Virginia Music Store Insurance Policy Information
Virginia Music Store Insurance. Musical instrument dealers may sell one type of instrument, such as organs or pianos, or sell a variety of instruments. Related items such as accessories, cases, CDs, music books, sheet music or tapes may also be sold. Many stores offer other services including classes, exhibitions, recitals, piano tuning, repair or design and manufacture of custom instruments. Instruments may be rented to individuals or to schools. Used instruments may be reconditioned and sold.
Stores selling larger instruments may offer delivery and installation services. Delivery may be on owned vehicles or may be contracted out.
When you're a small business owner, there are a lot of things to think about on any given day. Something that's often overlooked in the hustle and bustle is commercial insurance. However, this insurance is one of the biggest favors that you can do for yourself and your business. It gives you peace of mind and allows you to weather unexpected events and property damage.
Let's take a look at what you should consider when you're looking for Virginia music store insurance that hits all the right notes.
Virginia music store insurance protects your shop from lawsuits with rates as low as $57/mo. Get a fast quote and your certificate of insurance now.
Protect Your Building
At the most basic level, insurance for a music shop should protect your physical location. The physical location of your business is likely your biggest asset. This includes the real estate and the building itself. The physical building and property it sits on are places that a lot of things can go wrong, including storm damage, fires, floods and criminal activity.
Make sure you speak with your broker because your needs likely differ if you own your property or if you lease it. You have options when it comes what your Virginia music store insurance policy covers, so be sure to speak with your insurance professional about the various types of property coverage and what best suits your needs.
Protect Your Inventory
Your second-largest asset beyond your building is probably your inventory. The nature of a music store is that you sell instruments and accessories to the public. Your customer base likely includes professionals looking for top of the line instruments and also school children and their parents looking for their first instrument for the school band or orchestra. The value of your inventory is likely significant and you want to make sure that it's well protected. Any Virginia music store insurance that you purchase for your shop certainly should cover your inventory.
Also, when you're considering this type of insurance coverage, make sure you understand how things in your business are classified. For example, you might have pianos, benches and music stands that you use for music lessons that are taught at your store. It's important to read your quote carefully to see if these things are covered as inventory. Your insurance provider should explain your policy in plain words so that you can have confidence in your coverage.
Coverage for Fixtures
Another important thing to make sure your insurance covers is fixtures. When you run a music store, you have a lot of them. Your business likely has stands to display instruments, display cases for accessories and other displays for pieces of music. Add the value of all of these pieces up and it's likely a big number. It's important that your Virginia music store insurance covers fixtures so that you're not left with this unexpected expense if the worst happens.
Replace Your Income
What a lot of VA music store owners don't know is that you can purchase insurance that covers your income in the event that you have a business interruption. If you have a catastrophic event that affects your building, you might not be able to operate until you can rebuild. If you lose your inventory, you need time to replace it before you can continue to do business. One of the types of insurance that you can buy for your music store is insurance that pays you income when you suffer an event that causes an interruption in business operation. This can give you peace of mind, especially if your store is your livelihood.
While we like to think we can always trust our employees, crime is something that music stores have to contend with. Sadly, employees can embezzle money or steal from the business in other ways. Your Virginia music store insurance policy can provide coverage that compensates you if this happens to your business. That way, you don't have to hope that the person who stole from you is able and willing to pay back what they took. With this coverage, you know that you're made whole in the event of employee theft.
Sometimes, accidents happen. Other times, customers or employees file frivolous lawsuits looking for a payday. Either way, when you're thinking about insurance for your music store, legal liability is one important thing that you want covered. A person could slip and fall and injure themselves on your property or a customer could claim they suffered harm because of a product you sold. There are options that allow you to protect yourself if you find yourself on the receiving end of a claim like this.
Your insurance provider should be happy to sit down and explain the ins and outs of your policy. You have options, and a trained professional can fashion a policy to meet your needs. The right insurance can give you peace of mind.
