Cameras And Musical Instruments Wholesaler Distributor Insurance Policy Information
Cameras And Musical Instruments Wholesaler Distributor Insurance. As a camera and/or musical instruments distributor, you work with very valuable merchandise. You also work with various clients and provide various services; you may supply equipment to schools, bands, and other organizations, and you may offer delivery of your products, for example.
You are a very important part of the businesses that rely on the products and services you offer, and if anything goes wrong, serious problems can arise.
Camera and musical instrument wholesalers receive photographic equipment, musical instruments, and a wide variety of similar items from foreign or domestic manufacturers, usually by truck, for distribution to camera stores, music stores, and other retail establishments.
The distribution center may be open 24 hours a day. Generally, the product is delivered to the customer on the distributor's vehicles.
By protecting yourself with the right type of cameras and musical instruments wholesaler distributor insurance coverage, you can have peace of mind knowing that if anything does go wrong, you have the financial support that you need so that you can recover from the variety of risks that wholesalers face.
Cameras And Musical Instruments wholesaler distributor insurance protects your business from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Below are some answers to commonly asked cameras and musical instruments wholesaler & distributor insurance questions:
- How Much Does Cameras And Musical Instruments Wholesaler Distributor Insurance Cost?
- Why Do Cameras And Musical Instruments Wholesalers And Distributors Need Insurance?
- What Type Of Insurance Do Cameras And Musical Instruments Wholesalers And Distributors Need?
How Much Does Cameras And Musical Instruments Wholesaler Distributor Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small cameras and musical instruments wholesaler distributor businesses ranges from $47 to $79 per month based on location, size, revenue, claims history and more.
Why Do Cameras And Musical Instruments Wholesalers And Distributors Need Insurance?
Just like other wholesalers and distributors that supply any other types of products, camera and musical instrument distributors face certain liability issues, including:
- Third-party injuries and property damage claims. If anyone sustains an injury on your property, or claims you damaged their property in any way and files a lawsuit, you'll need to have the right type of insurance to protect you from such claims.
- Damaged property. If your warehouse is damaged as a result of a fire, a storm, a leaking pipe, or an act of vandalism or theft, having the proper insurance coverage will protect you from the losses that you may incur.
- Employee injuries. Whether you have a staff of 5 people or 50, if any member of your staff is involved in a work-related accident or develops an illness (such as asbestosis or lead poisoning), you'll be responsible for any medical care that an employee requires. If he or she is unable to work while recovering, you'll also need to cover his or her lost wages. Having the right cameras and musical instruments wholesaler and distributor insurance will prevent you from having to pay these expenses on your own.
These are just some of the risks that you face as a wholesaler. Cameras and musical instruments wholesaler and distributor insurance prevents you from having to pay for any expenses that are related to these types of liability issues yourself because your insurance carrier will cover the costs for you.
What Type Of Insurance Do Cameras And Musical Instruments Wholesalers And Distributors Need?
Wholesalers of musical instruments and cameras will need several types of insurance coverage. The specific type of coverage you need will depend on a few factors, such as the location of your business and the size of your facility.
However, in general, proprietors of these types of establishments will need the following forms of cameras and musical instruments wholesaler and distributor insurance coverage:
- Commercial auto insurance
- Commercial general liability insurance
- Commercial property insurance
- Product liability insurance
- Workers' compensation insurance
These are just some of the types of cameras and musical instruments wholesaler distributor insurance coverage you should carry. You can carry individual policies, or opt for a commercial package policy that combines several different types of coverage under a single policy.
Cameras And Musical Instruments Wholesale Distributor's Risks & Exposures
Premises liability exposure is generally limited due to the lack of public access to the storage facilities. Customers should be confined to specific areas that are kept clean, dry and free of obstacles. Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls.
If customers pick up goods, loading docks must be clearly marked and user-friendly. There should be a disaster plan in place for unexpected emergencies. Contracts with transportation and storage providers may expose the operation to additional liability.
Railroad sidetrack agreements pose additional concerns. If there is a railroad sidetrack or dock, an employee must verify that no one is in the path of an incoming or outgoing train. Railroad tracks and conveyors can be attractive nuisances. The premises should be enclosed by fencing with "No Trespassing" signs posted.
Products liability exposures are low if products are all from domestic manufacturers. Direct importing of stock can increase the exposure to that of a manufacturer.
Workers compensation exposure is very high Lifting injuries such as back pain, hernias, sprains, and strains are common. Workers should be trained in proper lifting techniques and to use conveyances. Shelving must be stable to prevent stored goods from falling onto workers.
