You may have dreamed about opening and operating your own musical instruments store, and if so, you’re most likely selling musical instruments like keyboards, guitars, bass instruments, drums, aps, band and orchestra instruments. You may also carry other essentials for musicians, such as recording equipment, instrument cases, sheet music, live sound equipment, and machines for special effects. Because your store sells high value items, you’re at a high risk for shoplifting. You’re also at risk of losing business assets from damage to the instruments caused by fire or other natural disasters. These and other risks should be covered with business insurance.
Types of Musical Instruments Store Business Insurance
There are a variety of different business insurance policies for musical instrument stores, including the ones listed below:
General liability insurance is essential for musical instrument stores as it covers premises liability, completed operations, and products liability. Accidents occurring in your store are covered under premises liability, while damage or loss as a result of services you have provided are protected under completed operations. These services might include music lessons. Products liability includes any damage caused from your products.
Business auto insurance is a type of auto insurance for business vehicles and personal vehicles used for business errands. Even if you don’t make deliveries, you probably use a vehicle for business errands, even if it is just to pick up supplies or merchandise for the store. If you were to get into a vehicle accident while on one of these errands, the damage to your car, the other cars involved, and bodily injury would all be covered through your commercial auto insurance policy.
If along with your local store, you also sell musical instruments and accessories online, you should get business insurance in the form of cyber liability for your store. Cyber liability insurance offers protection in the case of a cyber crime. Cyber crimes can include stolen customer information, a customer paying with fraudulent credit cards, or a hacker breaching your confidential data. In today’s digital age, this type of policy is imperative as it protects you and your customers.
Unexpected events like extreme weather conditions, natural disasters, and fires can occur in a blink of an eye and cause severe damage to your business property. This could cause you to lose most if not all of your business assets just making the repairs, not to mention lost business income. With business property insurance, much of this is taken care of for you so you can get back to business much faster.
Employees working at your musical instruments store are at a greater risk of injury due to the large, heavy, and awkwardly-shaped items you carry in your store. Besides implementing workplace safety precautions, the best thing you can do for them is offer worker’s compensation insurance. So if an employee does get an injury from lifting heavy instruments or has an accident in the store, they will have all their medical bills covered by worker’s comp. They will also not sue you for damages they experienced as a result of the injury and many times the policy covers missed work and income.
Crime insurance is a type of business insurance policy that protects your business in the event of a crime. With a musical instruments store, your biggest crime risk is shoplifting, but theft of money, writing fraudulent checks, vandalism, and employee dishonesty acts are also possible. Suppose overnight your store is broken into and an expensive bass guitar is stolen, you won’t have to suffer the loss entirely on your own.
To mitigate your business risks from such crimes, obtain a crime insurance policy.
Musical instrument stores can provide you with a decent income in something you’re passionate about, but don’t lose your business over not having the right protection. By choosing from these musical store insurance policies, you can protect your business assets even in unforeseen circumstances.