Linen stores, like your own, give their customers a variety of blankets, bed sheets, tablecloths, and towels to spruce up their homes. Shoppers enjoy finding the perfect color or design of linen that will express their own eclectic styles. You probably work very hard at purchasing the best quality items for your patrons. To be sure your store is able to serve customers for many years to come, you’ll want to put in the hard work of finding the best small business insurance available.
A comprehensive insurance portfolio will provide financial assistance to your small business should the store become involved in certain claims or lawsuits, legitimate or not. Independent insurance agents in your community will be glad to help you wrap your linen store up in an extra layer of security.
Linen Store Facts
Linen stores are part of a huge home furnishings industry:
- Total annual US revenue is $35 billion.
- There are 30,633 home furnishings retailers, including linen stores, in the US.
- Linen shops have experienced 2% annual growth over the last 5 years.
How Could Anything Bad Happen at a Linen Store?
Any business can have a negative situation arise, including your linen store. It may be unusual for a linen shop to be involved in a large financial loss, but it’s not impossible. Buying good-quality, highly affordable business insurance can safeguard your linen store if something should go wrong.
Think about any of these costly situations and how they could impact your linen store’s future should you go without commercial insurance.
- An employee steals merchandise.
- A customer or an employee gets hurt in the linen shop.
- Inventory is ruined by a hurricane, earthquake, flood, fire, or sewer backup.
- An employee insists that they were treated unfairly or harassed.
- A customer claims that their banking information was stolen by a skimmer on your credit card device.
There are many knowledgeable independent insurance agents in your community who can create a customized business insurance portfolio for your linen store.
Property Insurance to Protect Your Linen, Pillows, and Towels
Customers visit your shop to find the perfect bed sheets, quilts, or table runners. Maybe they are looking for a seasonal design, a housewarming gift, or a pattern to freshen up their home’s decor. All the linen options your patrons might want fill your shelves, as well as your stockroom. That’s why your business inventory needs to be protected. If your goods are lost or damaged, how will you keep your customers happy and still make a profit?
Purchasing any of the following policies will make sure you receive financial assistance if a loss happens
- Property insurance: This is the policy you’ll need for all the business-owned property in your linen shop. All your linen sets and accessories, cash registers, computers, and shelving systems are covered under this type of plan. If you keep your excess business property in a second location, like a storage space or warehouse, then you’ll want to buy another policy for that stuff too.
- Building insurance: If your business owns its retail space, you’ll want this coverage. Building insurance covers damage to the physical structure of the linen store. You’ll be protected from fire, hail, wind, lightning, and vandalism.
- Backup of sewer and drain insurance: This type of coverage is meant for any water damage caused by sump pump failures, as well as sewer or drain backups.
- Flood insurance: Many business policies don’t cover flood damage. If you want that type of coverage, you’ll need to chat with an independent insurance agent about FEMA’s National Flood Insurance Program.
Liability Insurance for Your Linen Store
Every retailer, including your linen store, can find themselves named in a liability lawsuit. Sometimes the allegations aren’t even valid, but the business owner will still have to defend their shop. This can take up a lot of the business owner’s time and financial resources. If you have liability coverage, you can at least receive money to hire an attorney, pay court fees, and finance a liability settlement.
There are a few types of liability insurance you can pick from including:
- Product insurance: A customer could claim, whether true or not, that one of your products caused them injury. For that type of situation, you’d turn to your product insurance.
- Premises insurance: This business coverage is useful if someone gets hurt or has property damaged while visiting your linen shop.
- Cyber liability insurance: The threat of getting hacked has become a regular part of doing business these days. If your network is hacked and a customer has personal data stolen, you could be held responsible. That’s when you turn to cyber liability insurance for help.
- Employment practices liability insurance (EPLI): A current or former employee could say your linen store practices illegal employment activities, like wrongful termination, discrimination, or sexual harassment. This coverage is meant for those scenarios.
Wrap Up Your Linen Store in an Extra Layer of Coverage
The basic foundation of any commercial insurance package is liability and property coverage. That’s not the end of your options. After talking with an independent insurance agent, you may be surprised to find there are lots of other business insurances available.
- Workers' compensation insurance: Most US states make workers’ compensation a mandatory business policy. This type of insurance will pay for medical bills and lost wages associated with an employee who gets hurt while working.
- Business income insurance: Should your linen store have to be temporarily closed, your business responsibilities won’t be paused too. This coverage will give you replacement income so you can pay your linen store employees, settle vendor bills, cover your mortgage or lease, and take care of other routine expenses.
- Employee dishonesty insurance: You probably go to great lengths to make sure you only hire top-notch employees. However, there’s always a slim chance that an employee isn’t what you thought. Perhaps the team member steals, embezzles, or does some other illegal things while working. This type of insurance saves your linen store from any financial damage that results from the employee’s dishonest actions.
Benefits of an Independent Insurance Agent
Independent insurance agents have access to multiple insurance companies, ultimately finding you the best coverage, accessibility and competitive pricing while working for you. Find an independent insurance agent in your community here.