A wide range of products are sold at electronics stores, including video gaming equipment, televisions, DVD and blu-ray players, speakers, video cameras and digital cameras, computers, home appliances, telephones , printers, tablets and more. As the owner of an electronic store, you will be concerned about your risks. The primary risks of electronics stores are crimes like shoplifting and theft, property damage and vandalism of your property. Cover these and other risks with electronic store insurance.
Types of Electronics Store Insurance
The following insurance policies are the most important ones for an electronics store. As you’ll note below, there are different types of policies for different risk exposures.
General liability insurance should be the very first insurance policy you purchase when protecting your business with electronics store insurance. It includes coverage for premises liability and products and completed operations. Premises liability includes protection if any customers get injured in your store or on the premises, while completed operations is for any services you provide, like installing equipment in their home. If your employee is installing surround sound, but damages a customer’s wall while doing so, the costs of repairs are covered by general liability.
Many electronics stores offer delivery of new equipment. Any employees operating company owned delivery vehicles should be properly trained in operation and maintenance procedures. Even if properly trained by using safe driving precautions, a vehicle accident may occur. If it does, business auto insurance is an important safeguard to have.
Fire, flood, earthquakes, hurricanes, snow storms and other unfortunate events often occur without warning. For example, a strong storm could cause a leak in your store, and some of your electronics may be destroyed from the water. These types of events cause major damage and loss, which are covered by the business property insurance policy.
Cyber liability insurance covers any type of cybercrime you are at risk of through your ecommerce store. When you or customers enter personal and financial information, you are at risk for hackers stealing either you or your customer’s confidential information. Other cyber crimes include virus attacks that could cause a huge loss. Cyber liability insurance covers financial loss and helps pay litigation costs if your customers are involved.
Protect your employees with a workers’ compensation policy. Workers’ comp is required in most states because your employees are at risk for injuries or illnesses. In an electronics store, you employees are at risk of injuring themselves from lifting heavy electronic equipment. Back injuries, repetitive motion injuries, and even electrocution injuries from faulty wires are causes of concern. As an illustration, if an employee is helping a customer load their new television into their vehicle and gets a shoulder injury, the medical costs and recovery would be covered by worker’s compensation.
Crimes are an unfortunate risk with an electronics store. You are at a very high risk for shoplifting, theft and vandalism, particularly because of the high value of the products you sell. You should have surveillance equipment and a good security alarm, but you also need crime insurance for additional protection. This will cover crimes like theft and shoplifting, but also dishonest employee acts. So if your store is vandalized and computers are stolen overnight, you have an insurance policy to cover the loss.
Protecting your electronics store from unexpected events is crucial. You risk paying legal and medical costs, as well as replacing broken or stolen merchandise if you don’t get proper coverage from electronics store business insurance.