(888) 900 0205Camera Store Insurance
Running a camera store comes with its own set of challenges, from stocking expensive equipment to dealing with everyday risks like theft, damage, or customer injuries. That's why having the right business insurance is a must. Whether you operate your store directly or you choose to let a manager take care of the day to day operations, as the owner there are many aspects of the business that you must take care of yourself. One important area you must take care of is making sure you have the right business insurance coverage.
General Liability Insurance for Camera Stores
General Liability (GL) Insurance is your front-line protection. It covers third-party bodily injury, property damage, and legal fees if someone sues you. Here’s a quick breakdown of what's included:
- Each Occurrence: Covers damages for a single claim, such as a customer injury.
- Damage to Rented Premises: Protects your store in case of damage to the property you're leasing.
- Medical Expenses: Covers medical bills if a customer gets injured in your shop.
- Personal & Advertising Injury: Covers claims related to things like copyright infringement, which can be a concern if you're running photography classes or promoting products online.
- General Aggregate: This is the maximum amount your policy will pay out for multiple claims during the policy period.
- Products/Completed Operations: Covers issues that may come up after a product leaves your store, like a faulty camera battery causing damage.
Business Owner's Policy (BOP)
For many camera stores, a Business Owner's Policy (BOP) is the perfect package because it combines general liability and property insurance. It covers risks like theft, vandalism, fire, and customer injuries while protecting your business property, including that pricey inventory.
Coverage Example: A camera store suffers water damage from a leaking roof, and several high-end lenses are ruined. The BOP helps cover the cost of replacing the damaged items, keeping the store afloat.
Workers' Compensation Insurance
If you have employees, you’ll need Workers' Compensation Insurance. This covers medical expenses and lost wages if an employee gets hurt on the job, like dropping a heavy piece of equipment on their foot while unpacking a shipment.
Claim Example: One of your staff members is injured while lifting camera equipment in the storage room. Workers' comp covers their medical bills and pays for the time they need to take off work to recover.
Claim Examples for Camera Stores
Customer Injury: A customer sues your store after slipping on a wet floor. They claim $10,000 in medical expenses, and your insurance covers the full amount, plus your legal fees.
Fire Damage: A small fire breaks out in the back of your store, damaging inventory worth $50,000. Your property insurance covers the loss, allowing you to restock without taking a major financial hit.
Product Liability: You sold a camera with a defective battery, and it overheated, damaging a customer’s property. They file a claim for $5,000 in damages, which your products liability insurance covers.