Business Insurance Costs Cut Through LIBRIS

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Contrary to the adage about the old dog and new tricks, even seasoned, longtime booksellers can learn something that improves their businesses. Take Eric Wilska, owner of The Bookloft in Great Barrington, Massachusetts, and president of the New England Booksellers Asscociation: After purchasing business insurance from a private carrier for the past 30 years, he recently switched to ABA's LIBRIS, because, Wilska explained, "I saved a third of the cost for comparable coverage."

LIBRIS, the apt acronym for League of Independent Book Retailer Insurance Services, is a subsidiary of ABA, designed for potential losses unique to independent retailers selling books and related products.

Stores are able to purchase coverage at rates usually lower than private carriers, and ABA members have the opportunity to earn dividends when the program earns underwriting profits.

Prospective bookseller Angela Roach found LIBRIS coverage to be a valuable choice as she develops projections and secures financing for the bookstore that she plans to open in Philadelphia to be named Arts Libri, et al. "I was able to hone one expense line of my pro forma by calling LIBRIS for insurance quotes," she told BTW. "And, boy! What a difference they will make compared to the three rates I received locally for metropolitan Philadelphia. That savings alone will help pay for my [ABA] membership in the future."

According to LIBRIS representative Marsha Katchen, she hears that comment frequently.

Katchen also explained how certain LIBRIS coverages might not be included in other policies. "LIBRIS offers coverage of used and rare books, Internet service protection, and coverage of property at fairs and exhibitions," Katchen said. "That tailored coverage for booksellers is a major advantage to LIBRIS. The potential dividend is also a benefit of the program and, since we are a part of ABA, we support ABA through our advertising and through attendance at conventions."

Wilska, at The Bookloft, regrets coming a little late to the LIBRIS program but now enthusiastically tells others about the advantages of LIBRIS. "On the day of expiration of my old policy, I just decided to get a quote from LIBRIS. People there have been extremely helpful and courteous, by the way. I am saving hundreds of dollars. LIBRIS' workers comp coverage is also cheaper, about 10 or 20 percent. Other ABA members should look into this -- I just wasn't aware."

For more information about the ABA-owned LIBRIS program, click here.