Home security equipment stores sell a variety of DIY home security solutions, including:
- Wireless and hardwired alarm systems
- Security cameras and video surveillance systems
- Driveway alarms, door alarms, and access controls
- Security lights
- Freeze and temperature alarms, water and flood sensors
- Child safety systems
- Fire alarms and fire detection systems
- Accessories, tools, and parts
Property damage at your store and lawsuits claiming that you’ve been negligent in some way can threaten your assets and the long-term financial strength of your business.
But home security equipment store insurance can help you mitigate your risks and protect your business. With the help of an experienced independent insurance agent, you can assess your unique risks and find the right business insurance policies from highly rated insurers that specialize in what you do.
Why Do You Need Home Security Equipment Store Insurance?
Home security equipment stores typically sell products that people need to set up their own home security systems, without monitoring services or long-term contracts. You might sell your products online in addition to in your brick-and-mortar store. And you may offer tech support and other basic services.
Just a few of the risks that your home security equipment store faces include:
- Property damage due to fire, storm, burglary, or vandalism
- Lawsuits based on claims of injury or property damage
- Lawsuits based on claims of false advertising, slander, or libel
- Employee theft or crime
- Data breach or other cyber incidents
- Employee illness or injury
Your business insurance protects you in these and other circumstances. Without it, any one of these types of incidents could cost tens of thousands of dollars—at least. For a small business, any unexpected loss could quickly force you to close your doors for good.
What Does Home Security Equipment Store Insurance Cover?
Liability insurance is the first essential type of business insurance coverage for a home security equipment store. Your home security equipment store insurance package may contain the following types of liability coverage:
- Commercial general liability (CGL) insurance provides coverage for costly claims and lawsuits. If your business is accused of causing third-party bodily injury or property damage (e.g., a customer is injured while simply shopping in your store), the CGL policy will pay for direct medical expenses as well as attorney fees, court costs, and any settlements or judgments that you must pay if you are sued. General liability insurance also provides coverage for claims of slander, libel, and advertising injury.
- Cyber liability insurance provides coverage in the event of a data breach involving your business. It helps pay for the costs of notifying affected clients, as well as public relations and investigation costs, and more. If you operate an online store, this coverage is essential.
- Commercial umbrella insurance, or excess liability coverage, provides supplemental liability protection beyond the limits of certain other liability policies. This policy can be invaluable for that once-in-a-lifetime judgment rendered against you.
- Employment practices liability insurance covers you if an employee sues you for discriminatory employment practices.
You’ll also need property insurance to reimburse you when your physical assets are damaged or destroyed. You probably have owned or leased retail and office space, and perhaps even warehouse space.
All of these spaces are filled with valuable inventory, furniture, equipment, and other business personal property that is susceptible to theft, vandalism, fires, storms, and certain other causes of loss.
Commercial property insurance protects buildings and their contents, inventory, computers, office equipment, furniture, and all of your business personal property—whether it is owned or leased—if it is damaged by fire, smoke, theft, vandalism, or some other covered peril.
You need this coverage to protect your expensive phone and communications equipment, as well as all the other contents of your retail, office, and warehouse space.
If you sustain property damage that forces you to temporarily close or relocate, business interruption coverage will reimburse you for ongoing expenses (rent, salaries, etc.) and lost income during the closure or relocation period.
You may also need additional property coverage. Talk to your independent insurance agent about your need for the following.
- Flood or hurricane insurance: Your basic commercial property policy does not cover flood or hurricane damage. Talk to your agent about flood and hurricane insurance if you live in an area that is prone to these events.
- Computers and media coverage, or electronic data processing (EDP) insurance: Pays for lost data and related lost income if your computers or network are damaged by theft, vandalism, viruses, or malware. It may pay for loss of data or software and physical damage to computers or hardware.
- Employee crime and dishonesty coverage: Protects your business from the costs of theft, dishonesty, and fraudulent acts committed by an individual employee or a group of employees. It provides coverage for forgery, alteration, theft, unauthorized electronic fund transfers, credit card fraud, computer fraud, money order fraud, and counterfeit fraud.
- Utility interruption coverage: Provides income protection if you are unable to operate due to a covered utility (water, electrical) interruption.
- Inland marine insurance: Covers tools, equipment, and supplies when they are in transit. For a home security equipment store, this may mean the inventory and other items being transferred from a warehouse to your store.
You also need workers’ compensation insurance for employees who are injured on the job. Retail and warehouse workers are susceptible to falls, lacerations, back injuries, repetitive motion injuries, and more.
Workers’ compensation insurance provides coverage for medical expenses and lost wages for injured workers. Business owners are required to carry workers’ compensation insurance to protect their employees. Specific coverage requirements vary by state.
How Much Does Home Security Equipment Store Insurance Cost?
Home security equipment store insurance costs will vary depending on the size of your business and the coverage you need. A multi-location business with a large online presence will pay more than a single-location, brick-and-mortar only establishment. A store in a hurricane zone might pay more than one located away from the coast.
With so many variables (e.g., number of employees, amount and value of inventory, size and location of your building, etc.), insurance costs can be hard to predict. But an independent agent can guide you though your options so you get coverage that meets your budget.
Find and Compare Quotes
An independent agent can work with you one-on-one to determine the types and amounts of coverage you need. Your agent can get quotes from multiple insurance companies so you can evaluate the cost and coverage options and make the best choice.
Benefits of an Independent Agent
Our agents simplify the search process for finding the right home security equipment store insurance. They’ll walk you through some handpicked policy options and explain the details.
Most importantly, they’ll be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
The Lowdown on Online Quotes
Online quotes can be tempting. They are fast and easy to get—but are they accurate? And are you getting quotes for the right coverage? For business owners, choosing speed over accuracy can cost you.
Online quotes can’t and don’t see the whole picture. They can leave out important coverage that will leave you devastated if something unexpected happens. And they can leave out cost-saving opportunities that an agent can help you take advantage of.
Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.