Like any other retail business, your electronics store face risks unique to it.
A customer might complain and file a claim after receiving an unstable gaming rig assembled by your computer technician. The delivery of supplies might be disrupted and this can result in complaints from the IT company who bought a large batch of printers, wires, and other items from your business. Software used for selling and tracking inventory can get corrupted and open the possibility of employee theft.
Purchase electronics store insurance. This is an insurance package consisting of general liability, commercial property, and other business insurance policies that cover the risks exclusive to your business.
When we think of electronic store insurance, the mind quickly clicks on insurance for the conventional electronics shop. That's true, but other electronic businesses also benefit from this type of insurance coverage. They include:
Electronics repair technicians
Wholesale electronics distributors
Electronic component manufacturers
Smart home technology companies
Medical electronics companies
Online electronic stores
Generally, any business that retails or repairs electronic devices and equipment should consider electronic store insurance to mitigate the financial risks lurking around their business operations. The electronics you sell are valuable products that can easily attract thieves. This type of insurance protects against losses due to damage or theft and covers the financial implications that may arise due to customers' liability claims.
General liability, professional liability, and product liability policies are the different types of electronic store liability insurance. All grant protection against lawsuits in situations where your business can be held liable by customers and other third parties.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | |
|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $300,000/$1,000,000 |
| Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $100,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included |
| Hired/non-owned auto liability coverage included? | Yes | No | Excluded | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included |
| Can you get a certificate of insurance online? | Yes | Yes | Yes | Yes |
| Name additional insureds? | Yes | Yes | Yes | Yes |
| Deductible | $0 | $0 | $0 | $0 |
Electronic store general liability coverage is meant to cover your electronics business from financial loss arising from:
Claims or lawsuits that a customer/member of the public may file against your store for property damages or bodily injuries that occur on your property
Advertising injuries (copyright infringement, slander, or libel)
These are some of the situations where general liability insurance can help your electronic store:
A customer slips and falls on a wet floor and suffers a dislocated wrist
The TV suddenly exploded during a demo and the customer sustained an eye injury
A rushing employee hits a customer
A customer falls from a height while traversing the stairs leading to your electronic store’s second floor
Your computer technician caused further damage to a customer’s laptop instead of fixing it
You can introduce a customer property endorsement to general liability insurance. By doing this, the policy will cover costs if the computers, cellphones, and other electronic gadgets to be repaired get damaged or lost while in the custody of your electronic store.
General liability insurance for electronics stores has a $1 million-$2 million per occurrence and aggregate limit.
It's worth noting that the amount of liability coverage needed depends on your store's specific characteristics, such as the size of the store and the types of products and services you offer.
For example, a store that sells and assembles gaming rigs, laptops, and cameras may need more liability insurance than a store that sells keyboards, mouse, USB, and other low-end electronics.
Product liability insurance will help if your electronics store unintentionally sold defective items that inflict bodily injuries or property damage to buyers. You will find this policy automatically included in general liability insurance.
You use product liability insurance to cover medical treatments, reimbursements for property damage, legal defense, and extra costs for product recall. Here are some situations where the coverage of this insurance can apply:
The client files a claim after his gaming rig is fried by a defective PSU bought from your electronics store
The client demands compensation after the television bought from your electronics store exploded and caused a small fire in their house
| CoverWallet (Best) | NEXT | Thimble | Hiscox | |
|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $1,000,000 |
| Aggregate limit | $2,000,000 | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000 |
| Name additional insureds? | Yes | Yes | Yes | Yes |
| Waiver of subrogation included? | Yes | No | Yes | Can be included |
| Deductible | $500 | $500 | $500 | $50/$10,000 |
Get professional liability insurance if your electronics store provides cell phone or computer repair, assembly, reprogramming, and other services. This insurance will reimburse the financial losses and cover the costs of defending yourself in court if the customer files a claim because:
The computer was assembled hastily, and the components installed don’t match the quote you provided
Your electronic store forgot to backup the client’s data before reprogramming his computer
Your electronic store released the client’s repaired laptop or computer to another individual by mistake
Coverage applies in this case. It’s because the act of doing something with a customer’s phone or computer and sharing the sensitive pictures or videos stored with other parties can be considered a breach of confidentiality, which is a covered peril in the language of professional liability insurance.
