Educational supplies stores sell everything someone would need for classrooms and education centers, along with providing supplies for homeschooling children. This includes furniture for the classrooms, chalkboards and bulletin boards, toys and games for education, stickers, paper, books, craft supplies, writing essentials and software for classroom computers. Many educational supplies stores also provide services like tutoring. There are a number of risks when you own and operate an educational supplies store, including crimes like theft and shoplifting, injuries that might occur in the store and damage to your property or contents. By getting educational supplies store insurance, you can effectively mitigate your educational supplies store risks.
Types of Educational Supplies Store Insurance
The following insurance policies are ideal for educational supplies stores. Choose a variety of policies for adequate coverage.
General liability is probably the first policy you will get for your educational supplies store. This includes three types of coverages: premises liability, product liability and completed operations. Premises liability covers legal claims if a customer is injured while on your property, such as a fault shelf falling in their vicinity or a sharp edge of a bulletin board cutting their hand. You would be responsible for medical and legal costs, but general liability covers these costs. Completed operations is for services provided that caused any type of loss or damage.
Product liability is also covered under general liability. This type of coverage is for the products you sell that might potentially cause loss, damage or harm to your customers. This can be anything from writing utensils leaking and ruining an expensive garment to computer software that contained a virus and crashed the teacher’s classroom computer. Product liability will help cover the legal costs associated with the claim.
Business auto insurance is a commercial policy for vehicles used for business purposes. A variety of errands are done on a regular basis, such as picking up supplies, visiting vendors, making deliveries, or going to the post office. Each of these trips should be covered by business auto insurance, which includes coverage for damage to your and other vehicles, bodily injury and theft. Theft is good to include because if you have merchandise in your car while walking in to the bank, someone could steal them and you may be out hundreds or even thousands of dollars.
Due to the nature of your products, a single unexpected event like a fire, flood or natural disaster, could destroy the majority of your products. You have flammable, paper, cardboard and plastic items that a fire would destroy immediately upon contract. If an unexpected event this like this occurred, you would lose out on all the products and need repairs to your store. Business property insurance coupled with other educational supplies store insurance can help provide this for you.
No doubt you sell education and school supplies from an ecommerce store. If this is the case, protect your business with cyber liability insurance. Regardless of the type of security you have, cyber crimes are still a persistent risk for websites and online stores. Your customer’s information could be hacked into, your site could get a virus, or someone could pay with stolen credit cards. Cyber crimes can’t always be prevented, but the costs associated are reduced when you have a cyber liability insurance policy.
Workers’ compensation is a type of business insurance policy that offers coverage from work-related injuries. This could be a back injury, wrist pain from repetitive motion like using the cash register, or electrical shock when repairing a computer in the store. Protect your employees with workers’ compensation, which pays for medical costs associated with the injury. It also prevents employees from suing you for damages.
Educational Supplies Store Crime Insurance
Crime insurance is an essential policy for your education supplies store. It offer additional protection of your business income if a crime like theft, shoplifting or vandalism occurs. Dishonest employees and customers of your store might commit a crime, which results in the loss of income and potential legal disputes. Crime insurance helps to recover the money lost or making necessary repairs if your store was vandalized.
After working hard to run a successful business, you shouldn’t be raising your risks and putting your business income in jeopardy with lack of educational supplies store insurance. Choosing from these important insurance policies ensures proper coverage for your education supplies store.