Craft and sewing stores are a staple in American society. Many people enjoy making decorations for their homes, sewing their own clothes and draperies, and doing crafts to pass the time. These stores provide them with the supplies they need to do these jobs. If you own a craft or sewing store, you will want to be sure to protect the investment you have made in your business by purchasing a solid commercial insurance policy designed specifically for your store.
Just like any other retail businesses, fabric, sewing and craft stores face a number of potential risks that can result in significant financial losses. A well-crafted business insurance package can help to mitigate these risks so that your business can maintain its profitability. Commercial insurance protects your business-owned property and protects your store from losses brought about by potential lawsuits. Fabric, craft and sewing stores are not considered high-risk retail establishments by the insurance industry, so it should be easy for an independent agent to find a number of competitively priced policies for your review.
Property insurance for your business covers the building in which your store is located, which is necessary only if you own the building. If you lease your store space, your landlord may require to you show proof of business insurance as a condition of your lease. Whether or not you own the building, you will need the contents insurance afforded by your policy, which covers your store’s merchandise, inventory, shelving, equipment, décor and other items owned by and kept inside the store.
There are instances where it may be necessary to purchase supplemental insurance coverage to adequately protect your business property from potential losses. Some coverage types you may want to consider include the following:
In today’s litigious society, it is important that you protect your fabric, craft or sewing store from potential lawsuits with your commercial insurance policy. Even if your business is not at fault in a liability lawsuit, you can still face financial losses paying for your legal defense.
Fortunately, the general liability coverage provided by your business insurance policy covers legal fees, court costs and financial damages for covered events such as slip-and-fall accidents in your retail establishment. If your store hosts classes or provides space for gatherings such as birthday parties, this coverage can increase your liability risk, so it is important that you reveal this to your insurance agent to ensure that your coverage is suitable.
Other coverage that may be of interest to you includes the following:
One of the best ways a commercial insurance policy can protect your business is through business interruption insurance. This coverage provides your business with a continuation of income if your fabric, craft or sewing store is forced to close for a temporary, but extended, period of time due to damage caused by a covered event. This continued income can enable you to continue paying key employees as well as cover monthly expenses until your business can resume normal operations.
There are other types of insurance coverage that you may want to consider. A qualified insurance agent can help you identify coverage types that may be of benefit to your business such as key-man life insurance, which protects you if you have opened your business with a partner or partners.
Purchasing an ideal policy package for your fabric, craft or sewing store does not need to be a complex process. An independent agent in the Trusted Choice® network can work with you to simplify the process. These agents are free to work with a number of different insurance companies so they can build a competitively priced and suitable policy for your business. Find a Trusted Choice agent near you to learn more about commercial insurance packages for your fabric, craft or sewing store.