From fliers and cards to multi-hundred-page catalogs and even advertising billboards and banners, commercial printers make sure your message gets printed in whatever format you need. As a store owner, it's your job to make sure your employees, equipment, and customers are safe at all times, and should an accident happen, you have the right insurance in place.
That's where an independent insurance agent can make all the difference. Just as your store has printing professionals, independent agents are insurance professionals who can help you review your policy and build a comprehensive insurance package that suits your needs.
Does a Commercial Printer Store Need Insurance?
As a commercial printer store you've got a business and building filled with expensive printing equipment needed to operate your business, printing materials to print on, employees, and customers who come in and out of your shop to pick up their print jobs. There's a lot at stake every day.
Business insurance is necessary to protect, not only all of these things, but also your finances. Accidents and unexpected events happen all the time. If an electrical fire burns down your print press area or a customer throws out their back trying to lift a heavy box of catalogs, you need protection.
Here are a few things that could go wrong in a commercial printer store that should be addressed with insurance:
- A customer trips over a box of catalogs and breaks their wrist when they fall.
- A printer has an electrical shortage that causes a fire and leads to property damage.
- You make a mistake on a large print job.
- An employee throws out their back trying to lift a heavy box of newly printed fliers.
- Your printing equipment breaks down and you need to close your doors until repairs are made.
- A storm floods your store and damages boxes of custom-printed items waiting to be picked up.
What Types of Insurance Does a Commercial Printer Store Need?
As a printing professional you know what type of paper works best for magazines vs. fliers, or what weight of card stock is best for a wedding invite vs. a postcard. However, insurance can be more of a mystery. Determining how much coverage you need and what's offered in different policies leaves a lot to know.
While there isn't one single policy that covers all commercial printer store needs, building a policy tailored for your exact business means you won't be paying for any coverage you don't need. You can discuss the following policy options with your independent agent to see what's appropriate for your business.
Commercial property coverage: Property insurance is for situations where your business needs to be reimbursed following property damage or lost property. This policy covers the cost of replacing your business equipment or other property when lost/damaged by fire, theft, vandalism, or natural disasters. Property coverage may include equipment, Inventory, offices/premises, supplies, and tools.
- Example: A fire causes smoke damage to your building and you need to close your printing store for several months. A variety of your property and customers' property is destroyed. It also covers if someone breaks into your store and steals your equipment and customers' property.
General liability insurance: General liability steps in for any scenarios that could result in your business being sued. It covers legal bills and settlements resulting from bodily injury, damaged property, medical payments, advertising injury, and reputational damage.
- Example: You have a new advertising campaign that directly compares your work to the other print shop in town. The print shop sues your business for slander and advertising injury.
Errors and omissions insurance: Errors and omissions insurance, also known as professional liability insurance, helps you pay for any damages a professional error may cause. Damages are typically costs affiliated with claims made by a client for things like negligence, misrepresentation, and inaccurate advice, among others.
- Example: A company has you print 50,000 catalogs for an upcoming sales season. Two weeks after being delivered, the company claims you misprinted the price on one of their products, costing them thousands of dollars in sales.
Workers' compensation: Workers' compensation protects your employees should they be injured on the job. It will cover everything from medical care to lost wages until your employee can be back at work.
- Example: A worker cuts off the tip of their finger using a paper cutter and can't come to work for three weeks.
Business owners policy: A business owners policy, or BOP, is a comprehensive insurance package offered to businesses that includes a variety of insurance policies.
- Example: You don't need any fancy or rare insurance coverages. Your business is looking for general liability and property insurance and can save money by bundling.
Umbrella coverage: Umbrella insurance increases the liability of existing insurance policies by paying a single premium. This expanded coverage can include general liability insurance, professional liability, or commercial auto insurance. The value of an umbrella policy is that it pays for any lawsuits that exceed the current limits of your coverage, typically in increments of $1 million for covered events.
Additional Insurance Coverage a Commercial Printer Store Should Consider
Insurance doesn't stop at general policies. Any risk that you and your insurance agent need coverage for can find protection through additional insurance options. The following is a list of some other coverages that you should consider for your business.
- Business interruption insurance: This replaces lost income if you must temporarily shut down your store because of a covered event.
- Equipment breakdown insurance: This protects your business financially for anything from a machine failure caused by power surges to power failures to burned-out motors or even operator errors.
- Cyber liability insurance: This protects your store if you are the victim of a cyber breach. If your computer network or website is hacked and confidential customer or vendor information is exposed, the damage to your reputation and bottom line can be insurmountable.
- Earthquake insurance: This covers the cost of earthquake-related damage to your business property, which is not covered by most property insurance policies.
- Flood insurance: This covers the cost of flood-related damage to your business property, which is not covered by most property insurance policies.
How Much Does Commercial Printer Store Insurance Cost?
The cost of insuring your commercial printer store is significantly less than the cost of the average small business claim without an insurance policy in place.
Without insurance, you will have to pay those costs with your own business assets and, in some cases, with your personal assets. And if you believe you can handle the expenses on your own, you should know that the cost of an average paid-out liability claim is $15,000.
A business insurance policy for a commercial printer store typically includes a number of different coverages, so it’s important to understand the things that affect the costs of common types of business insurance.
Cost Factors for Most Types of Insurance
- Size of premises: The larger your business location, the more opportunities there are for claims to be made. Therefore, you’ll end up paying more on insurance premiums.
- Condition of the property: Newer buildings will often draw lower costs because updated facilities are often safer and generally in better shape.
- Business hazards: The more hazardous the operations of a commercial printer store, the higher the premium costs. If your business has a variety of expensive equipment like industrial printers and printing presses, you can expect premiums to be higher.
- Payroll size: Because workers’ compensation insurance pays benefits to employees based on a percentage of their salary, payroll size directly influences premium costs for workers’ compensation insurance.
- Claims history: Businesses with few claims in their history will often get a discount, and those with more claims than are typical will have higher premiums.
- Employment status of employee: Full-time employees cost more to insure, since they spend more time directly involved in your workplace and are exposed to more potential accidents.
- Number of employees: The more employees you have, the greater the premiums.
An Independent Agent Can Help You Find the Right Commercial Printer Store Insurance
If you build your commercial printer store insurance portfolio on your own, you risk having gaps in your coverage. An independent insurance agent can work with you to assess your various risks, suggest suitable coverage options, explain policy details, and shop around for competitively priced policies that are a good match for your business.
Find an independent agent near you to learn more and to start building a comprehensive commercial printer store insurance portfolio.