Whenever you budget the expenses of your business, cell phone store insurance must be included in the list because you can’t always know exactly what can happen in the future.
Need General Liability Insurance for Your Cell Phone Store
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With the protection provided by liability insurance and all the other types of insurance we will tell you about, you can protect your business and yourself in case something unexpected happens.
Like any business owner, for your cell phone store enterprise, you must consider how much financial risk you are taking on.
If your cell phone store business runs without proper insurance, you are taking a tremendous chance not just of losing some money but of a complete wipe-out.
This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the consequences of their actions.
In this article, we are giving very general guidelines for small businesses to highlight what the main kinds of insurance that you need are, and where available, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your cell phone store business?
What this means, for any cell phone store business owner, is that if some person claims that your business caused them some physical or economic damage, a court can award damages far beyond the total size of your business.
Your cell phone store business is not sheltered by laws in the same way as states are, where laws can place a “cap” on the maximum level of liability.
In some states, like Texas, there are specific monetary levels that limit the amount an adjudicator can award in any case against the state.
In a court case, it’s purely the privilege of the jury to award whatever amount they deem appropriate, even sometimes giving a person more than they have claimed.
When you are running your cell phone store operations, you can’t avoid responsibility for the outcomes of your actions.
Even more importantly, unless you have spent up-front the money necessary to have your business running as a limited liability company, all of that liability belongs to you as an individual.
What does cell phone store insurance protect you from?
For your cell phone store business, the most important sorts of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.
As well there are some mandatory kinds of insurance that various states require.
In the next few paragraphs, we will outline the most important points any cell phone store business owner should know when negotiating the insurance needed.
The main headings of insurance for your cell phone store businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any cell phone store business is dealing directly with other people, and that means you always have the danger that some accident can happen to them personally or else something of theirs can be spoiled.
In such a case, they can require compensation.
General liability insurance policy for your cell phone store business covers you against claims coming from injury to customers or damage to their property.
It protects your cell phone store business from the claims themselves and as well to any follow-on court costs and legal fees of the lawsuits.
In many cases, it should help you to qualify for extra business from city and state organizations, where contracts insist on proper liability insurance.
The normal level of general liability insurance for your cell phone store business would be with a cap of $1 million for a single claim and a total of $2 million for the whole year.
See the table in the costing section below for average prices of general liability insurance for your cell phone store insurance operations.
Professional liability insurance for your cell phone store business
In the event where a client alleges some negligence, errors, or omissions in how you conducted your cell phone store business for them, you can quickly be involved in a monetary claim.
Even if the case against you is judged in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.
Every small cell phone store business should have enough professional liability insurance to cover a once-off claim of $25,000, with annual cover of $50,000.
See the table in the cost of cell phone store insurance section below for average prices of professional liability insurance for your cell phone store operations.
Product liability insurance
Whatever goods you sell or advice you give about the goods, you are running a risk that customers may claim that what they received didn’t meet your description of function, or that your advice was basically incorrect.
You need to understand the specific laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held liable for damages caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for cell phone store
Only you can determine exactly how much insurance you must have.
Best advice is to talk to experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your cell phone store business
Take care! – practically all policies for private vehicle insurance do not cover any event like theft or accidental damage when the van is being used for business purposes.
The right way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a designated commercial vehicle insurance package.
Commercial car policies insure the value of any vehicle in case of accident, malicious damage, fire, or theft.
As well, in case of any accident, the car itself, the content and any legal bills, medical expenses, and property damage is insured if your van is involved in a collision.
Most states, other than Virginia and New Hampshire, mandate this type of insurance.
The required value of the insurance is worked-out for the depreciated value of the vehicle, and your requested level of cover of contents.
Tools and Equipment insurance
Since your cell phone store business needs specific and costly equipment, you will realize how much it can cost to replace it in case of any damage, loss, or theft.
The equipment may be subject to malicious damage, deliberate fire, theft, other such unexpected acts.
Also, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can destroy your whole business in one stroke.
Unless you can afford to immediately replace such specific gear quickly out of your own pocket, you need full-level equipment insurance so that you can immediately buy any equipment needed to keep your cell phone store business running.
It is hard to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your cell phone store business’ equipment.
Commercial Property insurance
Any cell phone store business that owns or rents space in a building should have a commercial property insurance policy.
If you own the space, you probably have a substantial capital investment, along with a big liability if there’s a mortgage.
