Getting the right insurance coverage or policy for your business is very essential in ensuring that you are covered against any untoward incidents that may arise which could potentially cause financial obligations for you and your business. this is not only important because it is required by the government; this is also because with the right insurance, you as the business owner can have the peace of mind that someone will be there for you in times of financial difficulties brought about by events related to third party claims.
If you are a bookstore owner, there are a number of insurance coverage worth checking out for your business. These insurance policies are as follows:
It is best to have a bundle or a comprehensive general liability policy that basically covers third parties. The most important components of this bundle are personal and advertising injury, fire legal liability, products and completed operations, medical expenses or payments, general liability, and damage control plans.
Some of these may not necessarily be included depending on the policy provider. It is best to have the insurance company explain thoroughly the components to you.
Business Property Insurance
This is important for any business to have this coverage as it insures all properties of the business like buildings, tables, desks, chairs and other equipment in the event that your business is subjected to hazards like earthquake and flood that could temporarily close down the business.
Worker’s Compensation Insurance
Since your business is a bookstore, it is only normal that you have employees. This insurance policy is mandatory for all business with employees. Basically, it provides coverage for your employees in the event that they sustained work-related injuries and illnesses. This means that this insurance policy will provide for wage replacement and medical benefits to employees injured in the course of employment. This is in exchange for relinquishing his right to sue his or her negligence.
These are just some policies that are perfect fit for a bookstore business. It is still advised to contact an insurance broker who would be able to assess your business and provide advises as to which particular insurance can work to your advantage.
When deciding what insurance coverage to take, it is also best to consider the reputation of the insurance company. Be sure that it is financially stable and has a very good track record in terms of honouring claims.