Forklift operators must be properly trained. Continual standing can result in musculoskeletal disorders of the back, legs, or feet. Floor coverings or coatings in the warehouse may pose slip and fall hazards.
Housekeeping is critical. When work is done on computers, employees are exposed to eyestrain, neck strain, and repetitive motion injuries including carpal tunnel syndrome. Cleaning workers can develop respiratory ailments or contact dermatitis from working with chemicals.
Drivers of delivery vehicles may be confronted by robbers, injured in automobile accidents, or be injured at customers' premises. Training must be provided to deal with such situations.
Property exposure is moderate due to multiple ignition sources, open construction, and the combustibility and extreme damageability of the stock. Ignition sources include electrical wiring and equipment, heating and air conditioning systems. All wiring must be well maintained and up to code for the occupancy.
Stock is highly susceptible to damage by fire, smoke, heat or water. Good housekeeping and fire controls are critical. All stock should be racked and stored with adequate aisle space and limited stockpiling to prevent a fire from spreading. Smoking should be prohibited.
If there is a sprinkler system, heads must be located high enough to avoid accidental contact with forklifts. Recharging of forklifts and maintenance of vehicles should be done in a separate, ventilated area away from combustibles.
Cameras and musical instruments can be target items for thieves. Alarms, guards, lighting, fencing, and other security precautions must be in place as appropriate to the location. Cameras and musical instruments are sometimes covered on a Camera and Musical Instruments Dealers floater under Inland Marine.
Business interruption potential is moderate. While backup facilities are readily available, sales may peak at particular times during the year.
Inland marine exposure is from accounts receivable if the distributor offers credit to customers, camera and musical instruments dealers floater, computers for tracking inventory, contractors' equipment, goods in transit, and valuable papers and records for manufacturers' and customers' records. Duplicates must be kept of all data to permit easy replication in the event of a loss.
Cameras and musical instruments are highly susceptible to loss from breakage, fire, smoke, and water. Contractors' equipment includes forklifts, cherry pickers, and hand trucks used for moving stored items. While goods may come to the warehouse via contract or common carriers or trains, items are generally delivered to retailers on trucks owned by the distributor.
Goods in transit are subject to loss from collision or overturn, particularly due to breakage. Packaging must be carefully done. Due to the potential for theft, vehicles should be unmarked, have alarms, and be attended at all times. Sales representatives may carry sample stock to retailers.
Crime exposure is from employee dishonesty. Background checks, including criminal history, should be performed on all employees handling money. Warehouse operations involve a number of transactions and accounts that can be manipulated if duties are not separated. There must be a separation of duties between persons handling deposits and disbursements and reconciling bank statements.
Regular audits, both internal and external, are important in order to prevent employee theft. Cameras and musical instruments and related equipment are attractive to thieves because of their high street value. Good security systems should be in place to discourage employee theft. Physical inventories should be conducted at least annually.
Business auto exposure is moderate for the salespersons' fleet and delivery vehicles. There should be written policies on personal and permissive use of any vehicles provided to employees. All drivers must be well trained and have valid licenses for the type of vehicle being driven.
MVRs must be run on a regular basis. Random drug and alcohol testing should be conducted. Vehicles must be well maintained with records kept in a central location.
Commercial Insurance And Business Industry Classification
- SIC CODE: 5043: Photographic Equipment And Supplies, 5099 Durable Goods, Not Elsewhere Classified
- NAICS CODE: 423410 Photographic Equipment and Supplies Merchant Wholesalers, 423990 Other Miscellaneous Durable Goods Merchants Wholesalers
- Suggested ISO General Liability Code(s): 12362 Distributors - No Food or Drink
- Suggested Workers Compensation Code(s): 8018 Store - Wholesale - NOC, 8044 Store - Furniture & Drivers
Description for 5043: Photographic Equipment And Supplies
Division F: Wholesale Trade | Major Group 50: Wholesale Trade-durable Goods | Industry Group 504: Professional And Commercial Equipment And Supplies
5043 Photographic Equipment And Supplies: Establishments primarily engaged in the wholesale distribution of photographic equipment and supplies. Establishments primarily engaged in the wholesale distribution of photocopy, microfilm, and similar equipment are classified in Industry 5044.
