Owning your own store carries many possible risks and liabilities, and owning a music store, in particular, presents a host of potential problems. The majority of your inventory is made up of instruments and instrument accessories, which can often be quite expensive in their own right. Along with the instruments you sell or rent, you may also temporarily possess instruments from customers that need to be cleaned or repaired. Additionally, your store may have younger clientele as well, further compounding your complexity by adding liability to property coverage concerns into the mix.
Luckily, if your music store is classified as “low-risk,” you may qualify for bundled property and general liability coverage. This is known as a Business Owner’s Policy, or BOP, which is specialized, and affordable insurance coverage designed to protect you and your business from unforeseeable risks to your business.
Your included general liability coverage is there to protect you financially, helping you cover expenses related to lawsuits, as well as claims of theft, damage, and other accidents related to your instruments and gear. Lawsuits and unresolved claims tend to be both stressful and costly, even if your business is ultimately found not to be liable. Having insurance can help lessen the blows.
The property coverage in your BOP helps protect your business against any potential loss or damage that may occur to your business or inventory. This coverage extends to property in your care, control, or custody, even if it does not directly belong to you. Should anything happen to your protected property, your policy provides reimbursement at the property’s replacement value rather than it’s depreciated one.
In addition to general liability and property coverage, a BOP may offer business interruption coverage as well. This coverage helps protect you by reimbursing some of the expenses and potential lost income that may occur should you need to temporarily shutter for repairs or a covered loss to your business.
Your business owner’s policy is there to protect your business from the unexpected in life, and should anything happen, Clarion Associates will be here to help you every step of the way from consultation, to coverage, and helping with your claims.
We’re a third-generation family-owned insurance agency that has devoted ourselves to meeting the musical instrument insurance needs of musicians and the broader music industry for over 50 years. We’re here for you in ways large insurance corporations aren’t, such as offering you customized coverage and personalized service. We’re here to help you expect the unexpected and prepare for any potential downtime or revenue loss should they occur. Contact a trusted Clarion adviser today to help map out a policy that’s perfect for you. That way, you can stress less and focus on what matters most.