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| CoverWallet | NEXT (Best) | Thimble | Hiscox | |
|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $100,000 | $25,000/$500,000 | $25,000 |
| Contents coverage limit (minimum) | $50,000 | $35,000 | $25,000/$500,000 | $15,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Included |
| Accounts receivable | Excluded | Excluded | $5,000/$10,000 | Included |
| Money and securities | Excluded | $2,500 | $1,000 | Included |
| Lock and keys | Excluded | $2,500 | Excluded | Included |
| Business interruption floater | Excluded | Included | Included | Included |
| Equipment breakdown floater | Excluded | Included | Excluded | Included |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Excluded |
Commercial property insurance will reimburse your losses if damage or destruction happens to your electronic store’s owned, rented, or leased space. Coverage applies if your loss is caused by fire, theft, vandalism, civil commotion, riot, falling objects, weather, and other covered perils. Use the table above to see which insurance company offers the best commercial property insurance.
Yes. Commercial property insurance is still useful even though you don’t have a commercial space. It’s because aside from insuring a building, you can also use this insurance to protect the inventory.
In other words, this will reimburse your financial losses if computer components, keyboards, USBs, television, and other products to be sold get lost or damaged. In some instances, policyholders who operate a home-based online electronics store can even use commercial property insurance as coverage for their house.
No. Damage to inventory caused by vermin is excluded. Nonetheless, coverage can apply if you purchase an endorsement that’s specially underwritten to cover this exposure.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | |
|---|---|---|---|---|
| General liability aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 |
| Commercial property coverage limit | $50,000 | $100,000 | $25,000/$500,000 | $25,000 |
| Optional policies can be added? | Yes | Yes | Yes | Yes |
| Name additional insureds for free? | Yes | Yes | Yes | Yes |
| BOP discount? | Yes | Yes | Yes | Yes |
You can get liability insurance, commercial property insurance, and business interruption insurance in one policy called a business owner's policy (BOP).
This policy is designed to provide comprehensive coverage for small to medium-sized businesses, such as electronic stores. A BOP simultaneously covers:
Claims for bodily injuries, property damage, slander, libel, and copyright infringement
Damage or destruction of your business’s physical space and inventory
Operational costs you’ll need to pay if the electronic store needs to close temporarily because of an economic crisis, relocation, or renovation
The following are the advantages of a BOP, which you can’t enjoy if you buy the policies included in it as stand-alone policies:
Quick claims filing-You don’t need to make separate insurance claims since all of your coverage are bundled in one insurance product
Enjoy a discount-An advantage of purchasing a BOP is the bundle discount. Many insurance companies offer discounts when a business purchases multiple types of coverage through a BOP rather than purchasing each policy separately. That enables you to make huge annual savings for your business
| NEXT | Thimble | Hiscox | |
|---|---|---|---|
| Aggregate limit | $3,000/$10,000 | $2,500/$5,000 | $15,000/$25,000 |
| Covers hired and borrowed equipment? | $3,000/$10,000 | $2,500/$5,000 | No |
| Miscellaneous equipment also covered? | $5,000/$10,000 | No | Yes |
| Offered as an endorsement to general liability insurance? | Yes | Yes | Yes |
| Deductible | $500 | $500 | $0 |
Tools and equipment insurance can help cover the repair or replacement of point-of-sale systems, telephones, printers, CCTVs, store television, and power generators in case these get damaged or lost due to electrical surge, electrical breakdown, theft, and vandalism.
Most insurance companies allow electronic stores to avail this policy as an add-on to general liability insurance. Use the table above to see which insurance company offers the best tools and equipment insurance.
