Whether you are opening a small bookshop in the mall or a cozy bookstore in an old house, you are going to need to consider what insurances you need for your business.
Business Owner's Policy
When looking at all of the various insurance coverages you need to purchase in order to protect your bookstore from risk, you may have found it overwhelmingly expensive. Often, when we are overwhelmed in those instances, our instinct is to ignore the problem. But that is the exact opposite of what you need to do!
Instead of looking at each individual insurance coverage you need, it might be easier to look at the business owners policy for retail stores like yours. A business owner's policy (BOP) is a bundled policy created especially for people in specific businesses, in this case, retail stores.
Given that the insurance company has bundled the policies, a business owners policy is generally noticeably less expensive and covers most of what people in your business -- retail book stores -- need to have covered.
Typically, a business owner's policy consists of general liability and property insurance.
General Liability Insurance
General liability insurance, also known as commercial general liability or business general liability, is one of the coverages which is absolutely key to protecting your bookstore.
General liability is the policy which will protect you if a customer climbs up on a stepladder to reach a book and falls over, hurting herself or otherwise ends up taking you or your business to court for damages. It will pay for court costs, legal fees, and judgement or settlement costs up to your limits.
Under most circumstances, property insurance is a "named-peril" coverage, meaning that the only things covered are those specifically mentioned in the policy itself. Generally speaking, those include fire, smoke damage, vandalism, and other common risks.
Sometimes, however, a business owner's policy offers what s called all-risk or "open peril" coverage, though generally speaking, you will have to ask specifically for an all-risk policy as it is not the default.
Personal business property is usually covered. Personal business property includes items that are either owned or kept under the control of the retailer on the premises. It also includes any business premise which is either owned or rented by the business owner.
Workers Compensation Insurance
Naturally, you will need to get workers compensation insurance if you have employees in order to both comply with the law and to protect yourself from lawsuits should your employee or employees be hurt on the job. Workers compensation can take care of disability payments for any workers who are hurt on the job, cover medical expenses for that employee, and take over funeral expenses and support payments to a deceased employee's survivors.
Get a Quote Now
You can get an immediate and competitive insurance quote for your business owner's policy, workers compensation, or any other policies or endorsements you want by simply entering your zip code into the blue box at the top of this page and clicking on the button that says, "Start Quote Now."