Stationery supply stores provide consumers with stationery and paper supplies including greeting cards, correspondence paper, envelopes, notepads and stickers. These can be blank, pre-printed, or custom printed. Many stationery supply stores also carry additional items such as magnets, pens, pencils, paper weights, magnets, mugs, candles, and other small gifts like key-chains or stuffed animals. Risks for a stationery supplies store include injuries that could occur in the store from sharp edges or heavy items for the customer and employee, shoplifting and other crimes, and general business risks. Protect these and other risk exposures by obtaining business insurance.
There are many different types of insurance policies to offer coverage for stationery supply stores. The following are the most important:
General liability insurance is a vital policy to get for your stationery supplies store. It offers coverage for completed operations, products liability and personal liability. If a customer is injured in your store, such as cutting her hand on an envelope opener you have for sale, the medical costs are covered by general liability. Completed operations includes any damages caused by services you provided, such as an error in your custom printing. Products liability offers coverage from the products you sell, like a gift with a sharp edge that causes an injury.
Purchase a business auto insurance policy to offer coverage for your business vehicle. Even if you use a personal vehicle to run business errands, it should be covered by a commercial auto insurance policy. A collision could occur during your errand, such as picking up inventory from a local supplier, and the bodily injury or damage to your car would be covered by the business auto insurance policy. You can also add theft and vandalism to your policy.
A business owner’s policy (BOP) is a package policy that combines different coverages. You can customize it with the types of coverages you and your insurance agent think your stationery supply store needs, such as property insurance, equipment breakdown, general liability, bodily injury, business income protection, advertising injury and auto coverage. For example, if you think you are at a higher risk for advertising injury, you can include that in your policy along with other options.
If you also have a stationery supplies store online, you should protect your business from cyber crimes. Cyber crimes can occur even with proper security measures, such as merchandise paid for with a forged check or stolen credit card, hackers getting into your system and stealing financial information, or other similar crimes. To protect your business, get a cyber liability insurance policy. You will need this in addition to other crime insurance policies because most will not cover cyber crimes.
A number of things can occur that may cause damage to your business property, most of which are unavoidable. This includes unexpected events like fire, flood, extreme weather conditions, or natural disaster. If there was an earthquake that caused damage to your property, could you afford the repairs? Business property insurance helps to cover the cost of repairs as well as replacing damaged items inside your store.
If your stationery store is a small business with one or more employees, you need worker’s compensation for protection against employee work-related injuries and illnesses. For instance, if an employee is moving heavy boxes in your warehouse and accidentally drops one and breaks their foot, worker’s compensation pays from medical costs and lost income during recovery.
One of the biggest risks your stationery supplies store will face is that of shoplifting. Since you sell many small items, it can be easy for experienced criminals to steal items from your shop. Protect your business from the loss of shoplifting and other crimes like theft or vandalism with a crime insurance policy. Not all crimes can be prevented, but with this policy, your business won’t suffer the significant loss.
When choosing your stationery supplies store insurance policies, consider your probable risks as well as the cost of the more unexpected ones like damage from natural disasters. This will help you choose a good combination of coverages for your stationery supplies store.