Owning a men’s clothing store has always been your dream. But owning your own business can also leave you vulnerable to some unexpected, and costly, events.
You’ve got a lot invested in your store. Why leave anything to chance? Would you be able to recover if a storm, a fire, theft, or a lawsuit impacted your store?
With the right business insurance, it’s actually pretty easy to protect your men’s clothing store from risks that can threaten your profitability or lead to bankruptcy. A local independent insurance agent can help you find a comprehensive set of business insurance plans designed for businesses like yours.
Why Do You Need Men’s Clothing Store Insurance?
Something as simple as a turned-up rug or a misplaced store fixture can injure someone on your premises. If a customer slips, falls, or hits her head, a seemingly minor injury can empty your bank account in one fell swoop if you don’t have appropriate business insurance.
Your men’s clothing store is susceptible to a number of other costly problems, too. You’re a target for shoplifters. And what’s more, dishonest employees can steal merchandise or cash right out from under your nose.
If your cash register breaks or malfunctions, the inability to process sales for even a few hours could dramatically decrease your revenue, especially if it’s during the holidays or some other peak season.
You could also be plagued by worker injuries, a cyber attack, a fire in your building, or severe weather. The result would be costly payouts to injured parties, costly repairs, costly rebuilding, and costly inventory replacement.
But with appropriate men’s clothing store insurance, you’ll have somewhere to turn.
What Does Property Insurance Cover?
Property losses are one of the biggest threats to your men’s clothing store. These losses can come a variety of sources, such as:
- A fire in your store could cause complete destruction of your business.
- A fire in an adjacent store could cause smoke or water damage and destroy your inventory.
- Severe weather like a tornado can level a building. A severe thunderstorm can force a tree through your storefront window. A lightning strike could destroy all of your electronic equipment.
Commercial property insurance covers the costs of repairing or replacing damaged or destroyed physical assets such as your actual store structure (if you own your building) and its contents such as computers, fixtures, inventory, artwork, furnishings, display shelves, and more.
Since clothing stores typically carry more inventory at certain times of the year, it’s a good idea to talk to your insurance agent about how to properly value your business property for insurance purposes.
Excessive coverage is an unnecessary expense, and too little coverage could leave you seriously underinsured if you have to make a claim.
Your agent can help you determine the proper valuation, help you understand the best way to cover it, and help you manage and amend your coverage limits depending on seasonal inventory fluctuations.
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What is Business Interruption Insurance?
When your business sustains property damage, you can also face loss of income if the damage renders you unable to operate or meet sales goals for a period of time while you make repairs, rebuild your store, or replace lost inventory.
Business interruption insurance complements your commercial property coverage. Imagine you have a period of business interruption due to a covered loss (e.g., a lightning strike that renders your cash registers useless for an entire weekend). You might never recover the lost sales and your future could be in jeopardy.
But business interruption coverage, or business income coverage, protects your earnings if your business must temporarily close because of damage caused by some type of disruption such as fire, hail, wind, or equipment breakdown. This coverage is usually quite affordable and pays for rent, employee salaries, lost income, relocation fees, and more.
What Does Liability Insurance Cover?
If someone is injured in your store or as a result of your business operations, chances are you’ll be responsible for paying for any medical expenses for the injured party. While it may sound surprising, there are numerous ways that someone can get injured in your store.
“Trip and fall” injuries are common in retail settings. Medical expenses can be costly enough in these situations. If you are sued for additional damages, the costs can be insurmountable for a small business.
That’s where your commercial general liability insurance comes in. It offers broad coverage for all kinds of liability claims, and pays the expenses for the injured party as well as your legal expenses and settlements or judgments if you are sued.
Many small business owners purchase a business owners policy (BOP) which packages property, liability, and business interruption coverage into a single, affordable, package policy.
Additional Men’s Clothing Store Insurance
You’ll likely need several other types of coverage to be completely protected from all of the risks you face. You can purchase endorsements (add-ons to your basic policies) or stand-alone policies as needed to fill all of the gaps.
- Commercial umbrella insurance provides an important safety net for cases when a claim exceeds the coverage limit on your general liability policy. If you were hit with an extremely costly lawsuit, this policy would kick in when the coverage on your general liability policy is exhausted.
- Workers’ compensation insurance is required for almost every business that has employees. It compensates employees who are injured on the job by paying for medical expenses and lost wages related to their injury. Your employees can trip over racks, injure their backs while unloading shipments, fall off ladders, and more. This coverage ensures that their expenses will be covered in these cases, and prevents them from suing you for additional damages.
- Crime coverage protects your business from any number of crimes that could be committed in your men's clothing store. This includes vandalism, shoplifting, and employee theft or embezzlement.
- Sign coverage pays for damage to outdoor signs that are not attached to your building when the damage is caused by weather, vandalism, fire, etc.
- Utility interruption coverage provides income protection if you are unable to operate due to a covered utility (water, electrical) interruption.
- Employment practices liability insurance covers you if an employee sues you for discriminatory employment practices.
Do You Need Cyber Liability Insurance for Your Men’s Clothing Store?
Do you sell clothing online in addition to your brick and mortar store? Talk to your independent insurance agent about the special risks you face and how cyber liability insurance can help.
In general, cyber liability insurance protects you from the costs related to certain cyber crimes. If someone hacks into your website, steals personal financial data from you or your customers or causes other types of damage, cyber liability insurance helps to cover money lost and helps to pay for damages caused to your customers.
Cyber liability insurance typically covers defense costs, settlements, and judgments related to cyber liability lawsuit. Cyber liability insurance also covers public relations and other related expenses that you incur in order to salvage your reputation.
You can add cyber liability coverage to a business owners policy or a commercial general liability policy, or you can purchase stand-alone coverage. Your independent insurance agent can help you determine what type of coverage is best for your business.
How Much Does Men’s Clothing Store Insurance Cost?
Men’s clothing store insurance costs will differ from store to store. Your costs will likely be higher or lower than average depending on the unique characteristics of your business such as the location, the number of employees, the value of your inventory, whether or not you own your building, and many more variables.
The amount of coverage you need and the deductibles you choose also impact your men’s clothing store insurance rates.
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Find and Compare Quotes
An independent insurance agent can work with you one-on-one to determine the types and amounts of coverage you need. Your agent can get quotes from multiple insurance companies so you can evaluate the cost and coverage options and make the best choice.
Benefits of an Independent Agent
Our agents simplify the search process for finding the right men’s clothing store insurance. They’ll walk you through the handpicked policy options and explain the details and options.
Most importantly, they’ll be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
The Lowdown on Online Quotes
Online quotes can be tempting. They are fast and easy to get — but are they accurate? And are you getting quotes for the right coverage? For business owners, choosing speed over accuracy can cost you.
Online quotes can’t and don’t see the whole picture. They can omit important coverage that will leave you devastated if something unexpected happens. And they can leave out cost saving opportunities that an agent can help you take advantage of.
Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.