Sportswear stores offer a wide range of active wear, shoes, outerwear, and accessories to meet the needs of the active-minded customers who shop there. Business insurance helps these stores remain profitable.
If you are the owner of a sportswear store, you will want to be sure to protect it with a set of appropriate business insurance policies. A local independent insurance agent can help you obtain and compare customized quotes for products that meet all of your business’s coverage needs.
Why Does Your Sportswear Store Need Insurance?
Regardless of what kind of business you own, it is important that you have the right insurance coverage in case something goes wrong. Consider this, how would your clothing store be able to cope financially with the following scenarios if it had no coverage?
- Several customers feel that your business has engaged in deceptive pricing and misleading advertising and they file a class action lawsuit against your sportswear store.
- A customer slips on a wet floor while trying on clothes in your fitting room and suffers a serious head injury.
- A fire breaks out in back room and destroys your inventory. Clothing in the retail space is also damaged due to smoke and firefighting efforts.
- An employee claims to have not been paid for several hours of overtime work and files a lawsuit against your store.
These are just a few of the various potential hazards you may face as the owner of a sportswear store. Local independent insurance agents can help you identify the risks you face and can recommend the right business insurance policies to cover against them. Talk to an insurance agent near you to learn more.
What Kinds of Property Insurance Do Sportswear Stores Need?
Your inventory of merchandise is likely your sportswear store’s most valuable asset. It is crucial that you have coverage in levels that are high enough that you can receive appropriate compensation in the event of a total loss. The types of commercial property insurance you will want to consider include:
- Building insurance: This is only necessary if you own the building in which your sportswear store is housed. It can provide compensation for damage to the structure of your building if it is caused by such hazards as lightning, hail, wind, fire, severe storms, or vandalism.
- Property insurance: This provides coverage for all the business-owned property you keep in your store including such things as inventory, garment racks, mannequins, shopping carts, shelving units, cash registers, and computers. If you keep any of your inventory in a separate space like a warehouse, you will need to be sure to purchase coverage for that inventory as well.
- Flood insurance: Standard business insurance policies do not cover damages caused by flooding. If your sportswear store is at risk, an independent insurance agent can help you supplement your coverage with an affordable commercial flood insurance policy through the NFIP (National Flood Insurance Program).
A local independent agent can give you more information about your various property damage coverage options and can help you determine how high your coverage limits should be to keep your business suitably protected.
What Kinds of Liability Insurance Do Sportswear Stores Need?
We live in a litigious society, and liability lawsuits can happen to anyone. Regardless of whether or not your sportswear store is actually at fault, anyone can file a lawsuit if they feel wronged and it will cost you money to defend your sportswear store.
Business liability insurance can protect your sportswear store from large financial losses by covering court costs, legal fees, and financial damages related to covered lawsuits. The types of commercial liability insurance that may be of interest to you include:
- General liability insurance: This covers many of the risks that businesses commonly face. Commercial general liability insurance includes:
- Premises liability insurance: This can cover expenses if someone is injured or experiences property damage due to an accident while in your clothing store.
- Product liability insurance: This can cover expenses if a defect in a product you sell in your sportswear store causes a customer to experience an injury or illness and your business is named in a liability lawsuit.
- Advertising mishap insurance: This can cover against accusations of copyright infringement, slander or libel, misappropriation, and false advertising.
- Employment practices liability insurance (EPLI): This covers your store if an employee accuses your business of engaging in an illegal employment practice such as wrongful termination, sexual harassment, breach of contract, or discrimination.
- Cyber liability insurance: This can cover damages for which your business may be liable if a hacker breaks into your store’s computer system or installs a skimmer on your credit card reader and steals your customers’ personal or financial data.
These are not the only commercial liability products that are available to you. A local independent insurance agent can help you determine whether these or any other liability insurance products are appropriate for your particular sportswear store.
What Other Insurance Products Should You Consider for Your Sportswear Store?
There are additional business insurance products that may be worth discussing with a local independent insurance agent. These include:
- Business interruption insurance: This can provide your sportswear store with a continuation of income if it must shut down for an extended period due to damage caused by a covered event. This can enable your business to have the income necessary to pay monthly bills and employee salaries until normal operations can resume.
- Workers’ compensation insurance: This is required of employers in most states. It can cover medical treatments, lost wages, and other expenses related to injuries sustained by employees while on the job.
- Employee dishonesty insurance: This insurance can shield your sportswear store from financial losses incurred because of illegal acts done by your employees including such things as stealing or embezzling.
- Insurance for employee benefits: You have several policy options when it comes to products like health insurance and life insurance that you can include in your employee benefits package.
Learn more about each of these insurance policies by setting up an appointment with an independent insurance agent near you.
How Much Does Sportswear Store Insurance Cost?
As with any business, the cost of coverage for your sportswear store will depend on a number of factors. These include, but are not limited to:
- The size of your business and its annual revenue
- The value of your inventory and other business property
- The number of employees you have
- The types of coverage you are purchasing
- The amount of coverage you are purchasing
- The weather and crime risks in the ZIP code where your store is located
- Your store’s claims history
A local independent insurance agent can obtain a variety of customized quotes on your behalf.
Why You Should Let an Independent Insurance Agent Help You Find and Compare Quotes
Independent insurance agents make shopping for business insurance to cover your sportswear store easy. These agents can help you determine your store’s various exposures and can recommend the right business insurance products to cover against each of them.
Independent agents work for you, not for a particular insurance company, so they can shop around to find you the coverage you need at the most affordable prices. Best of all, because they live and work in your community, they are not only aware of the risks in your area, they are also readily available if you have questions or need assistance with filing a claim.
Why Online Quotes Aren’t Always the Best Way to Shop
You may be tempted by the ease and simplicity of getting online quotes for your business insurance coverage.
However, there is nothing simple about business insurance, so buying it online leaves you open to risks. How can you be sure that you are getting all the coverage your business needs? Will you be properly covered against all your risks?
Additionally, comparing online quotes does not give you the big picture. While one company may offer you a much lower price, it may not be offering as wide a range of coverage as a more expensive company.
When you work with an independent insurance agent, you can be certain that you are getting all the coverage you need at the most competitive prices. Schedule a one-on-one consultation with an insurance agent near you to get started.