To make music, we need to use instruments. Music shops are the retail business that satisfies the thirst of music professionals for good gear.
Consider insuring your music shop because customers are highly meticulous and only want the best instruments for their gigs at concerts and other events. Having coverage can help if you sell defective instruments and a claim is filed by sound engineers and other clients. And if someone experiences an accident while on the premises of your business, then you can use your insurance policy to cover the medical treatment.
Music shop insurance is the right insurance package for your business. Consider having coverage because it's helpful, especially when starting your music shop. Read this guide to know what policies are included, how much premiums cost, and which companies provide the best coverage.
Liability insurance is a critical part of protecting your music shop. This is offered as a general liability and product liability policy. The sections below discuss how these types of music store liability insurance work.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $300,000/$1,000,000 | $1,000,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $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 | $1,000,000 |
| Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $100,000 | $1,000,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included | No |
| Hired/non-owned auto liability coverage included? | Yes | No | Excluded | Can be included | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
General liability insurance can help cover you if someone slips and falls in your music store, if someone has an accident involving one of your products, or if a customer sues your music shop for any reason. Liability insurance can provide compensation for the damage or pain. It will also shoulder the cost of legal support needed if a lawsuit is filed. Use the table above to see which insurance company offers the best general liability insurance for music stores.
Your music shop can use general liability insurance if these mishaps happen:
The guitar string snaps and injures the eye of the customer trying it out
The customer gets a momentary shock while inspecting the amplifiers sold in your music shop
The bench collapses while the customer is trying out the grand piano sold in your music shop
The customer slips while traversing the pavement of your music shop
The customer falls on the floor after tripping on one of the hi-hats sold in your music shop
Aside from covering claims for bodily injuries or property damage, your music shop can also use a general liability policy to:
Reimburse the losses of the landlord if the space you rent is damaged by a fire
Take care of settlements and legal defense costs if your music shop is sued for slander, libel, and copyright infringement
Cover the medical treatment of third parties if a vehicle your music shop hired or borrowed causes an accident
Reimburse customers if their instruments in your custody get damaged or lost by fire, theft, vandalism, and other covered perils
Your music shop has responsibility for the items sold. Product liability insurance can help cover the resulting expenses if a customer sustains bodily injuries or property damage because of a musical instrument bought from your music shop. You can only use product liability insurance if it can be proven that the instrument in question has:
Labeling errors
Manufacturing defects
Incorrect packaging
Design errors
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| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
|---|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $330,000 | $25,000/$500,000 | $60,000 | $25,000 |
| Contents coverage limit (minimum) | $50,000 | $35,000 | $25,000/$500,000 | $60,000 | $15,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Included |
| Accounts receivable | Excluded | Excluded | $5,000/$10,000 | Excluded | Included |
| Money and securities | Excluded | $2,500 | $1,000 | Excluded | Included |
| Lock and keys | Excluded | $2,500 | Excluded | Excluded | Included |
| Business interruption floater | Excluded | Included | Included | Excluded | Included |
| Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Included |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Excluded | Excluded |
Commercial property insurance is a coverage for the commercial building or space that’s owned, rented, or leased by your music shop. You will have to face major losses if something happens to the physical location where your business is operating. In connection, commercial property insurance gives your business a fighting chance when the worst happens. Use the table above to see which insurance company offers the best commercial property insurance for music shops.
Commercial property insurance will grant reimbursement for financial losses if these exposures happen:
Fire
Theft
Vandalism
Riot
Sinkhole collapse
Volcanic action
Lightning
Weather
Falling objects
Impact
Vehicle
Aircraft
Sprinkler leakage
Yes. Commercial property insurance also covers the instruments that your music shop is selling. In fact, aside from the instruments, coverage applies to computers, POS, lighting, display cases, and other valuables.
| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
|---|---|---|---|---|---|
| General liability aggregate limit | $2,000,000 | $1,000,000/$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 | $330,000 | $25,000/$500,000 | $60,000 | $25,000 |
| Optional policies can be added? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds for free? | Yes | Yes | Yes | Yes | Yes |
| BOP discount? | Yes | Yes | Yes | Yes | Yes |
Some insurance companies will recommend bundling general liability insurance and commercial property insurance in a business owner’s policy. By doing so, you enjoy comprehensive coverage that’s 10% lower than buying general liability and commercial property insurance as stand-alone policies. Moreover, policy management becomes easier. Use the table above to see which insurance company offers the best business owner’s policy for music shops.
