Owning a needlecraft sewing supply store is likely the culmination of years of hard work and the investment of your personal time and money. While you have the luxury of running your own business and selling the products that you love to your treasured customers, you also have the serious responsibility of protecting your livelihood from the unique risks that threaten it.
If you own a needlecraft sewing supply store, you need to understand the types of risks that you face and how you can protect your assets and move forward even in the worst of times. Business insurance tailored to your unique risks can help you recover from simple claims for slips and falls on your premises, and even from the complete devastation caused by a fire or a tornado.
An independent insurance agent in your city can help you find customized business insurance solutions that help you protect your livelihood.
Why Do You Need Needlecraft Sewing Supply Store Insurance?
Needlecraft sewing supply stores are engaged in selling a diverse group of products to sewing and craft enthusiasts. A typical needlecraft sewing supply store might offer:
- Sewing and die cutting machines
- Ribbons, trimmings, hooks, and fasteners
- Sewing tools and accessories
- Templates and stencils
- Patchwork and quilting supplies, including dies, tools, templates, and wadding
- Knitting and crochet supplies
- Cross-stitch supplies
- Books and other supplies and accessories
An any time a severe weather event, a burglary, or vandalism can diminish or entirely destroy your valuable inventory, leaving you no option but to pay to replenish it if you want to stay in business.
What’s more, you’re always at risk for someone getting hurt while shopping in your store. And if something that you sell presents a health risk (e.g., a toxic adhesive) or causes an injury (e.g., a sewing machine malfunction injures a user), you could be held responsible for paying for medical expenses. Worse yet, you could be sued.
Unfortunately, your risks don’t end there. It’s not uncommon for a needlecraft sewing supply store to experience:
- Shopping carts or store fixtures causing injury or property damage in the store or parking lot
- Loss of income due to a catastrophic or unexpected event
- Equipment damage or breakdown
- Employee theft of cash or inventory
- Employee lawsuits related to discrimination or other claims
- Cyber breaches (data breach of your online store)
Needlecraft sewing supply store insurance helps you mitigate these risks, pay for damages, and avoid financial disaster when you experience a covered loss.
What Does Needlecraft Sewing Supply Store Insurance Cover?
Your business insurance should be tailored to the unique risks faced by your business.
Your first major risk is physical damage to your building or property caused by unexpected events like fires, lightning, tornadoes, wind, and hail.
- With so many flammable items in your inventory (e.g., fabrics, adhesives, yarn, ribbons,) your store is especially susceptible to fast-burning, devastating fires. Commercial property insurance covers your building and its contents, including computers and cash registers, inventory, equipment, furniture, fixtures, and more. It helps you rebuild or make repairs when unexpected events — like a fire or severe weather — destroy your merchandise and your physical space (structure).
- After a property loss, you’ll likely need some time to replace your inventory and fixtures and rebuild your store. Business interruption coverage compensates you for lost business income and pays for certain operating expenses if you must temporarily close after a covered loss.
You also have a significant liability risk, which means that you are responsible for compensating any customer or member of the public who gets injured on your property or as a result of buying something from you.
- Liability insurance pays for claims of bodily injury and property damage to third parties due to your negligence. If, for example, you offer an on-site embroidery class and a participant is injured while using a sewing machine that you provided, you’ll likely be responsible for paying for any resulting medical expenses. What’s more, if the injured party sues you, you’ll have to defend yourself and potentially pay out a financial settlement. A commercial general liability (CGL) policy protects you in these kinds of circumstances.
If you operate a single store or even several stores, you may be able to bundle your basic property and liability coverage together into a packaged policy (business owners policy, or BOP) designed for small businesses owners.
Why Do You Need Product Liability Coverage?
If any product you sell (e.g., a sewing machine, an adhesive) is faulty or dangerous and leads to an injury or the death of a user or a bystander, your business could be held liable. What’s more, if you sell a product that is improperly labeled or is missing appropriate instructions or cautionary statements, you could be sued for negligence if someone becomes ill or is injured as a result of using that product.
Product liability insurance covers your financial responsibility for losses or injuries to a user, buyer, or bystander caused by a defect or malfunction of the product. In some instances, product liability insurance may also cover the manufacturer or seller of the product for defective design and failing to warn a buyer of a particular danger.
It’s important to understand that it’s not just product manufacturers that need product liability coverage. Any company, including your store, that participated in bringing a faulty product to market can be included in a lawsuit and held liable for damages to the user. The resulting payouts for medical costs, compensatory damages, economic damage, attorney fees, court costs, and even punitive damages can be insurmountable for a small business.
Your CGL policy or BOP might cover some product liability claims, but that coverage may be limited and insufficient for your needs. An independent insurance agent who understands your unique risks can help you make sure you have appropriate product liability insurance.
Do You Need Additional Needlecraft Sewing Supply Store Coverage?
Your property and general liability policies won’t cover everything. You might have some unique risks that can be addressed by some simple coverage endorsements (add-ons to the property or liability policy) or a few additional stand-alone policies. Every small business is unique, and the need for these additional types of coverage will vary.
- Commercial umbrella insurance provides excess liability protection to any of several other policies you might have. If a customer injury in your store leads to an expensive lawsuit that exceeds the limits of your commercial general liability policy, your commercial umbrella policy kicks in with higher coverage limits.
- Workers’ compensation insurance is typically required for any business that has employees. It pays for lost income and medical expenses for employees who are injured on the job. If an employee is injured while using a box cutter or sustains repetitive motion injuries from using the cash register, workers’ compensation insurance pays for related medical costs and compensates the employee for time away from work.
- Crime coverage protects your business if an employee or a group of employees engage in theft, forgery, or fraud that damages your business. It also offers coverage in cases of shoplifting and vandalism.
- 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.
Cyber Liability Insurance for Needlecraft Sewing Supply Stores
Almost every kind of business today is at risk for some type of electronic data theft or cyber breach. And if you run an online needlecraft sewing supply store, you have an even greater set of risks. You can be targeted with fraud or viruses, and could be the victim of a major cyberattack that exposes the sensitive information of your customers and suppliers — causing them to experience financial and reputational harm.
In general, cyber liability insurance protects you from the costs related to certain cybercrimes. If someone hacks into your website, steals personal financial data from you or your customers, or causes other type 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 Needlecraft Sewing Supply Store Insurance Cost?
A single-location store might spend around $500 to $1,500 per year on general liability coverage alone.
But this is a broad estimate and does not include property coverage and any other types of policies or endorsements that you might need to fully cover your risks.
In addition, a variety of individual risk factors will influence how much you pay to cover your needlecraft sewing supply store. These include the location of your store, the number of employees you have, and the coverage limits and deductibles that you choose.
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 needlecraft sewing supply 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.