Appliance Electronics Store Insurance

Some electronic stores specialize in selling particular electronic items while other stores stock various appliances. The electronic items are either sold new from the manufacturer or reconditioned. Most stores offer home delivery and installation, in-store repairs of faulty appliances, or the client’s residence.

Owning an electronic appliance store is a lucrative business. It is because appliances are always on demand, with customers upgrading to newer and better electronics and appliances.

Electronic appliances are not just used in homes but also in government offices, companies, institutions such as hospitals, schools, etc.

An appliance electronic store insurance is vital for your business. It protects your business from claims brought by complaints from customers and damages that can cause you financial losses.

For example, if your appliance store is damaged by a fire, rebuilding your store out-of-pocket can be pretty costly. However, with the right coverage, your business is likely to survive a setback or any damage.

Cost of appliance electronic store insurance 

The standard price of general liability insurance for a small appliance electronic store depends on the store’s location, appliances sold, the number of employees, sales, Revenue, experience, and claims history.

Types of appliance electronic store insurance coverage

Commercial General Liability

It is the main policy for all commercial insurances. It provides coverage for your electronic appliance store for exposures such as

Product liability -Selling electronics and appliances to your customers has certain risks to your business. For example, if you sell a faulty or damaged product, the policy covers your legal fees and settlements from the lawsuit.

Premises liability-The policy covers third-party injuries that happen on your property. For example, if a customer slips and falls in your store, the policy covers the damage to the property and medical care for the customer.

Completed operations liability: Most appliance electronic stores offer delivery, repair, and installation services. The policy covers work that is done poorly or damages caused.

Business Owners Policy

This insurance is tailored to suit the needs of your electronic appliance store. It is an affordable policy that provides extended coverage for your business combined as a single plan.

The policy includes options like

• Commercial property and contents
• Employee dishonesty Coverage
• Electronic data coverage
• Business income coverage

Commercial Auto Liability

Vehicles used for your business to deliver items are covered under this policy. The policy protects your cars in the event they are involved in an accident or collision.

Cyber Liability Insurance

If your business offers multiple channels for payment, it is crucial to have cyber liability insurance. It is because customer information such as bank details, social security numbers are stored in the computers. If your computers are a target of a cyberattack, the policy protects your store from such damages.

Employment Practices Liability Insurance

This policy covers your business if an employee sues for discrimination or unfair work practices.

Workers Compensation

The policy protects your employees if they are injured while at work. It covers medical treatment and wages lost during the treatment.

Business Income

If your business is closed due to any damage covered by the policy, business income covers lost wages inclusive of employee salaries until the store resumes operations.

Property insurance for an electronic appliance store include:

Building Coverage– The policy covers the building where your shop is located.

Bailee Insurance: If your store offers repair services to your customers, the policy covers items that belong to your customers but are under your custody. For example, if an appliance is damaged or stolen while in your possession, this policy covers the repair or replacement of the item.

Flood and earthquake coverage– the insurance policy covers damages caused by natural disasters that are not covered under the business insurance policy.

Business property coverage: This policy pays for contents inside your store if they are damaged by fire, vandalism, or theft.

Consult a professional insurer to advise on the coverage required for your electronic appliance store, depending on your needs.