Insurance for Clothing Stores
Owning a clothing store takes a lot of work. Even before the store opens for business you must spend time and effort planning your business, picking out the ideal location, selecting products and hiring employees. Don’t let all of that hard work, time and money you’ve invested be jeopardized. Customize your small business insurance coverage to make sure it’s working as hard as you do. This wise investment will protect your company when problems arise, and help you make it through tough problems without going bankrupt.
General liability insurance coverage is a must for clothing stores because you have so much customer traffic every day. General liability protects your store if a customer is injured while there. Whether they have an accident such as tripping and falling, or they injure themselves on a clothing rack, general liability will handle the damages. It protects your customer’s property, provides product liability protection and advertising protection as well.
General liability generally covers any potential hazard for your business that is not specifically excluded in your policy. This coverage grows with you as well, and automatically covers new products or business locations as you add them.
Business Owners Policy (Bop)
Business owners insurance, or a business owners policy (BOP), includes general liability coverage. A BOP also protects your business property assets.
A business owners policy protects your business from the financial burden of losing physical business assets. The building your clothing store is in, outdoor structures and the inventory you carry inside are all protected. BOP protects your computers, furnishings, special equipment such as mannequins and clothing racks too.
If your clothing store building and the physical property inside of it were damaged due to a storm or flood, your business owners insurance policy covers paying for fixing the building and repairing or replacing the inside property that was damaged.
A BOP protects you from the loss of critical paperwork such as physical customer files and electronic data. It covers you if a disaster strikes and you lose your accounts receivable income. It also protects you from liability if you have a dishonest employee.
All of the vehicles you use for conducting clothing store business should be covered by commercial auto insurance. Business auto coverage protects you from the losses caused by auto accidents. If one of your vehicles is damaged in an accident, commercial auto insurance pays for repairs. If people are injured in the accident your business auto insurance pays those expenses as well.
Clothing store owners are employers. As an employer you are required by law to carry workers comp insurance on all of your employees. Workers compensation coverage pays the employee’s medical bills and related expenses if they are ever injured while working. This is a no fault type of insurance coverage which means neither you nor your employee has to prove there is fault somewhere before the insurance pays the employee’s benefits.