Virginia Musical Instrument Store's Risks & Exposures
Premises liability exposure comes from slips and falls due to public access to the premises. Aisles must be adequate and free of debris with flooring in good condition with no frayed or worn spots on carpet and no cracks or holes in flooring. Steps and uneven floor surfaces should be prominently marked. Sufficient exits must be provided and be well marked with backup lighting systems in case of power failure.
All goods should be kept on easily reached shelves so that customers do not pull down items on themselves. Any classes must be well controlled with adequate space and enough teachers for supervision. If lessons for young children are provided, reference and criminal background checks should be conducted on all teachers.
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 the business is open after dark, there should be adequate lighting and appropriate security for the area.
If delivery and installation services are offered, customers' premises may be damaged.
Personal injury exposure can arise from apprehending and detaining suspected shoplifters. The use of closed-circuit camera systems prevents such incidents from evolving into a "he said she said" situation. Employees must be trained to deal with handle such delicate situations properly.
Products liability exposure is normally very low except for electrical equipment that must have adequate warnings to prevent shocks. Any manufacturing work, direct import of products, repair or reconditioning of used instruments for resale will add to the exposure. If the store sends customers' instruments to outside firms for servicing, certificates of insurance should be obtained as evidence that the outside firm carries appropriate coverage.
Workers compensation exposures are from lifting that can cause back injury, hernia, sprains, and strains, and from slips and falls. Repair and manufacturing can result in cuts, punctures, or injury from machines. Polishes, buffers, or other chemicals can cause burns, as well as eye, skin, or lung irritations. Employees handling heavy pianos or organs should be provided with safety equipment, trained on proper handling techniques, and have conveying devices available.
Shelves should be easily accessible for storage. Stepladders should be available. Housekeeping in storage areas, especially during peak times, is vital to prevent trips and falls. In any retail business, hold-ups are possible. Employees should be trained to respond in a prescribed manner. Drivers of delivery trucks can be injured in accidents, be crushed by falling instruments, or fall on stairs or from tailgates.
Property exposures include electrical wiring, heating and cooling systems. The electrical load may be heavy if instruments such as electrical guitars or amplifiers are plugged into numerous outlets for customers to try out prior to purchase. Wiring must be up to date and meet current codes. Instruments are highly susceptible to damage from water, heat and fire so even a small fire could cause a total loss.
If repair or manufacturing is done on premises, flammable stains, varnishes, cleaners and polishes increase the fire load. Woodworking and metalworking each have their own sets of hazards to be evaluated. If the store rents instruments to schools, inventories will be increased during certain times of the year. Smaller instruments are easy to shoplift. Theft is a major exposure due to the attractive nature and expense of the items.
Appropriate security measures should be taken, including physical barriers to prevent entrance to the premises after hours and an alarm system that reports directly to a central station or the police department.
Business interruption is a concern since sales may peak at particular times during the year.
Crime exposures are from employee dishonesty and loss of money and securities either from holdup or safe burglary. Background checks should be conducted on all employees handling money. There must be separation of duties between persons handling deposits and disbursements and handling bank statements. Money should be regularly collected from cash drawers and moved away from the collection area, preferably to a safe on premises. Bank drops should be made throughout the day to prevent a buildup of cash on the premises. Two employees should be required to confirm the accuracy of deliveries from vendors.
Inland marine exposures are from accounts receivable if the store offers credit, bailees customers from customers' instruments in for repair, computers for transacting sales and monitoring inventory, goods off premises if the store rents instruments, and valuable papers due to customers' and vendors' records. Backup copies of all records, including computer records, should be made and stored off premises. Rental contracts should specify whether the store or the customer is responsible for loss or damage.
Commercial auto exposure can be high if delivery services are provided. Larger instruments may be delivered on congested streets to residential areas with children present. All drivers must have valid and appropriate licenses and acceptable MVRs. Vehicles must be maintained with records kept. Piano and organ delivery requires special training.