Commercial auto insurance is a coverage for the car of your electronic store that’s used to deliver sold products, haul supplies, or take employees to important meetings. This offers the following:
Auto liability coverage-This inclusion in commercial auto insurance allows you to cover the medical treatment of third parties who got injured in an accident caused by your electronic store’s commercial vehicle
Physical damage coverage (collision and comprehensive)-Allows you to cover the repair or replacement of parts if your electronic store’s vehicle sustains damage because of theft, fire, vandalism, weather, and other covered perils
Uninsured/underinsured motorist coverage-This will get the drivers and passengers treated if your electronic store’s vehicle gets involved in an accident caused by an uninsured/underinsured driver
Personal injury protection-Covers the medical treatment and hospitalization of your commercial vehicle’s passenger and driver regardless of who is at fault
Bad things can happen to the employees of your retail store. The inventory manager might slip and fall while doing his daily checks. Your computer technician can get electrocuted or burned while fixing a laptop, desktop, or phone. Clerks might sustain carpal tunnel or back pains due to hectic office work.
It’s not a bad idea to purchase workers' compensation insurance. Workers' compensation insurance will cover an injured or sick employee's medical treatment, hospitalization, rehabilitation, and lost wages. In case of death, then this insurance will cover funeral expenses and grant an allowance to dependents.
Employee dishonesty insurance will cover your losses if an employee commits theft, social engineering, embezzlement, fraudulent refunds, unauthorized fund transfer, and other dishonest acts. While available as a stand-alone policy, most insurance companies offer this as an add-on to commercial property insurance.
Purchase cyber liability insurance to protect yourself if the point of sale system, website, or mobile app of your electronic store becomes a target of cyber criminals. Cyber liability insurance will cover these cost if you experience a data breach, ransomware, phishing, malware, and other types of cyber attacks:
Professional services for containing and fixing the cyber attack
Recovery of lost data
Credit and fraud monitoring
Legal defense
| Cost per Month | Cost per Year | Deductible | |
|---|---|---|---|
| General liability insurance | $46 | $552 | $0-$500 |
| Professional liability insurance | $50 | $600 | $500-$1,000 |
| Commercial property insurance | $96 | $1,152 | $1,000-$2,000 |
| Business owner's policy | $110 | $1,320 | $1,500 |
| Employee dishonesty insurance | $125 | $1,500 | $1,000 |
| Commercial auto insurance | $60 | $960 | $500-$1,000 |
| Workers compensation insurance | $109 | $1,308 | $1,000-$2,500 |
| Tools and equipment insurance | Depends on the value of equipment to be insured | Depends on the value of equipment to be insured | $500-$1,000 |
| Cyber liability insurance | $100 | $1,200 | $1,000 |
The average electronic store insurance cost is $46 per month or $552 per year for a $1 million general liability insurance. The cost of insurance for an electronic store varies depending on a number of factors, such as:
Size of the store
Business location
Types of electronic products you sell
Specific coverage needed
The number of employees
Per-incident coverage limit
General aggregate limit
In connection, here’s another table that shows the cost of the $1 million general liability insurance from the best electronic store insurance companies:
| Cost per Month | Cost per Year | Best for | |
|---|---|---|---|
| NEXT | $33 | $396 | Best overall; Fastest general liability insurance for electronic stores |
| CoverWallet | $35 | $420 | Electronics store insurance online quotes comparison |
| Tivly | $37 | $444 | Comparing electronics store insurance quotes over the phone |
| Thimble | $39 | $468 | Business owner’s policy for electronics stores |
| Hiscox | $41 | $492 | Electronics store insurance that automatically renews every year |
| Progressive | $48 | $576 | Electronic store owners looking for commercial auto coverage |
Get all the best quotes from leading providers in a click of a button!
It's crucial to buy business insurance from a provider that understands the unique risks you face and can listen to your coverage needs. If you're looking for comprehensive business insurance, then these are the best electronics store insurance companies to work with. Read some of the reviews below to know their pros, cons, and rate for a $1 million general liability insurance.
Best overall
Issues an online proof of insurance instantly
Fastest general liability insurance for electronic stores
Great customer service and reputation
Excellent rates
Outstanding value for money
Get a 10% discount if you buy two or more policies
Couldn’t find any
NEXT provides wide-ranging business insurance options, which customers can obtain the same day through their online platform. These include a business owner's policy (BOP), professional liability, commercial vehicle coverage, tools and equipment coverage, workers' compensation insurance, and many more.
In addition to providing a wide range of insurance options, NEXT also offers an extensive suite of online policy management tools that allow customers to share live insurance certificates and even add additional insureds quickly and free of charge. The company also offers the option of monthly or annual payments, and eligible business owners can save up to 25%.
