Fur Repair Shop Insurance

How to Get the Best Insurance for Your Fur Repair Shop

(When you carry the right insurance, you can avoid some hairy situations)

Fur Repair Shop Insurance

As a fur repair shop owner, you are confronted with a number of unique challenges and risks compared to other small businesses. Customers bring in valuable furs for repairs and alterations and expect your business to take great care of their prized possessions. Ensuring that your fur repair shop is completely protected from potential risks is essential.

An independent insurance agent can assist you in evaluating all the risks your fur repair shop may encounter. Without adequate protection, you could lose everything you’ve worked so hard for. It’s important to learn about the types of insurance you need to obtain for your business. 

Why Do You Need Business Insurance? 

Despite taking all the right precautions to protect your small business, accidents still occur. It’s imperative that you have a sound risk-management strategy in place to prepare for any scenario. There are plenty of unexpected calamities that can threaten your business, such as: 

  • Natural disasters like tornadoes, hurricanes, and earthquakes
  • Hail damage 
  • Water damage 
  • Electrical fires
  • Injuries

Don’t let your business be prone to disasters with inadequate coverage. 

What Kind of Insurance Do You Need for Your Fur Repair Shop? 

Choosing the right business insurance is different for everyone. No two businesses are alike, and each requires various levels of coverage. There are several policies, however, that are universal for basic protection. 

Commercial Property Insurance

Property insurance safeguards your business from a number of losses. A property insurance policy covers both your property and the property of your customers under your care. What is covered under a commercial property policy? 

  • Physical building 
  • Building contents such as inventory, machinery, and computers
  • The property of others being serviced by your business

An independent insurance agent can help you understand the limits of your policy. 

Commercial General Liability 

Liability insurance protects you in cases where you are found liable for damages caused by your business operations, including injuries that occur on your property. If a customer were to cut themselves on a sharp edge and need stitches, your policy would cover it. 

There are three aspects to a liability policy: 

Bodily Injury and Property Damage Liability 

This covers physical and psychological harm to an individual occurring on your property or as a result of your business operations.

Personal and Advertising Injury  

In case you are found responsible for libel, slander, copyright infringement, or defamatory remarks, your policy covers legal action against you.

Medical Payments 

This pays for the cost of medical treatment in the case of an injury resulting from your business activities. Payments don't always require litigation. 

Business Owners Policy

A business owners policy (BOP) is the best way to get comprehensive and affordable coverage by combining multiple policies into one. Typically, a BOP combines both property and liability insurance, along with other coverages you may need. Often included in a BOP is business interruption insurance. 

Business Interruption Insurance: 

If a disaster occurred and shut down your business for two months, would you have the means to survive? Would you be able to pay your expenses? For most small business owners, the answer is no. 


According to a survey by the National Association of Insurance Commissioners, only 35% of small businesses with fewer than 100 employees carry business interruption coverage. 

A business interruption policy would cover your income and fixed expenses during the time it takes to rebuild. 


Save on Business Insurance

Our independent agents shop around to find you the best coverage.

Do You Need Other Kinds of Insurance? 

These are a few common types of insurance you may want to consider for your business: 

Workers’ Compensation

If you have an employee who gets injured on the job, that could mean big costs for you. A workers’ compensation policy covers the cost of medical care for your employees who are hurt at work. Each state has different laws regarding this type of policy, so check with your state for clarification. 

Bailee's Coverage

When you take possession of customers' property, you are liable for any damage that can occur. Since customers regularly bring in furs for repair, it would be wise to carry bailee's insurance in case a disaster occurred and caused damage to the bailor's (customer's) property. 

Employee Dishonesty

Sadly, employee theft is a notable cause of loss of revenue. The Association of Certified Fraud examiners found that the average business loses six percent of its annual revenue because of employee fraud. Employee dishonesty Insurance can protect you from a loss caused by employee theft. 

How Much Will Business Insurance Cost for Your Fur Repair Shop? 

The cost of premiums depends on many factors like the size of your business, number of employees, and other risk factors. Insurers use your NAICS code to tell them more about your business operations and associated risk. This has an influence on the price of your insurance as well. 

The Benefits of an Independent Insurance Agent 

Independent insurance agents have access to multiple insurance companies, ultimately finding you the best coverage, accessibility, and competitive pricing while working entirely for you. As your needs change, they'll be there to help you adjust your coverage, up or down, to make sure you're properly protected without overpaying. 

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TrustedChoice.com Article | Reviewed by Paul Martin

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