Business Insurance for Office Equipment and Supplies Stores
Why do office supply stores need insurance?
You may not think of your store as high risk, but accidents can happen anywhere. If a customer trips over a display and suffers an injury, the result could be a lawsuit. Business insurance covers costly legal disputes, along with burglaries, fires, and data breaches.
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With Insureon, owners of office supply stores and stationery stores can get insurance coverage the same day they apply for quotes.
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What type of insurance is recommended for an office supply store?
These insurance policies cover common risks at office supply stores.
Business owner's policy
A business owner's policy, or BOP, is a cost-effective way for owners of office supply stores to buy general liability coverage and commercial property coverage together.
- Injuries caused by office chairs and other products
- Damaged printers or other inventory
- Business interruption coverage
General liability insurance
A general liability policy covers third-party lawsuits from injuries and property damage. For example, a customer could sue if a defective printer causes a fire.
- Customer bodily injuries
- Product liability claims
- Libel and other advertising injuries
Workers’ compensation insurance
Most states require workers' comp as soon as an office supply business hires its first employee. It also protects sole proprietors from work-related medical bills that health insurance might deny.
- Employee medical expenses
- Disability benefits
- Lawsuits from work-related injuries
Cyber insurance
This policy helps office supply stores and stationery stores recover financially from data breaches and cyberattacks. It’s sometimes referred to as cyber liability insurance or cybersecurity insurance.
- Customer notification expenses
- Fraud monitoring services
- Cyber extortion demands
Commercial umbrella insurance
Umbrella insurance boosts coverage on an office supply store's general liability, employer’s liability, or commercial auto insurance policy once the limit is reached on a claim.
- Customer injury lawsuits
- Employee injury lawsuits
- Auto accident lawsuits
Commercial auto insurance
This policy covers legal defense costs if your office supply store's delivery van or other vehicle gets into an accident. Each state has its own requirements for auto liability insurance.
- Injuries caused to another person
- Property damage caused by your vehicle
- Vehicle theft and vandalism
How much does insurance cost for office supplies stores?
A stationery store with only a few employees won't have to pay a lot for business insurance.
Factors that affect the cost of retail business insurance include:
- Products you sell, such as notebooks, pens, printers, furniture, or rugs
- Services you offer, such as printing and copying, assembly, or delivery
- Whether you have a brick-and-mortar business or an e-commerce business
- Business location
- Business operations and income
- Policy limits, deductibles, and exclusions
- Coverage options, including any additional insureds
- Claims history
How do I get business insurance for an office supply store?
It's easy to get office supply store insurance if you have your company's information on hand. Our application will ask for basic facts about your shop, such as revenue and number of employees.
You can buy a policy online and get a certificate of insurance with Insureon in three easy steps:
- Complete a free online application.
- Compare insurance quotes and choose policies.
- Pay for your policy and download a certificate.
Insureon's licensed insurance agents work with top-rated U.S. insurance companies to find the right coverage for your business needs, whether you work independently or hire employees.
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FAQs about business insurance for office supplies stores
Review answers to frequently asked questions about insurance for stores that sell stationery, printers, chairs, and other office supplies.
Do office supplies stores need product liability insurance?
Product liability insurance is crucial for every retail store, including your office supply shop.
This policy covers a wide range of product lawsuits, such as:
- A printer that overheats and starts a fire
- Damage caused by an incorrectly assembled desk
- A faulty chair that injures a customer
- A bookcase that tips over and harms a child
- Lack of warning labels on a product
- Errors in instructions that cause an injury
Product liability insurance covers legal costs when a product sold at your store causes a bodily injury or damages someone's property. Because of the hazards associated with electronics and office furniture, this is one of the most important policies for your office supply store.
If a customer is harmed by a faulty product or inadequate warnings, the resulting legal bills could bankrupt your small business. Even if you weren't responsible for the product defect that caused the issue, you could still be held liable. That's why retailers, manufacturers, wholesalers, and distributors all need this coverage.
When you buy commercial general liability insurance or a business owner's policy, it usually includes product liability insurance. You might also see this coverage called products-completed operations insurance.
Does office supply store insurance protect against theft?
Yes, you can buy office supplies insurance and stationery insurance that protects against theft. These types of business insurance protect against burglaries and similar incidents:
- Commercial property insurance covers theft of electronics and other products from your store, along with vandalism, fires, storms, and other events that damage or destroy business property. You can save money by bundling it with general liability insurance in a business owner's policy.
- Commercial crime insurance protects against losses related to employee dishonesty, such as cash register theft or check fraud. You can usually add it to your business property insurance.
Property claims cause your premium to go up, which is another reason it's best to prevent theft in the first place. Some insurers even offer a discount when you install an approved security system or take other steps they recommend.
What other insurance policies should office and stationery supplies stores carry?
Small business owners should consider several other types of coverage as part of risk management for an office supply store. That includes:
- Business income insurance: This policy covers employee wages, rent, lost income, and day-to-day expenses when your store is forced to close due to damage from a fire, storm, or other unexpected event. It's also called business interruption insurance.
- Equipment breakdown insurance: If a commercial printer or a point of sale device fails unexpectedly, an office equipment insurance policy can help pay to repair or replace it.
- Electronic data processing insurance: This policy protects against financial losses related to data loss on computers, backup drives, operating systems, network storage servers, and other eligible devices.
- Inland marine insurance: Because commercial property insurance only covers items at your business address, you may need inland marine insurance to protect shipments of electronics, furniture, and other products while they are in transit or stored off-site.
- Product recall insurance: Office supply stores can face significant losses when a product is recalled. This policy helps cover the cost of removing defective products, along with related PR efforts.
If you have questions or need help finding the right insurance solutions for your risks, chat with a licensed agent today.