buildings and Contents – The building that you sell musical instruments from is the lifeblood of your business. Without a physical store location you may be unable to carry out business operations. If you own the building and add it to your BOP policy, you coverage can protect both the physical building and the property inside in the case of damages or destruction.
- Business Income and Extra Expense – When damages occur to your business building or the inside equipment you may have to temporarily close the doors until repairs can be made.
- Products and Completed Operations (Included in General Liability) – Your musical instrument store sells musical instruments and related products. If a problem is found with one of the products you sell or sold, your store could be held liable for damages and settlements.
- Electronic Data – The digital business files, media and software that you use to operate your business can be destroyed by simple problems. A power surge or a downloaded computer virus can damage or destroy your business files.
- Newly Acquired or Constructed Buildings – When you expand your musical instrument store to new locations your BOP can protect those new structures for a specified period of time at no additional cost to you.
- Employee Dishonesty Coverage – A BOP can help protect you from the financial losses that result from employee dishonesty such as theft or fraud.
Commercial auto insurance can pay for damages that arise due to auto accidents with vehicles you use for business purposes.
When you have one or more employees, Workers comp insurance is required coverage by law in all states. This insurance coverage is designed to help the employees recover if they ever get hurt while performing their job. It pays their medical, prescription and related care expenses created by on-the-job injuries.