Installing auto audio systems can be both fun and rewarding. You get the pleasure of putting in specialized audio systems for entertainment and the reward of helping keep your customer’s property safe. You have spent a lot of time and money building your business to a successful level. Protect the trust you have built with your customers by covering your company with commercial insurance that meets your company’s specific needs.
When customers come to your place of business there is always the risk of someone getting hurt or their property getting damaged. Regardless of who is at fault, your company can be held liable and have to pay damages. General liability insurance can protect you by covering the damages for you. It can also help you with expenses that arise from natural disasters, general hazards and other unexpected events.
Business Owners Policy (Bop)
A business owners policy (BOP) is particularly useful for small businesses such as yours. It provides you with general liability coverage by default and allows you to custom tailor other types of coverage to fit your specific business needs.
- Equipment Breakdown – Installing audio systems requires specialized equipment. If that equipment breaks down and you don’t have breakdown coverage in your BOP policy, you would have to pay for repairs and replacements out of company funds.
- Buildings and Contents – Auto alarm installation companies keep retail spaces to display products, and shop spaces to perform the work. A BOP can protect you from the loss of your business structure and the tangible assets you have inside. For example, if a flood destroys the carpet in your retail show room, a BOP can cover the cost of replacing it.
- Business Income and Extra Expense – Some disasters are severe enough to force you to suspend business operations or temporarily move them to another location. A BOP can provide you with lost income and help with the extra expenses when events like these occur.
- Products and Completed Operations – If you sell an auto alarm system that is later found to be faulty; your company can be held liable if the customer’s vehicle is stolen.
Unfortunately, insurance against theft of your mobile electronics and accessories is typically not included with standard policies, however there are companies that do provide additional comprehensive coverage, but you have to ask. If your insurance company does provide additional comprehensive coverage, you will most likely need to provide the model numbers and respective value of each item to your insurance company and they may even require proof of purchase. In addition to any additional cost you may incur for this additional coverage, you should also ask your insurance agent if your premium will be affected in the event you make a claim. In some cases the additional cost from making a claim could be more than the value of the item(s) you want to insure.