Office equipment and supply stores carry everything you could possibly need for your home or work office. This includes equipment like printers, copy machines, fax machines, computers and phones. Office supplies include paper, ink, school supplies, pens and other writing utensils, desk accessories, and furniture like computer desks, filing cabinets and computer chairs. Risks for an office equipment and supply store include that of crimes like shoplifting and vandalism, the risk of unforeseen events causing damage, and injuries in the store which could lead to lawsuits. Cover these and other risks with business insurance.
Types of Office Equipment Insurance
Office equipment and supply stores have many different risks which cause the need for different insurance policies as well. Choose from the following business insurance policies based on your expected risks:
If you purchase just one insurance policy for your office equipment and supply store, it should be general liability insurance. This type of insurance policy covers all types of liabilities, including damage, loss or injury occurring in your store and as a result of your products or services provided. For example, if a customer is walking through the aisles of your store and a computer accidentally falls off the shelf and onto their foot, the resulting medical costs are covered by general liability insurance. It will also cover completed operations and products liability.
You most likely use a vehicle for business errands, and in that case you need business auto insurance as an essential office equipment and supply store insurance policy. This business insurance policy offers protection if you get into a collision while driving, whether it occurs while picking up supplies, making furniture deliveries to customers, or other types of routine errands. The business auto insurance policy covers bodily injury and damage to property or vehicles involved in the accident.
Unforeseen events like fire, extreme weather or natural disasters could cause severe damage to your business property and contents. To protect your office equipment and supply store from this type of damage, purchase a business property insurance. The policy will help cover repairs to the building and replacing any items stolen. What happens if a fire breaks out and destroys most of your inventory, especially your pricey electronic products? If you had business property, you could replace the damaged merchandise.
In many cases, products liability will be included in your general liability insurance. This might be necessary for an office equipment store as damage from your products are a definitely liability. If for instance, a customer purchases a file cabinet from your store that is faulty and the drawers open when they didn’t intend them to, causing an injury to their arm or hand, the medical costs and any lawsuit would be covered by products liability.
If you have an online office equipment supply store, you should be covered by cyber liability insurance, in addition to your other office equipment and supply store insurance policies. This type of insurance policy comes into place to protect you from cyber crimes like hacking into your website, stealing personal and private information, and forging financial information in an effort to receive free merchandise. Cyber liability helps to cover any losses you experience from these types of cyber crimes.
Most states in the US require companies to have worker’s compensation if you have employees. Worker’s comp covers medical costs and lost income if an employee suffers a work-related injury or illness. At an office equipment and supply store it could be anything from a back injury after moving boxes or accidentally cutting their hand from a box cutter when opening up shipped merchandise. If an employee was injured, worker’s comp offers medical care and income if they are out of work during recovery.
Office Equipment and Supply Store Crime Insurance
All retail stores, including office equipment stores, are at risk of theft or shoplifting. While you may have made the necessary security measures to reduce your risk, it doesn’t eliminate it completely. The best thing you can do for your business is get protection from crimes in the form of insurance. Crime insurance will offer coverage of loss or damage from a variety of crimes, including help to repair damages and replace items or money stolen during the crime.
Now that you know your probable risks and the office equipment and supply store insurance policies that protect them, you will be able to offer your business the best coverage available.