Business Insurance for Shoe Stores
Running your own shoe store may be the fulfillment of a lifelong dream. Or it may simply satisfy your need to be your own boss. Regardless of why you chose your business, you have already put a lot of time, hard work and monetary investment in just to get it started. Congratulations. One smart investment for your shoe store business is to make sure you have the appropriate types and levels of small business insurance. Commercial insurance protects your company from financial ruin when things go wrong. Seemingly small accidents can turn into large lawsuits, and natural disasters can tear things apart without warning. Small business insurance can help you survive events small or large, so that your business can continue to thrive.
General liability is a commercial insurance option that protects you from problems caused by harm to your customers or their property. If a customer injures themselves while inside your store, you could be held legally liable for their medical care costs. If the customers purse is stolen on your premises or their car is damaged while parked in front of your shoe store, you can also be held liable. General liability protects you from events of this sort and pays the customers damages.
General liability also protects you from problems that may arise due to products you sell or advertising you produce. This commercial insurance is comprehensive in nature because it automatically expands to protect new products that you choose to sell, or new business locations.
Business Owners Policy (Bop)
General liability is included in a business owners policy, or BOP. A BOP is particularly useful for small businesses such as yours because it helps protect your physical and intellectual business assets all in one policy.
Business owners insurance protects your physical business structures and the contents you have inside. The building your store is operated from for example, may suffer roof damage in an earthquake. BOP will cover the cost of repairs plus repairs or replacement of items inside that were also damaged. The furnishings and other improvements you have made inside your store space for example, are covered by a BOP. BOP covers your business structures and contents even if you lease or rent your property.
Some of the critical contents inside your shoe store may be held in the form of electronic data and media. If you keep your customer records in digital form for example, or you have an electronic version of your latest advertising campaign, the loss of those items can be quite costly. A BOP covers the cost of recovering those important files and records or replacing them if need be.
If you use any automobiles for carrying out business activities for your shoe store, you need commercial auto insurance coverage. Shoe store owners may use automobiles to travel to visit with a supplier for example, or to sponsor an athletic event. When you travel in a vehicle and are involved in an accident, the costs can be tremendous. Business auto insurance can cover the costs for damages to the vehicle whether it is a company or personal vehicle. Coverage can also apply to rented and loaned autos as well.
If you have even one employee in your shoe store, state and federal laws require you to carry workers comp insurance. Workers compensation protects your employees from accidents and injuries on the job.