Best for: Best overall; Fastest general liability insurance for electronic stores
Average cost: $33 per month
Our rating: 10/10
Compare electronics store insurance quotes over the phone
Easy online policy management
Cancel your coverage anytime
Cyber deception endorsement can be included to cyber liability insurance
Not an insurance company but an insurance broker
Compare quotes and find the best coverage with CoverWallet. This insurance broker curates the electronic store insurance quotes of different companies and helps you see which one offers the most comprehensive limits, inclusive terms, and flexible payments. Here’s a quick glimpse of what CoverWallet can offer
$1 million-$2 million general liability insurance
$1 million professional liability insurance
$50,000 commercial property insurance
$1 million cyber liability insurance
Commercial auto insurance
Workers compensation insurance
You can buy a quote online after comparing. And while purchasing your insurance, CoverWallet gives you the opportunity to get in touch with an agent. This company’s involvement doesn’t end after you get covered. After you buy a policy, CoverWallet gives access to its online dashboard where you can view limits, modify coverages, and pay for premiums.
Best for: Electronics store insurance online quotes comparison
Average cost: $35 per month
Our rating: 10/10
Compare electronics store insurance quotes over the phone
Responsive customer service
A partner of many reputable insurance companies
Can create a tailored insurance package with limits that highly suits your business
You need to call or file an online request to get a quote
Tivly (formerly CommercialInsurance.NET) covers electronic stores through its retail insurance package. This offers general liability, commercial property, cyber liability, commercial auto, workers compensation, business owner’s policy, and tools and equipment insurance. You can file a request online to have a sample quote emailed. Nonetheless, it’s best to call a Tivly representative to compare quotes over the phone.
Best for: Comparing electronics store insurance quotes over the phone
Average cost: $37 per month
Our rating: 10/10
Quick to issue a quote
Doesn’t ask a lot of questions during the online quotation process
Comprehensive business owner’s policy
Sells a short-term general liability policy
You can’t reach customer service by calling
Thimble’s electronic store insurance program offers a business owner’s policy, general liability, and workers' compensation insurance. Note that you can’t avail this company’s BOP if you’re renting or leasing the physical space of your business. Featured policies in Thimble’s BOP are $1 million-$2 million general liability insurance, $25,000-$500,000 commercial property insurance, tools and equipment insurance, cyber liability insurance, and hired/non-owned auto liability insurance.
Best for: Business owner’s policy for electronics stores
Average cost: $39 per month
Our rating: 10/10
Get a quote online or with the help of an agent
Sells the short-term general liability insurance of Thimble
Automatic policy renewal
Worldwide coverage
Might refer you to a partner if your business profile is poor
Hiscox’s electronics store insurance offers a general liability policy, business owner’s policy, and cyber liability policy.
The business owner’s policy has a $300,000 general liability coverage and $25,000 commercial property coverage. This company’s cyber liability insurance has a $250,000 per occurrence and aggregate limit.
Finally, the general liability policy has a $300,000-$1 million per occurrence limit and a $300,000-$2 million aggregate limit. Though not very comprehensive, consider working with Hiscox because it automatically renews your coverage.
Best for: Electronics store insurance that automatically renews every year
Average cost: $41 per month
Our rating: 10/10
Commercial auto insurance covers a range of cars and uses, including a dual personal/business use
Offers a discount to customers who combine business and personal auto coverage
Some insurance policies offered through third-parties
Progressive is one of the largest providers of commercial vehicle insurance in the US. As such, it's definitely worth considering when searching for commercial auto insurance coverage.
While the insurer is a reputable provider of commercial auto insurance, it acts as a middleman for other types of business coverage, such as general liability, workers' compensation, professional liability, cyber insurance, or BOPs. Therefore, it's recommended to partner with the policy provider directly unless you want to combine your business insurance with your existing Progressive car insurance policy.
Best for: Electronic store owners looking for commercial auto coverage
Average cost: $48 per month
Our rating: 8/10
1 / 5
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
1 / 5
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
1 / 5
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
5 / 5
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
5 / 5
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
Not all those who wander are lost.
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