Western apparel stores are the go-to place for quality cowboy hats and boots, jeans, workwear, and more. As with all businesses, these stores face a variety of potential hazards. Fortunately, the right business insurance products can prevent these risks from causing large financial losses.
If you are the owner of a western apparel store, you can help your business remain profitable by covering it with a set of appropriate business insurance policies. A local independent insurance agent can help you obtain and compare customized quotes for all of your business’s coverage needs.
Why Does Your Western Apparel Store Need Insurance?
While it’s true that major, financially devastating incidents at western apparel stores are rare, they do happen. It is therefore important that you have the right insurance coverage in place to protect your business if something should go wrong. Without insurance, how would your clothing store be able to cope financially with these scenarios?
- A customer is seriously injured while trying on clothes in your fitting room and sues your store.
- A fire breaks out in a neighboring store and spreads to yours. While only a small portion of your inventory is damaged by the fire, it all smells like smoke and cannot be sold.
- An employee claims to have been subjected to a hostile work environment and files a lawsuit against your store. Even if you believe the claim holds no merit, you must still retain the services of a lawyer for your legal defense, and the costs begin to add up.
These are just a few of the many potential hazards you may face as the owner of a western apparel store. Local independent insurance agents can help you identify your various exposures 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 Western Apparel Stores Need?
Your business property, including your apparel inventory, is likely to be your western apparel store’s biggest asset. When purchasing commercial property insurance, it is crucial that you have sufficient coverage to receive appropriate compensation in the event of a total loss.
- Building insurance: This is only necessary if you own the building in which your clothing store is housed. It can provide compensation for damage to the structure of your building. A typical policy will cover damage caused by such hazards as lightning, hail, wind, fire, and vandalism.
- Property insurance: This provides coverage for all the business-owned property you keep in your store, including inventory, garment racks, shelving, mannequins, shopping carts, cash registers and computers. If you keep stock in a separate warehouse, you will need to be sure to purchase coverage for that inventory as well.
- Flood insurance: Commercial insurance policies do not cover damage caused by flooding. If your western apparel store is at risk, an independent insurance agent can help you supplement your coverage with a commercial flood insurance policy through the National Flood Insurance Program (NFIP).
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.
What Kinds of Liability Insurance Do Western Apparel Stores Need?
A liability lawsuit can happen at any time, to anyone. Regardless of whether your business is actually at fault, anyone can file a lawsuit if they feel wronged, and it will cost you money to defend your western apparel store.
Commercial liability insurance can protect your business from large financial losses by providing compensation for court costs, legal fees and financial damages related to covered lawsuits. The types of liability insurance that may be of interest to you include:
- Premises liability insurance: This can provide coverage if someone is injured or experiences property damage while in your clothing store. This coverage is particularly important for western apparel store owners, since customers at clothing stores tend to linger when shopping.
- Product liability insurance: If a defect in a product you sell in your store causes a customer to experience an injury or illness, your business may be named in a liability lawsuit. This insurance is designed to provide coverage.
- Employment practices liability insurance (EPLI): This covers your clothing store if an employee accuses your business of engaging in an illegal employment practice such as wrongful termination, sexual harassment, or discrimination.
- Cyber liability insurance: This can protect your business from financial losses if a hacker breaks into your 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 discuss your particular business to identify any other liability exposures you may face. They can then recommend appropriate insurance products to protect against them.
What Other Insurance Products Should You Consider for Your Western Apparel Store?
In addition to property and liability coverage, there are other insurance coverage types that may be worth discussing with your independent insurance agent. These include:
- Business interruption insurance: This can provide your western apparel store with a continuation of income if it must shut down for an extended period due to a covered event. This can enable your business to continue to pay monthly bills and employee salaries until normal operations resume.
- Workers’ compensation insurance: This is required in most states. It is designed to cover medical treatment and lost wages related to injuries sustained by employees while on the job. One of the benefits of this insurance is that it can significantly reduce your chances of facing a liability lawsuit related to the accident.
- Employee dishonesty insurance: Unfortunately, employees sometimes engage in dishonest practices such as stealing, embezzling or other illegal actions while working for you. This insurance can shield your clothing store from financial losses incurred because of such employee’s actions.
- Insurance for employee benefits: You have several policy options when it comes to including products like health insurance and life insurance 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 Western Apparel Store Insurance Cost?
As with any business, the amount your western apparel store business insurance will cost is dependent on a number of factors such as:
- 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 want to purchase
- The amount of coverage you need to purchase
A local independent insurance agent can help you discover how much a policy will cost you by providing you with a variety of customized quotes.
Why You Should Let an Independent Insurance Agent Help You Find and Compare Quotes
Independent insurance agents make it easy to build a comprehensive business insurance plan for your western apparel store. These agents can help you identify the specific hazards your business faces and can recommend appropriate insurance policies and coverage limits to mitigate the risks.
Also, because they are not tied to a single insurance provider, independent agents are free to shop around to help you find the right business policies at the most competitive rates. Best of all, independent agents live and work in your community, so they understand the risks faced by businesses in your area and are readily available if you need advice or assistance with filing a claim.
A Word about Online Quotes
Getting insurance quotes online is fast and easy, but it isn’t necessarily the best way to shop for business insurance.
Building a complete set of business insurance policies that suitably protects your business against all of its various risks can be complex. When you shop online instead of talking with an experienced insurance professional, you risk having unintentional coverage gaps or may buy policies in which the coverage limits are too low. Additionally, you may end up paying for coverage your business doesn’t really need.
Schedule a one-on-one consultation with an insurance agent near you to start comparing quotes for the right products to appropriately cover your western apparel store.