Used Music Store Insurance

Finding the Best Used Music Store Insurance

How to protect your livelihood with business insurance

Group of musical instruments in music store. Find used music store insurance.

Used music stores face some unique risks. Your unique selection of used musical instruments, sheet music, and other related products offers something for every music lover. But at any time, a customer or any type of visitor can get injured on your premises and sue you.

What’s more, your building and highly flammable inventory can be damaged by fire, severe weather, theft, or vandalism.

The only way to ensure you can repair, rebuild, and continue to operate in these situations is to purchase business insurance designed for used music stores. That means talking to an independent insurance agent about purchasing a comprehensive set of used music store insurance policies that directly address all of your unique risks.

Why Do You Need Used Music Store Insurance?

Consider all of the things that could go wrong (and result in serious repair costs, loss of income, or a lawsuit) during the workday at your used music store.

  • Accidents such as slips, trips, and falls in the store or parking lot
  • Property damage due to some catastrophic or unexpected event (e.g., fire, smoke, severe weather, vandalism, etc.)
  • Inventory damage due to careless shoppers or vandalism
  • Loss of income due to a catastrophic or unexpected event (a fire damages part of your store, forcing you to close while repairs are made)
  • Shoplifting and employee theft of cash or inventory
  • Employee injuries (falling off a ladder, back injury due to heavy lifting)
  • Employee lawsuits related to discrimination or other claims
  • Cyber breach

Used music store insurance helps you recoup your financial losses when you’re faced with these kinds of problems.

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What Does Used Music Store Property Insurance Cover?

Your used music store insurance should cover physical damage to your building and other commercial property that you own.

Commercial property insurance helps you rebuild or make repairs when an unexpected event—like a fire, a flood, hail, lightning, or a tornado—destroys your merchandise and your physical space (structure). It helps you replace, rebuild, or repair computers, cash registers, inventory, equipment, furniture, fixtures, and more after a covered property loss.

Commercial property policies usually includes business interruption insurance. It compensates you for lost business income and pays for operating expenses if you must temporarily close after a covered loss (e.g., a fire damages your stockroom and part of the sales floor, and you must close your store during the rebuilding process).

What Does Used Music Store Liability Insurance Cover?

Used music store insurance should also allow you to take financial responsibility for any customers or members of the public who get injured on your property or as a result of buying something from you.

Commercial general liability (CGL) insurance covers claims against your business due to negligence on the part of you or your employees. If someone is injured on your premises or as a result of your operations, your CGL policy pays for medical expenses or repair bills for the injured party.

For example, if a customer sustains a deep laceration from a sharp edge on a display shelf, your CGL policy would pay for any related medical expenses. Or if an employee collecting shopping carts in the parking lot accidentally hits a customer’s car and causes damage, your CGL policy would pay for any related repair bills.

If you’re sued by the injured party, liability insurance pays for your legal defense, court costs, and any settlements or judgments that you must pay.

You may be able to bundle your basic property and liability coverage together into a packaged policy (business owners policy, or BOP) designed for small businesses owners.

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Other Coverage for Your Used Music Store

You’ll likely need some additional policies or policy endorsements (optional coverage add-ons) to ensure that you have complete protection for all of the risks that you face. Here are some additional used music store insurance policies to consider.

  • Commercial umbrella insurance: Provides excess liability protection to any of several other policies you might have. If a customer injury in your store leads to an expensive lawsuit that exceeds the limits of your commercial general liability policy, your commercial umbrella policy kicks in with higher coverage limits.
  • Commercial auto insurance: Ensures that you’ll be able to pay for any physical damage or injuries that you cause if you're in an auto accident while driving for business purposes. If you have a business-owned vehicle that you use for running errands, making deliveries, or for other business purposes, you will be covered by your commercial auto policy if you cause an accident.
  • Workers’ compensation insurance: This is typically required for any business that has employees. It pays for lost income and medical expenses for employees who are injured on the job.
  • Sign coverage: Pays for damage to outdoor signs that are not attached to your building when the damage is caused by weather, vandalism, fire, etc.
  • Utility interruption coverage: Provides income protection if you are unable to operate due to a covered utility (water, electrical) interruption.
  • Employment practices liability insurance: Covers you if an employee sues you for discriminatory employment practices.
  • Cyber liability insurance: This is important for any business that uses, transmits, or stores electronic data. It pays for any costs related to a cyber breach as well as any related legal costs if a customer or supplier who was harmed by the breach sues you.
  • Employee theft and crime coverage: Protects your business if an employee or a group of employees engage in theft, forgery, or fraud that damages your business.

An independent insurance agent can help recommend appropriate policies for your business, and can help you customize them for your unique needs.

How Much Does Used Music Store Insurance Cost?

The cost to cover your used music store with a comprehensive business insurance program will vary depending on the following factors.

  • The size of your store
  • Your store’s location
  • The number of employees you have
  • The types of products that you sell
  • The value of your inventory
  • The crime and weather risk in your city

The types of coverage and the coverage limits that you require will drive your insurance costs.

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Benefits of an Independent Agent

An independent insurance agent who has experience working with used music stores and other similar businesses can help you decide the types and amounts of coverage that you need for your business. The choices you make will determine your cost of coverage.

Independent agents can work with numerous, reputable insurance companies who specialize in your type of business. Together you can review a variety of proposals and choose the best mix of coverage that meets your needs and budget.

What’s more, your agent will 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.

Find and Compare Quotes for Used Music Store Insurance

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.

Your agent will work with you free of charge to get quotes from multiple insurance companies so you can make the best choice.

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TrustedChoice.com Article | Reviewed by Paul Martin

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