| NEXT | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|
| Aggregate limit | $3,000/$10,000 | $2,500/$5,000 | $15,000/$25,000 | $5,000-$10,000 |
| Covers hired and borrowed equipment? | $3,000/$10,000 | $2,500/$5,000 | No | Yes |
| Miscellaneous equipment also covered? | $5,000/$10,000 | No | Yes | Yes |
| Offered as an endorsement to general liability insurance? | Yes | Yes | Yes | Yes |
| Deductible | $500 | $500 | $0 | $0 |
Tools and equipment insurance covers the computer, LCD displays, and other equipment used by your music store to track and generate sales. The coverage of this insurance applies if you sustain losses due to fire, theft, vandalism, operator error, and other covered perils. Use the table above to see which insurance company offers the best tools and equipment insurance for music stores.
Workers' compensation insurance helps if an employee of your music store sustains a work-related injury or disease. This grants the money that can be used to cover an employee’s emergency care, hospitalization, medication, rehabilitation, retraining, lost wages, and death benefits.
Your music store must purchase workers' compensation insurance as soon as it has one or more hires. Failure to get this insurance will result in legal incursions punishable by the worker's comp board or labor board of the state.
There’s no need to purchase workers' compensation insurance if you’re in a state that doesn’t treat family members, who are working for your business, as employees. On the other hand, be sure to purchase the policy if the opposite is true.
You might want to further invest in the following music store insurance policies to cover specialized risks and enjoy more comprehensive protection:
Umbrella liability insurance-Umbrella liability insurance adds to the limits of your general liability policy and ensures that highly costly claims are accounted for without using up your business’s reserves
Commercial auto insurance-Commercial auto insurance allows your music shop to cover the cost of vehicular accidents and vehicle repair
Inland marine insurance-You can use inland marine insurance to protect stocks and other valuables owned by your music shop that are currently in transit
Employee dishonesty insurance-Employee dishonesty insurance reimburses losses if an employee commits theft, fraud, forgery, misrepresentation, social engineering, and other dishonest acts against your music store
Cyber liability insurance-Cyber liability insurance takes care of expenses if your music shop’s website or computer becomes a target for phishing, ransomware, malware, and other similar activities
| Cost per Month | Cost per Year | Deductible | |
|---|---|---|---|
| General liability insurance | $32 | $384 | $0-$500 |
| Commercial property insurance | $88 | $1,056 | $1,000-$2,000 |
| Business owner's policy | $110 | $1,320 | $1,500 |
| Commercial auto insurance | $50 | $600 | $500-$1,000 |
| Workers compensation insurance | $105 | $1,260 | $1,000-$2,500 |
| Cyber liability insurance | $90 | $1,080 | $500-$1,000 |
| Employee dishonesty insurance | $78 | $936 | $500-$1,000 |
| Inland marine insurance | Depends on the value of the items to be covered | Depends on the value of the items to be covered | $500-$1,000 |
The average music shop insurance cost is $32 per month or $384 per year for a $1 million general liability policy. Your costs may vary depending on a number of factors:
How much coverage do you need? The more coverage you need for your music store, the higher your insurance costs may grow. Keep in mind that if you have expensive instruments in the store, for example, you may find yourself spending more on your insurance policies, since you may need more protection
How likely is an accident in your store? If you have filed a liability insurance claim in the past, you may need to pay more for a new policy, or to keep up with your current policy
How many employees does your music store employ? The more employees you have, and the greater the likelihood of an injury to them based on their job duties, the more you may pay for workers' comp insurance
In connection, here’s a table that shows how much the best companies charge for a $1 million general liability insurance:
| Cost per Month | Cost per Year | Best for | |
|---|---|---|---|
| NEXT | $11 | $132 | Best overall; Fastest general liability insurance for music shops |
| CoverWallet | $18 | $216 | Music shop insurance online quotes comparison |
| The Hartford | $22 | $264 | Workers compensation insurance for music shops |
| Tivly | $25 | $300 | Comparing music shop insurance quotes over the phone |
| Thimble | $27 | $324 | On-demand coverage for music stores |
| Hiscox | $32 | $384 | Music shop insurance with automatic policy renewal |
Get all the best quotes from leading providers in a click of a button!