- Cameras equipment, and supplies-wholesale
- Darkroom apparatus-wholesale
- Developing apparatus photographic-wholesale
- Film photographic-wholesale
- Identity recorders for photographing checks and fingerprints-wholesale
- Motion picture cameras equipment and supplies-wholesale
- Photographic cameras, projectors, equipment and supplies-wholesale
- Printing apparatus photographic-wholesale
- Projection apparatus, motion picture and slide: photographic-wholesale
Description for 5099: Durable Goods, Not Elsewhere Classified
Division F: Wholesale Trade | Major Group 50: Wholesale Trade-durable Goods | Industry Group 509: Miscellaneous Durable Goods
5099 Durable Goods, Not Elsewhere Classified: Establishments primarily engaged in the wholesale distribution of durable goods, not elsewhere classified, such as musical instruments and forest products, except lumber.
- Ammunition, except sporting-wholesale
- Cassettes, prerecorded: audio-wholesale
- Fire extinguishers-wholesale
- Firearms, except sporting-wholesale
- Game machines, coin-operated-wholesale
- Gas lighting fixtures-wholesale
- Logs, hewn ties, posts, and poles-wholesale
- Machine guns-wholesale
- Monuments and grave markers-wholesale
- Musical instruments-wholesale
- Phonograph records-wholesale
- Signs, except electric-wholesale
- Tapes, audio prerecorded-wholesale
- Timber products, rough-wholesale
- Wood chips-wholesale
Cameras And Musical Instruments Wholesaler Distributor Insurance - The Bottom Line
Not all cameras and musical instruments wholesaler distributor insurance polices are have the same coverage and limits. If you are searching for business insurance, or want to see if you have the best policy, speak to an experienced broker to take a look at your situation.
In many cases they can save you premium dollars and offer you better policy options than you currently have.
Types Of Small Business Insurance - Requirements & Regulations
Perhaps you have the next great idea for a product or service that you know will appeal to your local area. If you've got a business, you've got risks. Unexpected events and lawsuits can wipe out a business quickly, wasting all the time and money you've invested.
Operating a business is challenging enough without having to worry about suffering a significant financial loss due to unforeseen and unplanned circumstances. Small business insurance can protect your company from some of the more common losses experienced by business owners, such as property damage, business interruption, theft, liability, and employee injury.
Purchasing the appropriate commercial insurance coverage can make the difference between going out of business after a loss or recovering with minimal business interruption and financial impairment to your company's operations.
Insurance is so important to proper business function that both federal governments and state governments require companies to carry certain types. Thus, being properly insured also helps you protect your company by protecting it from government fines and penalties.
Small Business Insurance Information
In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.
The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.
Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.
According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage.
Types Of Small Business Insurance
Choosing the right type of coverage is absolutely vital. You've got plenty of options. Some you'll need. Some you won't. You should know what's available. Once you look over your options you'll need to conduct a thorough risk assessment. As you evaluate each type of insurance, ask yourself:
- What type of business am I running?
- What are common risks associated with this industry?
- Does this type of insurance cover a situation that could feasibly arise during the normal course of doing business?
- Does my state require me to carry this type of insurance?
- Does my lender or do any of my investors require me to carry this type of policy?
A licensed insurance agent or broker in your state can help you determine what kinds of coverages are prudent for your business types. If you find one licensed to sell multiple policies from multiple companies (independent agents) that person can often help you get the best insurance rates, too. Following is some information on some of the most common small business insurance policies:
|Business Insurance Policy Type||What Is Covered?|
|General Liability Insurance||What is covered under commercial general liability insurance? It steps in to pay claims when you lose a lawsuit with an injured customer, employee, or vendor. The injury could be physical, or it could be a financial loss based on advertising practices.|
|Workers Compensation Insurance||What is covered under workers compensation insurance? This type of insurance protects a business and its owner(s) from claims by employees who suffer a work-related injury, illness or disease. Workers comp typically provides the injured employee with benefits to cover medical expenses, a portion of his/her lost wages, rehabilitation costs if applicable, and permanent partial or permanent total disability.|
|Product Liability Insurance||What is covered under product liability insurance? I pays an injured party's settlement or lawsuit claim arising from a defective product. These are usually caused by design defects, manufacturing defects, or a failure to provide adequate warning or instructions as to how to safely use the product.|
|Commercial Property Insurance||What is covered under business property insurance? General liability policies don't cover damages to your business property. That's what commercial property insurance is for. It protects all of the physical parts of your business: your building, your inventory, and your equipment, giving you the funds you need to replace them in the event of a disaster. If you work from home, you might consider a Home Based Business Insurance policy instead.|
