Just like libraries, book and magazine stores can be very quiet or create a hub of activity throughout the day. The design of your store and business model determines just what is needed by customers and employees at all times.
Consider the fact that a single customer injury on your premises could escalate into a major law suit. If a tornado hits your bookstore, you’d have hundreds of thousands of dollars in property loss on your hands.
Small business insurance acts as a safety net when these unexpected accidents and setbacks occur. A solid, well designed, risk management plan could be the difference between your book and media store surviving a disaster or folding under the financial pressure.
Types of Book Store Insurance….
General Liability
A general liability policy can be purchased on its own or in combination with a property insurance policy. If your sued, general business liability coverage will protect your book store’s assets whether at fault or not, for causing personal injury or property damage, unless specifically excluded.
Property Insurance
Fire, theft, and lightening damage are all risks of owning a book store. Property insurance coverage provides protection against these perils. An open peril policy covers all causes of losses not excluded specifically in the policy. On the other hand, named perils must be listed on the policy in order to provide coverage for a loss. A property insurance coverage policy can be tailored to meet the specific needs of your store.
Crime Insurance
Employees, customers and passersby put you at risk of theft and the potential loss from the theft. This insurance cover all types of crimes including theft, vandalism, shoplifting and dishonest employee practices. Many customers pay for books and items you sell via cash, which you probably carry on your premises at any given time, making you liable for crimes of theft.
Inland Marine Coverage
Inland marine insurance is designed to protect your property while in transit. This coverage also protects your inventory being held in storage. When inventory is stolen in transit or at the storage site, an inland marine policy would cover the loss. Referred to as a floater, it’s highly recommended to fill in the gaps in your insurance coverage and is usually purchased as a supplement.
Business Owners Insurance
This is a package policy that combines different types coverage into one policy, such as electronic data, newly acquired buildings, building and contents, dishonest employee coverage, and business income or extra expense. If there was a natural disaster in your area that caused damage to your building and contents, the BOP can cover repairs and replacements of supplies and equipment as well as help cover the business income you lose while the repairs are being done. These policies are usually less expensive as a package policy.
