Piano and Organ Store Insurance

Are you in the process of opening a piano and organ store and need to have business insurance? By getting insurance in place before opening, you will be able to protect your business from various exposures that may cause a negative financial impact on your business. You should also develop your business plan that includes the risks you face as a business owner and how you will be covered for these costs. Only some potential peril your business might face are covered by insurance. Some risks are strictly business risks that are not insurable. You should first identify your insurable risks.

To identify the risks of your business, you can consult with an attorney or even an insurance professional. There are risk questionnaires you can find online and even checklists to prepare your premise before opening it to the public. The loss exposures for a piano & organ store can vary because of the unique operations of your retail business. Review the practices and guidelines you can use to protect yourself from a legal and business perspective.

Risk management for a piano & organ store:

A piano & organ store should implement risk management controls to minimize liability risks.

• Make sure all entry and exit doors are clearly marked and lit
• Use an absorbent rug or mat at the entrance to avoid slips and falls when raining
• Make sure there are no other trip and fall hazards, electrical cords, etc.
• Perform background checks on all employees
• Have a Privacy Statement and Terms & Conditions on your website 
• Institute an Information Security Policy (get help from the US Cyber-Security and Infrastructure Security Agency)

By instituting these controls, it can aid in preventing potential claims and lawsuits from happening to your business. In today's legal climate, anybody can sue anyone for anything. Identify some potential claims that might arise and how your insurance coverage would safeguard you against such claims.

General Liability Insurance (GL)

Being the owner of a piano and organ shop means you're likely to attract many clients. Therefore, general liability insurance is considered critical insurance coverage for your retail business. General liability insurance is required to protect your business from third-party bodily injury or property damage claims. Whether the bodily injury or property damage results from your business operations, your general liability insurance will respond to the claims or lawsuits from third parties alleging your business was at fault or negligent for their injury or property damage. The policy will defend your business and pay related expenses from medical care, property repair or replacement, and pain and suffering when your business is liable.

Commercial Auto Insurance

Whether you make deliveries of pianos and organs or go to the post office, you should consider having business auto insurance. Typically, businesses only think they need auto insurance if the company has a vehicle in its name. This is true; if a vehicle is titled in a business’s name, it needs commercial auto coverage. But, even if a company doesn’t own any automobiles, there could still be a business auto liability exposure if your store employee uses their personal car to go to the post office or a business supply store. While the employee’s vehicle coverage would be primary, the liability limit on that policy is likely pretty low. Since the employee was doing a service for the business, the business could be vicariously responsible for auto liability arising from an at-fault accident involving your employee. An accident may cause bodily injury, or property damage, to the other parties involved in the accident. Ensure that you're protected from these issues with your Commercial Auto policy by asking for Hired and Employers’ Non-Owned Liability coverage.

Business Property Insurance

Business property insurance coverage is a crucial investment when considering piano and organ production company insurance coverage. Property damage from fire, lightning, wind, hail, riots, vandalism and other perils can cause damage to your building and the expensive musical instruments in your inventory. Because pianos and organs are fine-tuned, sensitive instruments, it is incredibly vital that business owners have commercial property coverage. For example, a fire at your place of business can cause your stock to be destroyed. Property insurance is invaluable in these circumstances, as it can pay to repair or replace damaged property.

Cyber Liability Insurance

If you offer musical instruments, organs, or other accessories online, you also need protection against cyber-criminals. Cybercriminals are wreaking havoc and threatening many companies’ websites or online stores. Fraudulent activity on the web is quite common; even if you take the necessary precautions, hackers are becoming more intelligent and persistent. They search out any business, regardless of size, to attack. Cyber Liability will defend your business from client lawsuits if your business is attacked and your clients are harmed or become victims of identity theft.

Workers’ Compensation

In most states of the US, businesses with a certain number of employees, usually 3-5 range, must have workers' compensation coverage. Not only is it a legal requirement, but this coverage contributes to the well-being of your employees. Your employees may have to lift bulky musical instruments and risk injuring themselves, incur medical expenses, and miss work to recover. Injuries to the back and neck are common when lifting is involved. Worker's compensation will pay for any medical costs stemming from the employee’s injury and pay state-mandated loss wage benefits if they cannot work.

Crime Insurance

Even with security precautions, a comprehensive crime insurance policy is recommended for piano and organ stores. Crime insurance is the most effective way to cover the theft of money. Whether you have dishonest employees or become a victim of robbery or burglary, this policy covers theft of cash, securities, safe robbery, money in transit to the bank, and more.

Deciding on the suitable types of insurance for your piano and organ store requires you to consider your most significant potential risks and those you may not be as concerned about. Doing this lets you decide which coverage is most important for your business.