School uniform stores are primarily engaged in retailing school uniforms as well as other uniforms including nursing uniforms, janitorial uniforms, medical scrubs, and specialized footwear. These establishments may also provide basic clothing alterations such as hemming, taking in or letting out seams, or lengthening or shortening sleeves.
Owning any type of small business comes with a great deal of risk, and part of your job as a school uniform store owner is to protect your business with appropriate business insurance.
An independent insurance agent can help you find coverage that is tailored to the unique risks of your store, giving you the peace of mind you need to focus on running your business.
Why Do I Need School Uniform Store Insurance?
If one of your customers is injured by something as simple as tripping over a step stool left in an aisle, you could be on the hook for thousands of dollars in medical expenses, or worse. There’s always the possibility that the customer will sue you for additional damages.
Even if the injury is minor or the accusations are unfounded, the costs to defend yourself and pay out a settlement can be devastating.
You face a variety of other costly problems in your school uniform store. Shoplifting and employee crime can be a huge problem in any retail environment, and even a small cash theft can have serious repercussions for a small business.
What’s more, smoke, fires, severe weather, equipment problems, and more can lead to hefty repair costs. And in the worst case, a major disaster can force you to close while you replace inventory, re-build a damaged building, or wait for equipment to be fixed.
School uniform store insurance helps you in a variety of situations that might otherwise force you out of business. Business insurance is your financial lifeline when unexpected events impact your business.
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What Does School Uniform Store Insurance Cover?
The biggest threats to your school uniform store are property losses and liability claims. You’ll need coverage for your business property and for lawsuits.
Property Coverage for School Uniform Stores
Unexpected events such as fires, natural disasters, floods, and extreme weather events can happen at any time. If you’re not protected with school uniform store insurance, you’ll have nowhere to turn to cover the losses to your physical assets (your building if you own it, inventory, computers, fixtures, furnishings, etc.).
Commercial property insurance covers the costs of repairing or replacing damaged or destroyed business property. Your entire uniform inventory could be destroyed by smoke, fire, or water, making this coverage essential to securing your ability to operate in the face of a disaster.
If your uniform store sustains physical damage due to a covered event, you’ll likely also face a loss of income if the damage forces you to close while you make repairs, rebuild your store, or replace lost inventory.
That’s why you also need business interruption insurance to complement your property coverage. It offers income protection if your business is unable to operate because of damage caused by some type of covered disruption.
It also pays for certain ongoing fixed expenses during the rebuilding period. This includes things like rent, employee salaries, relocation fees, and more.
Liability Coverage for School Uniform Stores
Customers, vendors, and members of the general public visit your store every day. Any one of these individuals can get injured on your premises at any time. Slips, trips, falls, and other types of injuries are common in retail settings.
What if a child shopping for her first school uniform climbs on an unattended ladder, falls, and is seriously injured? Her parents will certainly want to be reimbursed for any medical bills that must be paid. What’s more, they may decide to sue you for additional damages.
If you’re sued, you’ll have to contend with attorney fees, court costs, and even court-ordered settlements or judgments that can easily bankrupt you.
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.
A Note about Bailee’s Coverage for School Uniform Stores
Many school uniform stores offer alterations or tailoring services for products sold in their stores. Some may even offer general alterations for clothing items that were not purchased in their store, but are the personal possession of a customer.
If you offer alterations or tailoring, a customer’s clothing item may be entrusted to you for a period of time while you hem it, shorten the sleeves, or let out the waist. If you provide this service, you also have some additional exposure.
What happens if a customer’s clothing or property is damaged while it is in your care, custody, or control? Because standard business property and liability policies cover only your own business property, you need special coverage for your customers’ property that is in your possession.
Bailee’s coverage is an add-on to a business property policy that covers non-owned property that is stored at your store or is in your possession. It helps pay for damages and minimizes the financial implications for you and your customers if their property is damaged while in your control.
Bailee’s coverage is specifically designed for businesses like tailors and cleaners that take in the property of others and are expected to return it undamaged. If you offer alterations services in your school uniform store, talk to your independent insurance agent about your need for this type of coverage.
What Other Kinds of Coverage Are Recommended for My School Uniform Store?
School uniform stores should consider these additional types of coverage to complete their business insurance program.
- Workers’ compensation insurance is required by law for any business that has employees. Your employees may be exposed to injuries caused by lifting heavy boxes, climbing ladders, using sharp instruments, and even from standing on their feet for long hours. Workers’ compensation insurance covers the costs of work-related injuries and illnesses, and provides income protection if an injured employee must take time off of work to recover.
- Commercial umbrella insurance, or excess liability coverage, provides supplemental liability protection beyond the limits of certain other liability policies.
- Employment practices liability insurance covers you if an employee sues you for discriminatory employment practices.
- If you live in a flood prone area, you may need flood insurance. Flood insurance is available only from the National Flood Insurance Program, but your independent insurance agent can obtain quotes and coverage on your behalf.
- Crime coverage pays for loss of inventory due to theft of merchandise from shoplifting and even for loss of money and merchandise stolen by employees.
- Cyber liability insurance is important for any business that uses, transmits, or stores electronic data. And if you sell school uniforms online in addition to your brick and mortar store, this coverage becomes essential. It pays for certain costs related to a cyber breach as well as any related legal costs if a customer or supplier who was harmed by the breach sues you.
How Much Does School Uniform Store Insurance Cost?
School uniform store insurance might cost around $500 to $1,500 per year for liability coverage. 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, how much inventory you keep on hand, 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 school uniform store insurance costs.
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.
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Benefits of an Independent Agent
Our agents simplify the search process for finding the right school uniform 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.
TrustedChoice.com Article | Reviewed by Paul Martin
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