Print & Copy Shop Insurance
When you own a printing or copying business, you depend on your equipment and your customers. You need both to run a profitable shop, but what happens if something goes wrong? A damaged machine can prevent you from earning revenue. If a customer falls at your shop, you may have to pay for their medical expenses.
If you don't want those unexpected accidents to hurt your bottom line, it's smart to invest in printers insurance. Let's see how print shop insurance can address your most common risks.
General Liability Insurance
General Liability Insurance covers your print shop when a third party (i.e., non-employee) sues you over:
- Bodily injuries that happened at your shop.
- Property damage you caused.
- Libel, slander, or copyright infringement.
For example, let's say it's a rainy day and you've already mopped up your storefront once. But after a series of customers come in, the floor starts to get slippery. Before you have time to notice, a new customer walks in, slips, and breaks their arm.
Your General Liability Insurance can help you pay for their immediate medical expenses. It can also pay to repair or replace their property damaged by the fall. If the claim goes to court, General Liability can even cover your attorney fees and settlements or judgments.
Business Owner's Policy
A Business Owner's Policy (or BOP) bundles General Liability Insurance with Commercial Property Insurance to offer you convenient, affordable protection. It usually costs much less to purchase a BOP than it does to buy each policy separately.
You know what General Liability can do, so let's focus on Commercial Property Insurance. This is the policy you'll turn to when your shop building, printing equipment, card stock inventory, or other assets are lost or damaged because of:
For example, say faulty wiring in your office causes a fire that damages your expensive printing equipment. Your budget is already tight, and now the loss of productivity and sudden rise in costs could force you to make layoffs and other difficult cuts.
But your BOP's Commercial Property Insurance can pay to replace your damaged gear and repair your building. Some BOPs even include Business Interruption Insurance, which can cover your lost income when a covered property event forces your shop to temporarily close for repairs. That protection can help you retain your staff and pay your ongoing expenses even when you aren't able to generate revenue.
Professional Liability Insurance
Professional Liability Insurance (also called Errors and Omissions Insurance or E&O) helps you pay for lawsuit expenses when a client or customer claims your business…
- Failed to deliver promised goods and services.
- Was negligent.
- Misrepresented its goods and services.
In other words, E&O protects your business when customers are dissatisfied with your work. As a printing or copying professional, you know that some clients can be very picky. Unfortunately, these complaints sometimes escalate into lawsuits.
Let's say you just printed a large batch of posters, brochures, business cards, and other marketing supplies for a client. They send you the files. You triple check your work. The client picks up the materials and pays. A week later, they call to demand their money back because they claim the colors were off.
You know you used the right files and printed everything correctly, but the client demands to be refunded. You refuse, partly because you can't afford to refund the money. If they sue to recoup their money, Professional Liability Insurance can help pay for your lawyer fees, witness and evidence expenses, and judgments or settlements.
Workers' Compensation Insurance
As an employer, it's your responsibility to pay for employees' occupational injuries, which is why it's smart to carry Workers' Compensation Insurance (also called Workman's Comp or Workers' Comp). It can cover…
- The injured employee's medical expenses.
- Partial lost wages while the injured employee recovers.
- Funeral expenses if the employee dies from a work accident.
- Your legal expenses if you're sued over a workplace injury.
A work injury may seem unlikely in the relative safety of a print shop, but accidents happen all the time. If an employee slips on a piece of paper and gets a concussion, you would have to pay for medical costs, MRIs, and the employee's wages for time they spend recovering. If you have a Workers' Comp policy, it can pick up the tab for those expenses. Plus, most state laws require employers to have Workers' Compensation Insurance once they hire employees.