Insurance for Tailors
These days, owning your own tailor business lets you provide specialized services that can’t be found in many other businesses. You get to keep an old world custom alive while providing expert services to customers who care about their clothing appearance. Protect your company and your assets by making sure you are protected with the appropriate levels of small business insurance.
General Liability Insurance
General liability is a commercial insurance option that is ideal for providing broad coverage for a variety of unexpected events. For example, it protects you from liability if a customer is injured in your store and protects you from product or advertising liability. General liability also helps if fire strikes your tailor shop and provides protection for a number of potential issues that you may not think of in advance.
Business Owners Policy (BOP)
General liability insurance is included in a business owners policy, or BOP. A BOP is particularly designed and useful for small businesses like yours because it allows you to pick and choose just the right insurance options to fit your daily business needs.
- Equipment Breakdown – Your tailor business relies on working equipment in order to fulfill customer orders. For example, if the sewing machine breaks down, a BOP can help with the extra cost of repairing or replacing the machine.
- Buildings and Contents – When your store or sewing service center is struck by fire or water damage, the repair costs may be more than your company is able to handle. A BOP can take care of damages to the building, the physical property you have inside such as your furnishings and office equipment and your sewing supplies and inventory.
- Business Income and Extra Expense – Big events can cause your business to temporarily shut down or relocate until repairs are made. A BOP can pay those added expenses and provide for loss of income.
- Products and Completed Operations (Included in General Liability) – Whether you sell products or just offer tailoring services, problems can arise, sometimes instantly or in the near future.
- Electronic Data – Computer files, specialized software and other digital media can be protected from damage through your business owners policy.
- Valuable Papers Protection – If you keep critical business files and paperwork in traditional paper form, a BOP can protect you from the expenses that arise when these documents are damaged.
- Employee Dishonesty Coverage – Small businesses lose over six percent of their annual income to employee dishonesty. Protect yourself from fraud, theft and other actions that can harm your company’s finances.
Whether you have company vehicles that you use to deliver finished goods or you use a personal vehicle to make business visits, you need business auto insurance. This coverage protects you from losses that arise when you use a vehicle to conduct business activity and get involved in an auto accident.
When you have one or more employee employed in your tailor business, you are required by law to carry workers comp insurance. Workers comp protects them from having to pay medical bills and related expenses if they are ever injured on the job.