There are a lot of great insurance companies out there to choose from when you start searching for music store liability coverage, workers' compensation insurance, and more. Take a look at some of the best music store insurance companies and how you can be sure that you have chosen the right one for your needs.
Best overall
Issues an online proof of insurance instantly
Fastest general liability insurance for music shops
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 offers commercial liability insurance designed for small businesses, which makes it a great company for music shop owners, including those who are just starting out. Furthermore, NEXT offers liability coverage at a variety of tiers, which means that you can select a policy that fits your budget and the current needs of your business.
Best for: Best overall; Fastest general liability insurance for music shops
Average cost: $11 per month
Our rating: 10/10
Manage your policy online quickly and easily
Allows you to name multiple covered parties on your commercial liability policy, which can help ensure that your entire business is protected
Allows you to cancel at any time, which means you can keep going with the plan that's right for you
Not an insurance company but a broker
CoverWallet makes it easy to manage multiple types of insurance policies online. As a broker, they are in an ideal position to connect you with information about all of your policies and the available options.
Best for: Music shop insurance online quotes comparison
Average cost: $18 per month
Our rating: 10/10
Number 2 best company for workers' compensation insurance
Highly rated by AM Best and S&P
One of the most ethical insurance companies
Buy a quote online or get in touch with an agent
Doesn’t grant coverage in Alaska and Hawaii
The Hartford is a carrier with a proven portfolio in granting coverage. It has insured a million small businesses, is ranked number 2 of the best companies for workers' compensation insurance, and underwrites policies for highly specialized risks. Your music shop insurance package from this company offers the following:
$1 million-$2 million general liability insurance
$1 million product liability insurance
$60,000 commercial property insurance
Workers compensation insurance
Cyber liability insurance
Best for: Workers' compensation insurance for music shops
Average cost: $22 per month
Our rating: 10/10
Work with a responsive customer service team
Easily compare quotes based on a variety of needs and options
Compare quotes over the phone
No mobile app
May require a phone conversation to review your policy and coverage, rather than doing it online
Tivly offers coverage for both small and large businesses, making it the perfect solution for many of your music shop insurance needs. It offers phone consultations to help you easily decide on the right insurance coverage for your needs. Furthermore, if you cannot get coverage through Tivly due to the size of your business or other constraints, Tivly may help connect you to an insurance partner. Call Tivly now and talk with a representative to compare quotes over the phone.
Best for: Comparing music shop insurance quotes over the phone
Average cost: $25 per month
Our rating: 10/10
On-demand coverage for music shops
Quick to issue an estimate of your rates
Numerous add-ons available
Customizable limits and deductibles
You can’t reach customer service by calling
Thimble grants on-demand coverage without a lot of questions. With this company, you can enjoy policies with highly flexible durations. Thimble’s music shop insurance is tailored for the needs of startups. It offers the following:
$1 million-$2 million general liability insurance with optional business equipment coverage and customer property coverage
Business owner’s policy with an optional non-owned/hired auto liability coverage and cyber liability coverage
Workers compensation insurance
Best for: On-demand coverage for music stores
Average cost: $27 per month
Our rating: 9/10
Worldwide coverage
Automatic policy renewal
Fast to process claims
Grants a BOP discount
Not accredited by BBB
Hiscox is an insurance company that offers coverage in UK and the US. It has insured about 500,000 small businesses. What many love about Hiscox is that it automatically renews the policy of customers. Your music shop insurance package from this company offers:
$300,000-$2 million general liability insurance
$250,000 cyber liability insurance
Workers compensation insurance
Business owner’s policy
Best for: Music shop insurance with automatic policy renewal
Average cost: $32 per month
Our rating: 9/10
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
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.
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
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!
It really can't get any better than this... wow
Not all those who wander are lost.
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