Every physical building location should carry insurance coverage for the value of the premises and contents against accidental occurrences like fire and storms, and against deliberate damages like theft and vandalism.
If your cell phone store business works in areas of high risk, like Florida or South Carolina, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Washington, where intense cold snaps can cause damage to outer coverings of cell phone store business premises, there is a need for more extra cover than in warmer climes.
Whereas the level of cover depends mainly on the value of the property, it’s not possible to say what cover your need, but we have been able in the table in the cost of cell phone store insurance section below to give some idea of the average prices per million dollars of property insurance for your cell phone store business.
Temporary insurance by month, week or day for your cell phone store business
Is your cell phone store business working part-time or casually, or is the level of business variable?
Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for cell phone store – are special policies where you can cover a designated period when you want to be covered.
By only paying for that period of cover, you will save by having reduced premiums but still having identical risk cover.
The key feature of short-term insurance is that you purchase the cover for a defined period – a designated date, or a week or month starting on a specific date, for example for 30 days beginning on the specified date.
When you are expecting periods of better business activity, get the existing cover raised.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your cell phone store business
You have the chance to combine several of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.
A BOP merges commercial property and public liability insurance by amalgamating these coverages into one insurance policy, which can save you money.
BOP insurance will cover you if any claims of injury or property damage are made.
It is mostly the right choice for small and medium-sized cell phone store businesses, such as yours.
There are two limits that will determine whether BOP is suitable for your own business.
BOPs cannot cover your professional liability or commercial vehicle policies.
Also, the size of your business will dictate whether you are allowed to take out BOP cover.
The typical business that is eligible for a BOP policy must have less than one hundred employees, and maximum five million dollars in annual turnover.
Plus, you must separately take out the required worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your cell phone store business employees
In almost all states, it is mandatory to have workers compensation insurance when your cell phone store business has one or more employees.
Workers compensation insurance covers the enterprise against any costs that arise if any hired hand experiences an injury or becomes sick as a result of work.
The benefits cover medical expenses, death benefits, lost wages, and vocational rehabilitation.
Failure to meet a state’s regulations in this regard can leave you as the employer having to pay penalties levied by the states.
Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only permit coverage from the government-run monopoly state funds.
In these states, you cannot get your workers compensation obligations from private insurance corporations.
Workers compensation premiums are computed based on the employee’s pay, and usually come out at around $1.00 per $100 per month.
However, you must see the relevant authorities in your state.
Average costs of these types of insurance
Although every cell phone store insurance need is unique, there are enough examples of average quotes from insurance companies for us to give rough guidelines, including what are the cheapest rates offered.
Of course, you should always check with an agent what’s relevant for your business.
The list below is of annual premiums we have collected for the main types of insurance your cell phone store businesses needs.
|Types of insurance||Price range|
|Commercial insurance||$880 – $2310|
|Equipment insurance||$450 – $1275|
|Product liability insurance||$270 – $715|
|Public liability insurance||$310 – $500|
|Commercial vehicle insurance||$1935 – $2670|
|General liability insurance||$630 – $1225|
Cost of insurance for your cell phone store operations depends on many different factors.
We have reckoned these figures for small independent cell phone store businesses.
In larger states like Texas, premiums are generally about 20%-30% higher than national averages, but in smaller states like Utah, they can be about 20%-30% cheaper.
The location and size and type of your cell phone store business can have a big effect on the cost of different policies.
You should consult with professional insurance agents and brokers, or insurance company representatives.
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Also you can let the internet do the work for you by enquiring about insurance companies near where your business is located.
Another reliable source of information is the local Better Business Bureau in your town.
What is small business insurance for cell phone store operations?
This is a wide term used to describe standard insurance policies designed to protect cell phone store business owners from risks like bodily injury, property damage, claims of negligence.
Does my cell phone store business have to have insurance?
Some of the types of insurance are not mandatory for you to operate your business, but they can protect you from risks in your business operations.
Several other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small cell phone store business insurance policy cover?
Liability insurance provides protection against lawsuits or claims filed by a customer for bodily injury, property damage, or negligence.
The exact cover will vary based on your own operations.
See the table in the costing section above for average prices of the best policies for cell phone store insurance.
How much will cell phone store business insurance cost?
As well as the size of the business, some other factors, such as location and claims history, are used to determine your policy’s cost.
You should discuss with professional insurance agents and brokers, or insurance company representatives.
You can search for more information insurance for cell phone store, in the search box below, and follow the relevant links.