Clothing Business

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.

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