Tack shops provide a wide range of equestrian supplies and services. These include such things as saddles, riding apparel and equipment, horse blankets, horse care products, and helmets. Some stores also offer equipment consultations as well as repair, cleaning, and maintenance services for equestrian supplies. All tack shops can benefit from the protection of business insurance products.
If you are the owner of a tack shop, you can turn to a local independent insurance agent for help finding the best and most affordable commercial insurance products to cover your business. Contact an insurance agent near you to learn more and to start comparing customized business insurance.
Why Does Your Tack Shop Need Insurance?
What if a natural disaster leads to major damages to your tack shop’s inventory? What if one of your employees is overcharging your customers and embezzling the extra funds? What if one of your workers suffers a significant back injury while unloading a new shipment from your vendor?
These are just a few of the many potential hazards you may face as the owner of a tack shop. Fortunately, there are a wide range of insurance products that are designed to cover the various risks that can cause your business to lose money.
Local independent insurance agents can help you identify your tack shop’s exposures and can recommend appropriate business insurance policies to cover against them. Talk to an insurance agent near you to learn more.
What Kinds of Property Insurance Do Tack Shops Need?
Saddles and other equestrian supplies aren’t cheap, and your store likely has a lot of expensive inventory in stock. You will want to be sure that you have ample coverage for all the property in your retail showroom as well as for anything you may have in stock.
Some of the property insurance policies your local independent agent may want to discuss with you include:
- Building insurance: This is coverage for damage to the structure of the building in which your business is housed, which is only necessary if you own the property.
- Property insurance: This covers your business assets including such things as saddles, riding gear, blankets, tools and machinery, computers, and signs.
- Bailee insurance: If your tack shop offers services such as tack repair, blade sharpening, custom monogramming, or horse care, bailee insurance can cover your customers’ property while it is in your care, custody, or control.
- Inland marine Insurance: If your tack shop offers delivery services, this can cover your products while they are in transit to their final destination. It can also cover products such as saddles when they are being rented or tested out prior to purchase.
- Flood insurance: Most commercial property insurance policies specifically exclude coverage for flood damage. Because a major flood can do a lot of damage to your retail space, adding a commercial flood insurance policy to your coverage arsenal may be advisable.
A local independent insurance agent can give you more information about your various property damage coverage options.
What Kinds of Liability Insurance Do Tack Shops Need?
If a liability lawsuit is brought against your tack shop, it can be financially devastating. Even if the courts rule in your favor, your legal defense and time spent away from your business can end up being quite expensive. That is why liability insurance is arguably one of the most important parts of every business insurance policy package.
Business liability insurance is designed to cover legal fees, court costs, financial damages, and other expenses associated with covered liability lawsuits. Your insurance agent will likely talk to you about the following types of coverage.
- Product liability insurance: This is designed to cover your business against lawsuits related to injuries or damage caused by defects in the products your tack shop sells.
- Premises liability insurance: This is designed to cover your business against lawsuits related to injuries or property damage sustained by customers or visitors to your tack shop if they are caused by an accident on your business premises.
- Commercial vehicle liability insurance: This is required by law if your business owns vehicles such as those used for making equipment deliveries to customers. It can cover liability costs if one of your drivers causes an accident while driving a company vehicle.
- Cyber liability insurance: This is designed to cover your company’s financial responsibilities if hackers break into your computer system and steal customer information such as credit card numbers and personal data.
- Employment practices liability: This is designed to cover your business’s legal defense if someone makes accusations of illegal business practice such as discrimination, breach of contract, or wrongful termination.
- Umbrella insurance: This is an affordable way to significantly boost the liability coverage limits for all of your commercial liability products.
These are not the only business liability products that are available to you. A local independent insurance agent can review your business operations with you and advise whether these or any other policy types are appropriate for your particular tack shop.
What Other Insurance Products Should You Consider for Your Tack Shop?
There are few additional business insurance products you may want to consider. These include:
- Workers’ compensation insurance: This is required by law in most states. It is designed to cover the cost of your employees’ medical treatments, lost wages, and other expenses if they are injured on the job.
- Business interruption insurance: This is designed to provide your tack shop with a continuation of income if it must remain closed for an extended time due to damages caused by a covered event like a tornado or a structure fire.
- Employment dishonesty insurance: This covers your business’s accrued losses if an employee of your tack shop engages in illegal or dishonest acts such as theft, forgery, or embezzlement.
- Insurance for employee benefits: You have many 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 products by setting up an appointment with an independent insurance agent near you.
How Much Does Tack Shop Insurance Cost?
The cost of business insurance can vary from one tack shop to another. Your rates will be based on a variety of factors including, but not limited to:
- The weather risks and crime rate in the ZIP code where your business is located
- The size of your business, its annual revenue, and the number of workers you employ
- The type of inventory you keep in stock and its replacement value
- The types of coverage you are purchasing
- Amount of coverage you are purchasing
- Your company’s claims history and creditworthiness
A local independent insurance agent can help you discover how much a policy will cost by providing you with a variety of customized quotes.
Why Let an Independent Insurance Agent Help You Find and Compare Quotes?
Building a comprehensive business insurance plan can be difficult, especially if you are not familiar with the ins and outs of commercial insurance products. Independent insurance agents take the guesswork out of shopping for coverage. These agents can help identify the specific risks your particular tack shop faces and can recommend appropriate insurance policies to cover against them.
Also, because they are not tied to a single insurance provider, local independent insurance agents are free to shop around to help you find the best business insurance policies at the most competitive rates.
The Lowdown on Online Quotes
Although obtaining business insurance quotes online is easy and convenient, it is not necessarily the best way to shop for coverage. Building a complete set of business insurance policies can be a complex task, and when you shop online, you can never really be sure that all of your tack shop’s exposures are properly covered.
Shopping with the help of an independent insurance agent is also easy and convenient. These agents can not only recommend the right insurance products for all of your business’s coverage needs, they can then shop around to find you suitable policies at great prices.
Schedule a one-on-one consultation with an independent insurance agent near you to learn more and get started.