Whether you are opening a women's and girls clothing store in a mall, boutique, or in a shop off the beaten path, it is imperative that you consider what insurances you need for your business.
Business Owner's Policy
It can be overwhelming to consider all of the insurance coverages you need, and even more so when you look at the premiums you have to pay. But that's where a business owner's policy (BOP) comes in handy.
Instead of considering each individual insurance coverage you need, you might want to consider a business owner's policy. A BOP is a bundled policy for retail stores which is designed specifically for various industries.
Given that the insurance company has bundled the policies, a business owner's policy is generally noticeably less expensive and covers most of what women's and girls clothing stores need covered.
A business owner's policy usually consists of general liability and property insurance at a minimum.
Commercial Liability Insurance
Commercial liability insurance is one of the coverages which is absolutely key to protecting your women's clothing store.
General liability is the policy which will protect you in the event someone hurts themselves in your store, on your property, or otherwise decides to sue you or your clothing store. Commercial liability insurance will pay for court costs, legal fees, and judgement or settlement costs up to your limits.
Workers' Compensation Insurance
Unless you live in Texas, you will need to buy workers' compensation insurance if you have one or more employees. Workers' compensation insurance covers you in the case of lawsuits if any of your employees is injured while working.
Workers' compensation will pay lost wages to any workers who are hurt on the job. It will also cover medical expenses for the employee. And if the employee dies, workers compensation insurance will pay funeral expenses, as well as, support payments to the employee's survivors.
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