Computer stores sell everything you need for your computer, including the desktop, laptop or tablets themselves. Other items include flash drives, blank CDs and DVDs, printers and ink cartridges, printer paper, software, laptop and tablet cases, keyboards, tablets and many other accessories. Due to the high risk of theft and shoplifting of your products, business insurance is essential for this and other risks your store may be exposed to.
Types of Computer Store Insurance
You need to choose from more than one type of business insurance policy as there are many different risks when owning a computer store. Consider the following policies for your different risk exposures:
The first business insurance you will most likely obtain is general liability. This is a basic insurance policy that includes premises liability, product liability and completed operations. For example, if you provide computer repair services in your store and something went wrong after the repairs, the claim could be covered by completed operations. Likewise, any injuries occurring in your store are covered by the premises liability section of general liability insurance.
Products liability is a type of insurance specifically designed to protect against claims in connection with the products you sell. If you sell computer accessories that malfunction and cause any sort of loss or damage for the customer, they can sue you for damages. However, products liability protects you from experiencing financial struggle as a result of the legal costs.
You need a business auto insurance policy if you use a personal vehicle for business purposes. This can be making deliveries, picking up new merchandise for the store, or just making a trip to the bank. If you were to get in a collision on the way to making a deposit at the bank, any bodily injury or property damage incurred would be covered by the business auto policy.
Unexpected events like fire, natural disasters and extreme weather conditions pose a threat to your business property and contents. Luckily, there is a computer store business insurance policy to protect these risks. Business property insurance helps to cover the loss from damaged merchandise following an unexpected event, and helps to repair your building structure or store.
Cyber liability insurance protects your business from cyber crimes, such as fraud and viruses on your website. These types of crimes are unfortunately a risk if you run a computer store online, or have a website for your business. This puts your company, business assets and your customers at risk from the different types of cyber crimes. With cyber liability insurance, you have financial and legal protection.
Employees of your computer store could get injured on-the-job, whether from a wrist or other repetitive motion injury, or from slips and falls. Protect them by getting workers’ compensation. Worker’s comp covers all types of medical and recovery costs, and lost income if they need to take time off work to recover from the injury. Keep in mind it also provides your company protection as the employee can’t sue you for the injury.
One of your biggest risks is that of shoplifting or theft. With such expensive merchandise, you should have proper security measures, but this isn’t always enough to prevent such crimes. Crime insurance is therefore available to you, which covers all types of crimes, including vandalism and fraud. Customers, visitors to your store, and employees all pose a crime risk which requires this type of computer store insurance coverage.
Now that you understand what computer store insurance policies are available, you can effectively protect your business. Keep your risks in mind when deciding which types of business insurance are suitable for your business.