Fabric and yarn stores provide not only different types of fabric and yarn for hobbies, but also other sewing, knitting, and crochet accessories. That includes yarn, fabric, thread, pattern books, crochet hooks, knitting needles, and general crafts like silk flowers, stencils, stamps, scrapbooking supplies and jewelry accessories. Operating a fabric or yarn store can provide you with a rewarding career in a fun environment, but it also poses a number of risks. You run the risk of a customer harming themselves on a sharp crochet hook, employees getting injured while re-stocking shelves, or getting goods stolen from your store. You can protect your business assets by getting fabric or yarn business insurance.
Types of Fabric or Yarn Store Insurance
In order to protect your fabric or yarn store business properly, you should choose from the following business insurance policies:
Your fabric and yarn store runs the risk of a customer getting injured or your products causing damage. Because of the high risk, you should protect your business with general liability insurance. That way, if while a customer is walking to the back of your store to the bathroom and slips on a wet floor and harms themselves, you aren’t faced with the heavy financial burden following a lawsuit. General liability insurance also covers completed operations and products liability.
Products liability is an important type of liability insurance to have. Say for example, a customer purchases a set of knitting needles from your store and one snaps and causes injury, they could turn around and sue you. Products liability will cover this and any other issues with the products you sell.
If you use a company vehicle for business trips to pick up new inventory for your store, you should have business auto insurance as part of your fabric or yarn store insurance portfolio. That way if you get merchandise stolen from your vehicle when it’s parked or get into an accident with another driver, any loss or damages will be covered by the auto insurance policy.
Cyber liability insurance is a business insurance policy that offers valuable protection for your company if a cyber crime occurs. When a customer is going through a transaction from your online fabric or yarn store, they want to know they can trust their information is safe. While you have taken the right steps to be sure that happens, advanced hackers have ways of getting around those security measures. To continue operating your online shop, you should get cyber liability insurance.
As with all retail stores, your fabric or yarn store is at risk from damage due to unforeseen circumstances. Whether it is a fire in the area, a flood from a pipe leak, or a natural disaster, your building and contents could be destroyed. If this happens, you could be paying hundreds of thousands of dollars in repairs and replacing your merchandise. This makes it essential to get a business property insurance policy which will cover many of these expenses.
It may seem like there is little chance of an employee getting injured in a fabric or yarn store, but a number of things could occur. Your employees could get cut by box cutters when unloading new product, slip on a puddle in the bathroom, or get a back injury from repetitive motion injuries when restocking shelves. Worker’s compensation will protect all work-related injuries or illnesses and cover things like diagnosis, medical treatments, medications, and lost income.
Fabric or Yarn Store Crime Insurance
Dishonest employees and customers unfortunately pose a threat to your business. As a retail store, you will need to protect your business from potential crimes like having yarn or knitting supplies stolen, an employee stealing cash from the registers, or vandalism overnight. Crime insurance is the best protection available from these types of crimes.
Fabric and yarn stores supply everything someone would need to sew, crochet, knit or embroider, but many of the items are sharp and therefore increase your risk. Whether you deal with an employee who cut herself on a knitting needle, or a flood destroys your merchandise, you should get fabric and yarn store insurance policies to cover each probable risk.