|Business Owners Policy (BOP)||What is covered under a business owners policy (BOP)? This is a policy designed for small, low-risk businesses. It simplifies the basic insurance purchase process by combining general liability policies with business income and commercial property insurance.|
|Commercial Auto Insurance||What is covered under business auto insurance? This type of insurance covers automobiles being used for business purposes. This could include a fleet of business-only vehicles or a single company car. In some cases it might cover your car or your employee's car while they're being used for business. These policies have much higher limits, ensuring you can cover your costs if one of these vehicles gets into an accident.|
|Commercial Umbrella Policies||What is covered under commercial umbrella insurance? This type of policy is a sort of "gap" insurance. It covers your liability in the event that a court verdict or settlement exceeds your general liability policy limits.|
|Liquor Liability Insurance||What is covered under liquor liability insurance? It covers bodily injury or property damage caused by an intoxicated person who was served liquor by the policy holder.|
|Professional Liability (Errors & Omissions)||What is covered under professional liability insurance? This type of business insurance is also known as malpractice oe E&O. It covers the damages that can arise from major mistakes, especially in high-stakes professions where mistakes can be devastating.|
|Surety Bond||What is covered under surety bonds? Bonding is a contract where one party, the SURETY (who assures the obligee that the principal can perform the task), guarantees the performance of certain obligations of a second party, the PRINCIPAL (the contractor or business who will perform the contractual obligation), to a third party, the OBLIGEE (the project owner who is the recipient of an obligation).|
Who Needs General Liability Insurance? - Virtually every business. A single lawsuit or settlement could bankrupt your business five times over. You might also need this policy to win business. Many companies and government agencies won't do business with your company until you can produce proof that you've obtained one of these policies.
Business Insurance Required by Law
If you have any employees most states will require you to carry worker's compensation and unemployment insurance. Some states require you to insure yourself even if you are the only employee working in the business.
Your insurance agent can help you check applicable state laws so you can bring your business into compliance.
Other Types Of Small Business Insurance
There are dozens of other, more specialized forms of small business insurance capable of covering specific problems and risks. These forms of insurance include:
- Business Interruption Insurance
- Commercial Flood Insurance
- Contractor's Insurance
- Cyber Liability
- Data Breach
- Directors and Officers
- Employment Practices Liability
- Environmental or Pollution Liability
- Management Liability
- Sexual Misconduct Liability
Whether you need any or all of these policies will depend on the results of your risk assessment. For example, you probably don't need an environmental or pollution policy if you're running an IT company out of a leased office, but you would need data breach and cyber liability policies to fully protect your business.
Also learn about small business insurance requirements for general liability, business property, commercial auto & workers compensation including small business commercial insurance costs. Call us (855) 767-7828.
Additional Resources For Wholesale And Distribution Insurance
Read informative articles on wholesale distribution insurance. Distributors and wholesalers face specific risks including fire, flood and weather damage that can destroy products in the distribution center - and every part of the supply chain including late supplier shipments to unpaid invoices - can effect the entire operation.
- Air Conditioning And Heating
- Audio And Video Equipment
- Beer & Ale
- Cameras & Musical Instruments
- CDs, DVDs And Videos
- Dairy Products
- Dry Goods
- Electrical Appliances
- Electrical Equipment
- Electrical Supplies
- Electronic Equipment
- Greeting Cards
- Importer & Exporter
- Liquor Wholesaler
- Manufacturers Representative
- Motion Picture
- Plate Glass
- Plumbing Supplies
- Restaurant Equipment
- Roofing Materials
- Seed Merchants
- Theatrical Supplies
- Wholesale Florist
- Wholesaler Distributor
Wholesale and distribution operations have many of the same physical damage and property coverage concerns as warehouse operations. In both, the value of both real property and stocks of merchandise is very high. Loss control and other techniques appropriate to the types of merchandise involved are needed. For these reasons, adequate and appropriate property insurance coverages are important.
Managing inventories, equipment and facilities can expose your wholesale distribution operations to some specific and unique risks.
The commercial auto exposure can also be significant, based on the extent of merchandise delivery. In addition, transportation or motor truck cargo insurance on the merchandise must also be arranged.
Employee theft is always an issue and can be a significant exposure, depending on the type of property involved. Finally, the types of merchandise and material handled makes workers compensation insurance another very important coverage.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Accounts Receivable, Computers, Contractors' Equipment, Goods in Transit, Valuable Papers and Records, Employee Dishonesty, General Liability, Employee Benefits, Umbrella, Business Automobile Liability and Physical Damage, Hired and Non-owned Auto & Workers Compensation
Other commercial insurance policies to consider: Building, Earthquake, Equipment Breakdown, Flood, Leasehold Interest, Real Property Legal Liability, Signs, Computer Fraud, Forgery, Money and Securities, Cyberliability, Employment-Related Practices and Stop Gap Liability.