Clothing Stores

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It takes a lot of work to own and operate a clothing store. Stocking inventory, assisting customers, delegating daily responsibilities to employees, and keeping a clean and tidy working environment are all challenges you face on a regular basis. The last thing you should have to worry about is whether your time, hard work, and investment in your clothing store could be jeopardized.

All small businesses share common risks to both customers and employees, including clothing stores. If a customer falls while visiting your store and becomes injured, could you handle the costs of expenses from the incident out-of-pocket? Or, if a fire destroys part of your property and most of your inventory, would you be able to continue operating your business without outside help? With clothing store insurance solutions from AmTrust Financial, your business could be protected if problems arise.


Clothing Store Insurance Coverage Options


Developing a strategic risk management plan requires much thought and consideration. The size of your clothing store, number of employees you have, and types of products you carry will all be factors taken into account whenever you purchase clothing store insurance. However, most clothing storeowners opt to protect their businesses against a variety of liability exposures with:

• Workers' Compensation
• Businessowner's Policy
• Employment Practices Liability Insurance
• Cyber Liability


Protecting Your Clothing Store Employees with Workers' Compensation Insurance


You depend on your employees in many ways, and, even if you've taken the time to provide them with extensive safety training, accidents can still happen. Most states require business owners to protect their employees with workers' compensation insurance, which helps to cover workplace injuries and illnesses.

If an incident occurs, workers' comp coverage helps to protect your business and your employees by:

• Covering the costs of medical treatment, including x-rays, prescription drugs, hospital stays, and surgeries.
• Paying a portion of the employee's regular wages until he or she can return to work.
• Covering the employer's costs for a claim.

As a clothing store owner, with a workers’ compensation policy, you could get defenses to any lawsuits filed for employees' workplace injuries and get help paying for costs associated with a claim.


What Does a Businessowners Insurance Policy Include?


If you have to shut your doors temporarily due to a catastrophic event like property damage or fire, business interruption coverage may help you recover some of the revenue you lose as a result. This type of coverage is often included in a businessowners policy (BOP), alongside general liability and commercial property insurance.

A BOP bundles different types of coverage to protect you from the following risks:

1. Your property and assets. With property insurance, the building you own along with other business assets, including inventory, furniture, displays, and equipment, can be protected against damage by fire, vandalism, theft and more.

2. Liability claims. This portion of a BOP can protect you against many third-party claims. For example, if a customer alleges that you're responsible for an injury he or she suffered while visiting your clothing store, your policy could potentially provide coverage.

3. Loss of income due to a business interruption. If a situation such as a fire causes you to have to shut down your clothing store for a period of time, a BOP could help you recoup some of the revenue you may lose as a result of the closure.


What Is Employment Practices Liability Insurance?


As hard as you try to keep your employees happy and taken care of, an adverse situation could arise without warning and lead to a costly lawsuit. A single claim from an employee of harassment, wrongful termination, retaliation, or discrimination can result in extensive legal fees, even if the accusation isn't true. Employment Practices Liability insurance (EPLI) can help to diminish the costs an allegation could have on your business.


Why Do I Need Cyber Liability Insurance?


If you accept credit cards, use email marketing, keep inventory data online, or rely on the internet for any business purposes, you could be at risk for a data breach or cyberattack. Cyber liability insurance can help your clothing store recover financially from the costs associated with a data breach.


Where Can I Learn More about Clothing Store Insurance?


The way you operate your clothing store is unique, and AmTrust is here to help you discover tailored insurance solutions to keep your small business safeguarded whenever unfortunate situations arise. Get the coverage you need to keep your business thriving even in the face of uncertainties.

Let us help you find insurance policies and coverage limits to help keep your business safeguarded. We work alongside you to find an insurance package suited to your needs. To learn more about clothing store workers' compensation packages and other top-rated insurance products that are available through AmTrust contact us today.
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