Piano stores typically sell pianos, organs, electronic keyboards, and even other musical instruments. If you own a piano store, you might also sell sheet music and other accessories for musicians, including piano benches, instructional books and DVDs, and more. The pianos that you sell may be new or vintage, and there is no doubt that your inventory is highly valuable and susceptible to damage.
If you own a piano store, you need comprehensive business insurance that is tailored to your unique needs. Like many other retailers, you face risks to your business property from fire, theft, vandalism, and severe weather. In addition, you have to protect your assets from lawsuits when you damage someone else’s property, or when someone is injured as a result of coming into contact with your business.
A local independent insurance agent can help you find the piano store insurance that best fits your needs and budget.
Why Do You Need Piano Store Insurance?
Any number of adverse events can impact your piano store and lead to a devastating financial loss. The goal of your piano store insurance is to protect you from these financial losses and allow you to continue to operate. Without it, a small fire or even a slip and fall incident in your store could bankrupt you.
Like any retailer or shop owner, the possibility for property damage to your building and business property is endless. Your store can catch fire, damaging everything inside including your highly valuable inventory, computers, showroom fixtures, office space, and more.
And you can be sued for even a minor incident in which a visitor is injured.
The specific piano store insurance policies that you need depend your unique risks. But at a minimum, they should address risks to:
- Your building or store structure (if you own it)
- Your office equipment, computers, tools, and equipment
- Your inventory
- Your customers’ physical well-being on your premises
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What Does Piano Store Liability Insurance Cover?
Piano stores need a variety of basic business insurance policies, as well as several endorsements (coverage add-ons) and optional policies tailored to their specific business risks.
The first type of coverage you need is liability insurance. It protects you when someone is injured on your premises or as a result of some type of contact with your business.
- Commercial general liability (CGL) insurance pays for the costs associated with bodily injury or property damage claims against your business. General liability insurance offers broad protection for a variety of liability risks that your business is exposed to, from customer slips and falls to claims of advertising liability, slander, libel, and more. Your CGL policy will pay for your legal defense, attorney and court costs, and any settlements or judgments that you must pay, up to your policy limits.
Let’s say that a keyboard cover falls on a customer’s hands while they are testing a piano in your store. The fallboard lands so heavily that three of their fingers are broken, requiring surgery. They are faced with numerous medical bills as well as time away from work. Your CGL policy would pay for the customer’s medical expenses. And because it’s likely that you’d be sued for additional damages (pain and suffering, lost wages), your CGL policy would pay for your legal defense and any financial settlements or judgments for the injured person.
In another example, imagine that you host a children’s piano recital in your space. An elderly grandparent trips on an upturned rug and breaks a hip. Again, your CGL policy would pay for any related medical and legal expenses.
What Does Piano Store Property Insurance Cover?
Piano stores need commercial property insurance to protect building(s) and contents from costs associated with weather, fire, smoke, vandalism, theft, and other causes of loss. Property insurance not only protects your building, but also your computer systems, fixtures, inventory, store displays, and other equipment that you use in your operations.
Keep in mind that pianos, organs, sheet music, and other items in your inventory are highly flammable and that they also would be destroyed by smoke or water. Commercial property insurance is essential to protecting your livelihood if they are ruined. Be sure to talk to your independent insurance agent about how to determine the proper value of your inventory for insurance purposes, and how your property insurance needs may fluctuate over time as your inventory value changes.
Your business property policy should also include business interruption coverage, which provides income protection if you must temporarily cease operations due to some unforeseen event (fire, weather, etc). This coverage allows you to continue to pay certain expenses, like employee salaries, utilities, and so on, even if you’re forced to close while you repair or rebuild your store.
Your piano store might qualify for a business owners policy (BOP), which is a package policy that includes property, liability, and business interruption coverage in one affordable package designed for small businesses.
What Additional Coverage is Needed for Your Piano Store?
Piano stores also need a variety of other business insurance policies, depending on the products and services that you offer, how many employees you have, and other factors that you should discuss with your insurance agent. Most of these policies can be tailored to the exact needs of your business and the risks it faces.
- Commercial auto insurance covers your vehicles and drivers in the event of an accident or other types of vehicle damage. If you deliver pianos, this coverage is essential to protect you if one of your drivers causes an accident.
- Employee theft and crime coverage protects you from instances of employee theft, fraud, or other crimes against your business.
- Workers’ compensation insurance is typically required for any business that has employees and pays for lost income and medical expenses for employees who are injured on the job. It’s not hard to imagine one of your employees getting injured while moving or working with large, heavy pianos. With workers' compensation coverage, the injured employee doesn't have to worry about paying for related doctor visits, physical therapy, and other medical expenses. And if he is forced to miss work in order to recover, workers' comp coverage replaces some of his lost income.
- Employment practices liability coverage protects you from employee lawsuits related to discrimination and other employment-related business practices.
- Cyber liability insurance is necessary if you sell pianos online, or even if you simply take credit card payments or use, store, and transmit sensitive customer information electronically. It helps you protect your business and your customer’s privacy by paying for investigative expenses, notification expenses (the cost to notify your customers of the breach), future credit card and fraud monitoring services for your customers, your legal defense, settlements and judgments, and even PR and other related expenses.
- 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 your store is located in an area that is prone to these events.
How Much Does Piano Store Insurance Cost?
Piano 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 or a flood 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(s), 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 piano store insurance. They’ll walk you through the 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.
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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.
TrustedChoice.com Article | Reviewed by Paul Martin
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