Whenever you budget the expenses of your business, Comic Book Store insurance must be near the top of the list because you can’t always know exactly what can happen in the future.
Need General Liability Insurance for Your Comic Book Store
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With the protection provided by insurance against accidents and all the other types of insurance we will tell you about, you can protect your business and yourself in case something unforeseen happens.
Like any business owner, for your Comic Book Store enterprise, you must consider how much financial liability you are taking on.
If your Comic Book Store business runs without proper insurance, you are taking a giant chance not just of losing some money but of a total wipe-out.
This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the results of their actions.
In this article, we are giving very general guidelines for growing 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 Comic Book Store business?
What this means, for any Comic Book Store business owner, is that if some company claims that your actions caused them some physical or economic damage, a court can award damages far beyond the total size of your business.
Your Comic Book Store business is not protected by laws in the same way as states are, where legislation can place a “cap” on the maximum level of liability.
In some states, like New Jersey, 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 duty of the jury to award whatever amount they deem appropriate, even sometimes giving a person more than they have sort.
When you are running your Comic Book Store operations, you can’t escape 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 corporation, all of that liability belongs to you as an individual.
What does Comic Book Store insurance protect you from?
For your Comic Book Store business, the most important types of insurance are intended 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 describe the most important points any Comic Book Store business owner should consider when negotiating the insurance needed.
The main headings of insurance for your Comic Book Store businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Comic Book Store business is dealing directly with other people, and that means you generally 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 demand compensation.
General liability insurance policy for your Comic Book Store business insures you against claims coming from injury to customers or damage to their property.
It protects your Comic Book 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 will even help you to qualify for extra business from city and state organizations, where contracts require proper liability insurance.
The usual level of general liability insurance for your Comic Book Store business would be with a upper limit of $1 million for a single submission 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 Comic Book Store insurance operations.
Professional liability insurance for your Comic Book Store business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Comic Book Store business for them, you can quickly be involved in a court case.
Even if the case against you is decided in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.
Most small Comic Book Store business should have enough professional liability insurance to cover a single claim of $25,000, with annual cover of $50,000.
See the table in the cost of Comic Book Store insurance section below for average prices of professional liability insurance for your Comic Book 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 you delivered didn’t meet your description of function, or that your advice was basically incorrect.
You need to be aware of the explicit laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held responsible for results caused by products claimed to be defective.
To cover yourself against any likely lawsuit, you need Product liability insurance for Comic Book Store
Only you can estimate exactly how much insurance you need.
Best advice is to contact experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your Comic Book Store business
Beware! – practically all policies for private vehicle insurance do not cover any occurrence like theft or accidental damage when the vehicle 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 direct commercial vehicle insurance package.
Commercial van policies cover 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 guaranteed if your car is involved in an accident.
Most states, other than Virginia and New Hampshire, require this type of insurance.
The necessary value of the insurance is calculated on the depreciated value of the vehicle, and your intended level of cover of contents.
Tools and Equipment insurance
Since your Comic Book Store business needs specialized and dedicated equipment, you can appreciate how much it can cost to replace it in case of any damage, loss, or theft.
The gear may be subject to malicious damage, deliberate fire, theft, other such unpredicted acts.
Also, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can wipe-out your whole business in one stroke.
Unless you can afford to immediately replace such unique gear quickly out of your own pocket, you should have full-level equipment insurance so that you can immediately buy any equipment needed to keep your Comic Book Store business running.
It is hard to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your Comic Book Store business’ equipment.
Commercial Property insurance
Any Comic Book Store business that owns or rents space in a building needs a commercial property insurance policy.
If you own the property, you probably have a substantial capital investment, as well as a big liability if there’s a mortgage.
Your physical building location should carry insurance coverage for the value of the premises and contents against unexpected occurrences like fire and storms, and against criminal damages like theft and vandalism.
If your Comic Book Store business operates in areas of high risk, like Texas or South Carolina, extra coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Illinois, where intense cold snaps can cause damage to outer coverings of Comic Book Store business premises, there is a need for more supplementary cover than in warmer climes.
Because the level of cover depends entirely 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 Comic Book Store insurance section below to give some idea of the average prices per million dollars of property insurance for your Comic Book Store business.
Temporary insurance by month, week or day for your Comic Book Store business
Is your Comic Book Store business working part-time or casually, or is the level of business variable?
Using short-term insurance makes excellent sense. Business insurance by the month, day, or week – temporary insurance for Comic Book 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 important feature of short-term insurance is that you buy the cover for a defined period – a nominated 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 increased.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Comic Book 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 combines commercial property and public liability insurance by incorporating these coverages into one insurance policy, which can save you money.
BOP insurance will protect you if any claims of injury or property damage are made.
It is mostly the right choice for small and medium-sized Comic Book Store businesses, such as yours.
There are two limits that will determine whether BOP is suitable for your own business.
BOPs do not cover your professional liability or commercial vehicle cover.
Also, the size of your business will determine whether you are eligible to take out BOP cover.
The usual business that is allowed to take a BOP policy must have less than one hundred employees, and under five million dollars in annual revenue.
In addition, you must separately take out the necessary worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Comic Book Store business employees
In most states, it is mandatory to have workers compensation insurance when your Comic Book Store business has one or more employees.
Workers compensation insurance covers the enterprise against any costs that arise if an employee experiences an injury or becomes sick as a result of work.
The benefits include medical expenses, death benefits, lost wages, and vocational rehabilitation.
Failure to meet a state’s requirements in this regard can leave you as the employer obliged to pay penalties levied by the states.
Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only allow coverage from the government-run monopoly state funds.
In these states, you can’t take out your workers compensation obligations from private insurance companies.
Workers compensation rates are calculated 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 Comic Book Store insurance level is unique, there are enough examples of standard quotes from insurance companies for us to give approximate guidelines, including what are the cheapest rates offered.
Of course, you should always check with an insurance representative what’s relevant for your business.
The list below is of annual premiums we have collected for the main types of insurance your Comic Book Store businesses needs.
|Types of insurance||Price range|
|Equipment insurance||$310 – $1297|
|Public liability insurance||$362 – $799|
|Product liability insurance||$246 – $599|
|General liability insurance||$727 – $1288|
|Commercial vehicle insurance||$1643 – $3404|
|Commercial insurance||$893 – $2211|
Cost of insurance for your Comic Book Store operations depends on many different factors.
We have calculated these figures for small self-employed Comic Book Store businesses.
In larger states like New York, premiums are generally about 20%-30% higher than national averages, while in smaller states like New Mexico, they will be about 20%-30% lower.
The location and size and type of your Comic Book 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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As well you can let the internet do the work for you by looking for insurance companies near where your business is located.
Another useful source of information is the local Better Business Bureau in your city.
What is small business insurance for Comic Book Store operations?
This is an umbrella term used to describe basic insurance policies designed to protect Comic Book Store business owners from risks like bodily injury, property damage, claims of negligence.
Does my Comic Book Store business have to have insurance?
Some of the types of insurance are not mandatory for you to run your business, but they can protect you from risks in your business operations.
Certain other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Comic Book Store business insurance policy cover?
Liability insurance provides insurance against lawsuits or claims filed by a client for bodily injury, property damage, or negligence.
The precise cover will vary based on your own operations.
See the table in the costing section above for average prices of the recommended policies for Comic Book Store insurance.
How much will Comic Book Store business insurance cost?
On top of the size of the business, some other factors, such as location and claims history, are used to determine your policy’s cost.
You should consult with professional insurance agents and brokers, or insurance company representatives.