If you own and operate a sewing machine and supply store, you sell everything someone would need to get their sewing or alterations done. This includes sewing machines and supplies like thread, needles, patterns and fabric. You might also sell related craft items such as yarn, knitting needles and crochet hooks, and general craft supplies. Services to offer your customers include repair work for sewing machines, custom tailor work and classes to learn sewing. Risks include liabilities from your customers, theft and general business risks, all of which can be covered with sewing machine and supply store business insurance.
Types of Sewing Machine and Supply Store Insurance
There are different insurance policies effective at protecting your business from various risks. Consider these insurance policies for your sewing machine and supply store:
General liability is one of the most important insurance policies for your sewing machine and supply store as it has components of premises liability, products liability and completed operations. Premises liability is coverage for any injuries occurring in your store. A customer who is investigating a sewing machine that has a defect and injures their hand, can sue you for damages. General liability will help pay for these medical and legal costs. Completed operations includes coverage for any services you provide.
Sewing Machine and Supply Store Business Auto Insurance
Business auto insurance is a commercial auto policy that helps pay for bodily injury and property damage. You can also choose to get theft and vandalism coverage. If you are in a collision that causes bodily injury to the other driver, your business auto insurance is going to help cover it.
Your sewing machine and supply store needs protection from unexpected events like fire, flood or natural disasters. Unfortunately there is little warning for these events, and they could mean a lot of damaged goods. That is where business property insurance comes in. If you have this type of sewing machine and supply store insurance policy when an event like this occurs, it helps repair your building and replace merchandise that was destroyed.
Cyber crimes are a persistent risk, but they can be covered with a cyber liability insurance policy. Cyber crimes, like viruses or paying with stolen credit cards, means a loss for you or your customers. Instead of suffering financially, the cyber liability insurance policy helps protect your business assets.
Workers’ compensation is an important sewing machine and supply store insurance policy. It protects employees from work-related injuries, which are common in a sewing machine and supply store. An employee who handles service on sewing machines could injure themselves with the tools, and lifting heavy machines could mean a back injury. Workers’ comp helps pay for these medical costs.
Sewing Machine and Supply Store Crime Insurance
Theft, shoplifting, vandalism and dishonest employee acts are crimes that can happen to any business, including a sewing machine and supply store. Crime insurance protects you from these types of crimes and more. If an accounting employee embezzles money from you, for instance, the policy covers those losses. It also protects you from any items stolen from your sewing machine store or vandalism of your products.
Choosing from a variety of sewing machine and supply store insurance policies offers you the best protection available. Start by covering your most common risks, followed by others that might be less common but would still cause loss or struggle for your business.