In today’s connected culture, pretty much every household owns one or more computers for work and/or for personal uses. As the owner of a computer store, you are busy running your store, keeping up with new technologies to offer your clients, and also potentially repairing computers that malfunction, require updates, upgrades etc. Given the technology requirements and demands of individuals today, you are in a successful sector of the retail market and likely have a great business.
However, you also know that your particular niche area of business is a high risk, in that it deals with expensive and easily movable equipment. The right insurance coverage can help reduce your risks and leave you free to focus on the growth of your business and all that goes along with the day to day operations.
Why do Computer Stores need insurance?
Any retail business that welcomes customers into its space needs insurance coverage to guard against risks like customers hurting themselves on your property and other mishaps. You also have to protect yourself from very real possibilities of theft of valuable inventory, as well as weather damage, vandalism, and other perils. If part of your business is computer repair, there are other risk factors to evaluate while your customer’s property is in your care, custody and control.
Here is a list of insurance coverages to consider as the owner of a computer store:
–General Liability – this coverage is standard for commercial locations open to the public. It covers property damage and any bodily injury to third parties that could occur as part of your regular operations. Aka as CGL insurance the typical computer store commercial general liability policy would/should include product liability coverage too.
–Property Insurance – this insurance is for your physical business location, inventory, leasehold improvements, displays, inventor etc., in the case of incidents like fires, water damage, extreme weather, theft, and vandalism. It can protect your location by providing both the cost of repair or replacement and the cost of being out of business while any serious repairs are made.
–Cyber Liability – this coverage will not be foreign to the owner of a computer store. Protecting yourself from cyber threats, as well as data losses and breaches should be second nature for you and form part of your insurance coverage.
–Errors and Omissions – this coverage relates to the professional repair service of your customer’s computers, network design services, or other consulting you for for your clients/customer as part of your business. This insurance is necessary to cover you and your staff in the event that an error is made during a repair that results in losses for your customer. These could be in the form of the loss of the device itself, or of data stored on it.
–Umbrella Liability – this is excess liability coverage that comes into effect if your own liability coverage is reached. It covers you in the event of a major event.
What are examples of incidents that make Computer Store insurance necessary?
- Your repair person inadvertently causes more damage to a client’s computer during a repair and the computer is no longer usable. You have to pay to replace your client’s computer.
- A circuit is overloaded in your Computer Store and causes a small electrical fire.
- Your staff person leaves a sandwich board sign out overnight and it is vandalized and needs replacing.
- A customer slips and falls while testing out some VR technology and sues you for their serious injuries.
Find the Right Computer Store Insurance from ALIGNED
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