Insurance Needed for a Clothing Business

Putting up a business, such as a clothing store business, is not an easy task. Even if you start small, you should always think big and think ahead. You might expand your business in the near future or you might stick to just having a small custom hoodies store business. Regardless of the size of your business, you still need insurance, as what all businesses should necessarily have.

Business insurance is not only focused on one type but different types. So, aside from your business planning, feasibility studies, location hunting, etc., you should also consider getting a clothing store business insurance. What are those? Let’s check out some of them below.

1. Clothing Store General Liability Insurance

This is the topmost priority if you’re getting business insurance for your clothing store. You should apply for a General Liability Insurance as this practically covers most of the damages that could occur inside your store like physical accidents that your customers could experience while inside your store (e.g. tripping on some wires or getting hit by some displays inside, getting hurt from a sharp object from the t-shirts or other garments they’re trying on, etc.).

2. Clothing Store Commercial Property Insurance

This insurance can cover the damages that your clothing store might incur such as property damage brought about by calamities like fire and flood caused by heavy rain. This will be a headache on your part, and it’s almost impossible to retrieve all the damaged items, but if you have a Commercial Property Insurance, it would cover the cost of the replacement and repairs of your store.

3. Clothing Store Theft or Crime Insurance

Like other businesses, your clothing store is not protected from theft or the like. Installing CCTV cameras in every corner of your store does not guarantee that you’ll be safe from people stealing your products, even from employees robbing you of your money while they are in front of the cash register. This type of insurance will help cover your losses due to these factors.

4. Commercial Auto Insurance

You think that you might not need a delivery vehicle due to the size of your clothing store. But, what if you’ve expanded your clothing business and there’s a demand for deliveries? Then, you definitely would need a Commercial Auto Insurance. This would cover the damages and the losses that your delivery vehicles might incur while on the road like accidents and robbery.

5. Clothing Store Workers Compensation Insurance

This is mandatory for all businesses and is really required by law. You should get a Workers Compensation Insurance as this will practically cover the cost of your worker’s hospital bills and other medical needs in case he accidentally fell while at work, trip from a loose wire, injured himself, and another type of accidents that could happen to your workers while doing their job at your store. This also helps prevent an unexpected lawsuit from your employees in case something bad happen to them while inside your store, and ease your financial burden in this case.

When opening a business, these are some of the insurances that will not only help you in the long run but also protect you and your employees when emergencies arise, so consider getting them.

Reasons Why You Need to Get a Business Insurance

Every business, big or small, needs to have a business insurance. Websites like http://homeownersinsurancecover.net/ is to protect your business when something bad happens, and it will also save you lots of time and energy. Having a business insurance is really essential if you have a business. Let’s talk about the why’s of getting a business insurance. Why do you need a Business Insurance?

1. It Could Protect Your Employees

All business, regardless of size, should really consider getting an insurance. Though it may an extra expense on the employer, it would be a great help especially if you have workers employed under your company or business. Having a business insurance will also protect your employees from work-related injuries or illnesses, by having a Workers’ Compensation Insurance, as stated by SBA (Small Business Administration). Aside from this, there are still a lot of business insurance types that you could get for your employees, which could save your company from a lot of expenses in case something happens to them, and it could also protect your interests.

Failure to get these employee insurances could get you into a lot of trouble like employee lawsuits and liability claims.

2. You’re Protecting Your Customers

Aside from protecting your company, having a business insurance could also protect your customers, or what they call, the Business Owner’s Policy (BOP). You should have this policy especially if you have a physical business location, and you have assets that can be damaged, for example, your property, equipment, or customer data. This insurance is a big help and would save you from your customers’ lawsuits in case something happened to the property or something happened to your customers while in your company’s location.

Similar to a homeowner insurance, a business insurance would cover the costs for any damage in your property — interior and exterior, loss of belongings, or injury that could happen in the location.

3. It Helps Build Your Business’ Credibility

Having a business insurance can send a good signal to your customers or partners that you are really serious with your business. It helps give them a peace of mind that whatever happens, you will give them all the protection they need, and this will give them the assurance that they can continue doing good business with you. This is also a plus point to you and your business.

4. It Helps Protect You Against Lawsuits

Every business is not safe from complicated lawsuits. With a business insurance, you can be sure that whatever happens, whatever lawsuit that will be filed against you, your business insurance can help you cover any cost that would result from it.

Having a business really requires a lot of obligations and responsibilities. If you are really serious in putting up your own business, consider all the factors in managing a business and always put in your priority list having a business insurance. With this, you will have peace of mind and you can start running your business smoothly, knowing that everything’s covered from top to bottom.