VA Music Store Insurance
VA music store insurance can cover a lot of different things and it's important to find the policy that's right for you. Spending a little time with a knowledgeable agent can save you more time and heartache on down the road. Contacting an insurance provider is the first step towards protecting your shop and giving you one less thing to worry about. Make sure your music store insurance measures up.
Virginia Economic Data & Small Business Insurance Information
If you're planning on starting a business, a lot of planning and factors need to be taken into consideration. Of course, having a great business model and offering valuable products and services are all keys to your success; however, there's something else that you need to take into consideration: where you're going to set up shop.
In order to reap the success that you hope for, you need to choose a location that offers favorable conditions for your specific business. If you operation isn't located in a location that can benefit from what you plan on offering, you aren't going to achieve the success that you desire.
For entrepreneurs who are thinking about Virginia as a location for their headquarters or a branch of their company, it's important to familiarize yourself with the economic trends in the commonwealth. It's also essential that you have a keen understanding in regard to the type of insurance coverage you'll need to carry to protect yourself, your clients, and your employees.
Business Economic Trends In Virginia
In regard to job growth, VA exceeds the rate of national job growth. As of February 2019, unemployment rates were at a historic low in The Volunteer State, with a rate of 3.2% throughout the state; 0.1% lower than the last historic low of 3.3% in October of 2018. That's lower than the national unemployment rate, which was reported to be 3.8% in February of 2019. Economists are forecasting continued job growth throughout the state into 2019.
The Commonwealth of Virginia has seen a dramatic upswing in economic growth in recent years. As of late 2019, the unemployment rate had fallen to a record low of just 2.9 percent; a significant difference compared to the national unemployment rate, which was 3.7 percent. In a one-year period, nearly 65,000 jobs were added. In 2019, the unemployment rate and economic growth of the state continues to be positive, and it expected to remain in the green well into 2019 and the future.
In regard to areas that offer the most favorable conditions for business owners, there are several. Metropolitan areas, including northern (Arlington, Fairfax, etc...), central (Richmond, Ashland, Lynchburg, etc...), and southern (Chesapeake, Newport News, Hampton, Norfolk, etc...) all afford great opportunities for entrepreneurs. However, virtually any location in the Commonwealth of Virginia can be considered favorable for business owners.
Industries that offer great promise in Virginia include:
- Education and training
- Information technology
- Travel and tourism
Commercial Insurance Regulations & Limits In VA
The Virginia Bureau of Insurance regulates insurance in Virginia. Just like any other state in the country, there are regulations in place regarding commercial insurance. Business owners are required to carry certain types of coverage to protect themselves, their clients, and their employees.
Small businesses with 2 or more employees are required by VA state law to have workers comp insurance coverage.
If you use certain types of motor vehicles for business-related purposes, you'll also need to invest in commercial auto insurance coverage to protect your drivers, as well as other drivers on the road.
Additional Resources For Retail Insurance
Read valuable small business retail insurance policy information. In a retail business, you need to have the right type of commercial insurance coverage so that your store, employees, and inventory are protected.
- Adult Novelty
- Appliance & Electronics Store
- Art Gallery
- Bicycle Shop
- Book Store
- Bridal Shop
- Candy Confectionery Store
- Carpet Store
- Clothing Store
- Collectibles Memorabilia Store
- Convenience Store
- Cosmetics Store
- Dry Cleaning
- Equipment Rental
- Funeral Home
- Furniture Store
- Gift Store
- Hardware Store
- Home Improvement Store
- Hotel Motel
- Ice Cream Shop
- Jewelry Store
- Lingerie Store
- Luggage Store
- Music Store
- Office Supply Store
- Paint & Wallpaper Store
- Pet Store
- Pharmacy Liability
- Plumbing Supplies Fixtures Store
- Scrap Metal Dealers
- Sewing Store
- Shoe Store
- Sporting Goods Store
- Stationary Store
- Thrift Store
- Ticket Agency
- Tobacco Store
- Toy Store
- Travel Agency
- Wig Store
Retail stores are susceptible to premises liability claims because of customer traffic, but large department and specialty stores are more susceptible than most.
