Music is your life. It's what you've always wanted to deal in music. And now you are about to open your very own record store. Whether you're going to deal in vinyl records or CDs, new or used, or all of the above, there are certain things you need to make sure you have all your ducks in a row before you open.
Chief among those things is the right insurance coverages.
The purpose of insurance, in general, is to transfer the risk of loss from one business to another. In this case, it is to transfer the risk of your shop's loss to your insurance company. So, in short, you pay the insurance company so that losses your shop incurs are paid for by the insurance company.
Commercial Liability Insurance
Commercial liability insurance is sometimes called general liability insurance or business general liability, and it is one of the insurance coverages which you will need in order to protect your record store.
Your commercial liability policy will protect you if a customer slips or falls in your shop or is otherwise injured while in your establishment. If there are medical costs because of an accident, it will help pay them, and if the injured person takes you to court, it will help pay for legal defense fees as well as court costs and settlement or judgements up to the limits you set when you buy the coverage.
Commercial Property Insurance
Commercial property insurance insures the policyholder against things that affect the property of the policyholder. Such things as theft, vandalism, tornados, fire, and equipment are almost always covered, and you can add more perils if you need to.
Business Owner's Policy
A business owners's policy (BOP) is a package of coverages that combine coverages which are crucial to business owners in specific industries. The package generally combines coverages which cover major liability and property risks and costs less than if the business owner were to buy each of the coverages individually.
Workers Compensation Insurance
If you have employees, you will need to get workers compensation insurance. Not only is it a good idea, but it is the law in the vast majority of states. Workers compensation protects your business from legal action if your employee or employees are injured at work. Workers compensation can also take care of disability payments for disabled workers who qualify, can cover medical or funeral expenses for that employee, and arrange support payments to the survivors of a deceased employee.
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