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Bridal Shop Insurance
Bridal shops go through periods of slow sales and hectic, stress-inducing wedding seasons. They’re an excellent business to own because someone is always planning a wedding almost any time of the year. And soon-to-be brides will spare no cost to make sure their wedding day is as memorable as it can be. Dealing with the hectic seasonal swings can be challenging, especially since your customers are often in a heightened emotional state. Protect your company from potential risks that can arise by making sure you have the right levels and types of business insurance coverage.
General liability insurance is a basic level of insurance protection that all businesses need. It protects your company from numerous types of risks and hazards that you may not think of in advance. It’s particularly helpful if a customer is injured in your bridal shop or if they file a lawsuit against your company. General liability insurance also grows along with your company so that you can be assured that new products, retail stores and services that you add are protected from the start. Important areas of coverage that you’ll get with a general liability insurance policy includes:
General Liability Insurance Includes:
- Premises Liability - When emotional brides are in your store trying on dresses, selecting wedding favors, or trying to figure out the best fabric to use for their bridesmaids dresses, things everyone can get flustered. With wedding gowns, fabrics and other supplies strewn all over, there is an increased risk that someone will have an accident. If accidents happen at your bridal shop and a customer is injured, they may sue you for the damages. Your premises liability insurance pays for those medical bills and helps protect you from suffering other financial losses as a result of the accident.
- Products Liability - Products liability coverage is the section of your general liability insurance that protects your bridal shop when the products you sell cause problems. If a defective product causes bodily injuries to a customer for example, or causes damage to their personal property, they will hold your bridal shop legally liable. Your products liability insurance will pay the damages or medical bills if applicable. It will also provide for your legal defense fees.
- Completed Operations - If your bridal shop is contracted for specific services, your customers may sue you after the fact. For example, if you provide custom wedding gown creation services and a customer feels that her wedding was ruined because of how you created the gown, she may sue you for the damages. Completed operations coverage pays for your litigation expenses and pays damages, settlements and awards as applicable.
Business Owners Policy
General liability insurance is included by default in a business owners policy, or BOP. This insurance is specifically designed to help protect your company’s business assets from potential loss or harm. A BOP can protect you from losses and damage to physical assets your company owns, and intangibles as well such as specialized computer software. A business owners policy is very useful for small companies because it can be customized to meet just those needs you have without waste. Examples of options you can add include:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
Business Auto Insurance
If your bridal shop offers delivery services, you may find that you and your store employees drive frequently. Frequent driving can put your company at greater risks of losses caused by auto accidents. A business auto insurance policy is an important level of protection that helps protect you from encountering financial hardships caused by these accidents. This coverage will pay for the medical expenses that arise from bodily injuries, and it pays for physical damages that are caused in the accident. You can elect additional coverage levels to protect your company from losses caused by theft, fire, hit and run accidents, uninsured motorists and more.
Workers comp insurance is required by law in most states. This insurance protects your employees if they are ever injured while performing their work duties. Workers compensation pays for medical bills and recovery expenses, temporary disability, and other costs related to the injury.
Commercial umbrella insurance provides you with extra protection above and beyond the maximum limits of your other business insurance policies.