All retail stores have significant property exposures. The on-hand stock represents a considerable investment, but the amount on hand fluctuates seasonally. For this reason, physical damage insurance on this property must be arranged carefully. When the insured occupies a non-owned building, insurance coverage must be arranged for the insured's interest in extensive improvements and betterments made to the premises.
Crime insurance, in the form of employee theft and money and securities coverage, is also very important.
The businessowners policy was designed with retail exposures and operations in mind. For this reason alone, it should always be the first type of package coverage to consider. However, for those risks not eligible for the business owners policy program, the commercial package policy (CPP) is a practical and convenient way to combine a number of coverages into one policy.
Retail businesses generate income through interaction with customers. This interaction is also how a customer can sustain an injury and then sue the retailer for damages. Hazards, exposures and operations both on premises and off are important and must be covered, but liability the retailer may incur because of the merchandise sold must also be considered and insurance protection arranged.
Inventory or stock is the major property exposure for most retail operations. Because stock values tend to fluctuate or have significant peaks at certain times of the year, value reporting or peak season valuation options should be considered. Business income coverage, including business income from dependent properties coverage, may mean the difference between a retail operation staying in business or being forced into bankruptcy following a loss.
When the insured occupies a non-owned building, insurance coverage must be arranged for the insured’s interest in extensive improvements and betterments made to the premises.
Most retail businesses offer endless opportunities for a variety of criminal activities. For this reason, the coverages needed must be carefully evaluated. Holdup and robbery losses may be the most obvious concerns but employee theft, fraud and counterfeit money losses are also serious issues that cannot be dismissed.
Retail businesses are gaining greater exposure to international issues because of the growth in sales via the internet. As these sales increase, the added exposures faced by these retailers must be evaluated. While their operating horizons are expanding so are their potential loss exposures.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Equipment Breakdown, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Computer Fraud, Forgery, Bailees Customers, Goods in Transit, Jewelers Block, Cyber Liability, Employment-related Practices, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Virginia Music Store insurance quote in Alexandria, Annandale, Arlington, Ashburn, Bailey's Crossroads, Blacksburg, Bon Air, Brambleton, Brandermill, Bristol, Broadlands, Buckhall, Bull Run, Burke, Burke Centre, Cave Spring, Centreville, Chantilly, Charlottesville, Cherry Hill, Chesapeake, Chester, Christiansburg, Colonial Heights, Culpeper, Dale City, Danville, East Highland Park, Fair Oaks, Fairfax, Falls Church, Fort Hunt, Franconia, Franklin Farm, Fredericksburg, Front Royal, Gainesville, Glen Allen, Great Falls, Groveton, Hampton, Harrisonburg, Herndon, Highland Springs, Hollins, Hopewell, Hybla Valley, Idylwood, Kings Park West, Kingstowne, Lake Ridge, Lakeside, Laurel, Leesburg, Lincolnia, Linton Hall, Lorton, Lynchburg, Manassas, Manassas Park, Martinsville, Marumsco, McLean, McNair, Meadowbrook, Mechanicsville, Merrifield, Montclair, Neabsco, Newington, Newport News, Norfolk, Oakton, Petersburg, Portsmouth, Radford, Reston, Richmond, Roanoke, Rose Hill, Salem, Short Pump, South Riding, Springfield, Staunton, Sterling, Sudley, Suffolk, Timberlake, Tuckahoe, Tysons, Vienna, Virginia Beach, Waynesboro, West Falls Church, West Springfield, Williamsburg, Winchester, Wolf Trap, Woodlawn and all other cities in VA - Old Dominion.
Also learn about Virginia small business insurance requirements for general liability, business property, commercial auto & workers compensation including VA business insurance costs. Call us (703) 747-9779.