As a musical instruments store owner, you provide your customers with access to playing the instruments they love. By providing sales and service of instruments and accessories, as well as lessons or instrument rentals, you are an important part of your music community and that should be your focus. But how do you protect yourself from an insurance perspective?
Musical Instruments Shop Insurance – Coverage and Benefits
Simply by operating a location that’s open to the public, you are opening up yourself to risks. For musical instrument shop owners, this risk is intensified when you take into account the value of the stock you have in your store. Not to mention that prior to purchasing, most customers want to handle the instruments and likely even test them out.
So, how can you protect yourself from potential threats to your business and what does it entail?
Insurance Coverage you need for your music store
Your music instruments store insurance coverage should include standard aspects and should also be tailored to meet your specific needs.
1. Commercial General Liability Insurance is coverage that you need to have to cover you in case of third-party claims related to your place of business and/or the products you sell. This type of coverage is specifically for claims made for bodily injury or property damage made against you, your employees and/or organization.
2. Commercial Property Insurance will guard against things that goes wrong with your physical space that you either lease or own, including acts of nature like floods, earthquakes or windstorms, and other perils like burglary, vandalism or sewage backups. This part of your policy will function to cover the replacement or repair costs of your building, equipment, supplies and other assets. If something happens to your place of business and you are unable to operate for any length of time, Business Interruption Insurance would reimburse you for lost income. This is a coverage you may wish to add to your policy.
3. Cyber Liability Insurance is a good idea for any small business, especially one keeping track of customer information for rentals and lessons. This policy protects you in the event that your digital information is compromised, through such means as a data crash or virus. Your customers’ information is vital to your business and their privacy is of utmost importance.
4. If you have a company vehicle, you should also consider Commercial Auto Insurance, which is required for any type of vehicle being used for business.
Some of the scenarios that could affect your Musical Instruments Shop, necessitating insurance coverage could include:
- A customer is handling one of your expensive electric guitars in your shop and accidentally drops it, damaging it beyond repair.
- A passerby trips and falls on the mat you have placed outside your store, breaking his ankle.
- Some graffiti is spray painted on the front window of your business, necessitating cleaning and closing the store for one day.
- Your store’s sewer system backs up causing flooding in the back room where stock is kept.
Talk to your ALIGNED insurance broker today for a custom insurance solution for your Music Instrument Shop.