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Insurance For Embroidery Shops
Embroidery shop owners get to enjoy being creative while also serving their customer’s creative desires. Whether your shop does custom work on a contract basis or your sell embroidery supplies to customers, you have many details to keep track of. Protect your shop, supplies, customers and employees by making sure you have the best business insurance to fit your particular business needs.
General liability insurance protects you and your company in case a customer gets hurt in your store. It also protects you if the customer’s property is damaged on your business premises. Instead of your shop having to pay for the medical bills or property damages, the general liability policy will pay for such expenses. GL coverage also protects you from financial hardship and losses that can be caused if natural disaster strikes or an unexpected event arises.
Business Owners Policy (bop)
A business owners insurance policy, or BOP, combines general liability coverage with various types of property protection. A BOP can protect both physical and intangible assets based on how you choose to tailor your coverage.
- Equipment Breakdown – If your embroidery machines break you cannot provide services to your customers. A BOP can protect you from having to carry the financial burden of repairing and replacing machines when they break down. Whether you temporary get a loaner machine or a brand new one, BOP will help you stay in business until all repairs or replacements have been done.
- Buildings and Contents – The building your embroidery shop is in – and the tangible assets you have inside – can be damaged or destroyed by fire, water damage, theft and other events. A BOP can protect you from losses of the physical structure itself and assets inside such as your inventory, furnishings and improvements.
- Business Income and Extra Expense – If your shop is severely damaged, you may be forced to find a temporary business location or shut down your operations.
- Products and Completed Operations (Included in General Liability) – When you sell products to customers, there is always a chance that a product can be defective. Defective products that harm customers can cost your company a lot in damages and reparations.
- Electronic Data – Critical digital files can be expensive to recover or replace if something happens to them. Whether you use custom embroidery design software or you keep customer receipts in digital form, a BOP can help replace or repair those files if they’re damaged.
- Employee Dishonesty Coverage – Having employees puts your embroidery shop at risk for potential dishonest actions. For example, an employee may steal actual cash from your register or make personal charges on your company credit accounts. Protect yourself from these and similar losses through your business owners policy.
If you or your employees use automobiles for business purposes, you need to protect your company with a business auto insurance policy. For example, if your embroidery shop delivers orders to customers and gets involved in an auto accident, it can be quite expensive for your shop to pay for all the damages out of your own pocket. Commercial auto insurance can take care of the vehicle expenses as well as medical expenses for people involved in the accident.
Workers comp insurance protection is required by law when you have one or more employees. Workers comp protects the employees from having to pay expensive medical bills when they are injured during work.