Insurance for Electronic Stores

Electronics store owners keep their shelves stocked with the latest technologies. Yet they still face every day exposures that can result in devastating losses due to fire or theft or liability claims due to slip and falls. Choose our “A++ rated carrier for coverage to fit the needs of your electronics store.

Ineligible Electronic Stores

Please note we cannot offer coverage to the following:

• Armed security guards or weapons on the premises
• Modifications performed on any product
• Products sold under the applicant’s name or label
• Direct importing of products or product assembly
• Used products sold
• Sale, service, maintenance or repair of security systems
• Risks located in AK, LA or WV

Coverage Available for Electronic Stores

• Business owners policy (BOP) form
• General liability that expands the definition of bodily injury to include mental anguish or emotional distress with no deductible
• Non-owned and hired auto coverage
• Loss of income on actual loss sustained basis up to the stated limit
• No coinsurance clause; no classification limitation or designated premises endorsement
• Personal property of others up to the contents limit • $5,000 transit coverage
• Replacement cost available
• Special cause of loss including theft available
• Equipment breakdown coverage available
• Value Plus Endorsement – 13 valuable coverage enhancements, including water backup, money and securities, employee dishonesty, valuable papers, signs, accounts receivable and more

Coverage Limits Available for Electronic Stores

• Maximum property value of $3,000,000 or in coastal regions up to $500,000, excluding wind/hail
• Liability limits up to $1,000,000/2,000,000
• Commercial umbrella liability available with limits up to $5,000,000

Optional Coverage for Electronic Stores

• Special form is available
• Equipment breakdown
• Non-owned and hired auto – no delivery service
• Money and securities coverage
• Signs
• Glass test

Claim Example for Electronic Stores

Property: A delivery truck backed into the wall of the electronics store and caused both $17,000 in building damage and $23,000 in business personal property damage. In order to repair the damage, the store had to shut down for two months, causing a $20,000 loss in income and $12,000 extra expenses to get the store up and running again. This was included in the business income with extra expense coverage.

General Liability: A customer of the appliance store went to use the restroom. The tile floor area just outside of the restroom was still wet; the customer slipped and fell, breaking their arm. A $5,000 medical expense was immediately paid to compensate the customer for their hospital visit and the ambulance ride. The owner of a cell phone store put an ad in the newspaper stating that their competitor down the street was selling imitation cell phones and not the top brand phones. They were sued for personal and advertising injury.

Hired & Non-owned Auto Liability: An employee was asked to make a special trip to the bank since the owner was busy. In an effort to reach the bank before it closed, the employee hit a pedestrian while pulling into the parking lot. The employee’s personal auto limits were not enough to cover the injuries. The electronic store was brought into the claim.

Equipment Breakdown:  The piping within the hot water heater ruptured from over usage, causing the television store to have to shut down for 4 hours. An equipment breakdown claim was made.