Hosiery stores sell products like nylons, leggings, socks, tights, legwarmers and slippers. They often carry accessories and clothing items for men and women, including robes, sleepwear and socks. If you own and operate a hosiery store, you should know your biggest risks are crimes like shoplifting and theft, and damage to your property, though there are other risks to be aware of. The best way to protect your business from these risks is with hosiery store insurance.
Types of Hosiery Store Insurance
The following types of insurance policies are ones every hosiery store should consider having. They cover each of your major risk exposures.
General liability is a common insurance policy to have tucked under your hat for coverage of your hosiery store. It will protect you from various events, including premises liability, completed operations and product liability coverage. Premises liability is for any accidents or injuries occurring on your premises, including inside your store and the parking lot. Products liability is for damage or loss caused by your products, such as selling a pair of tights that was manufactured with a chemical that caused an allergic reaction to the customer. You also have coverage under completed operations if you provide any professional services, like making custom sizes.
Business auto insurance is a commercial auto policy that provides coverage for collisions, theft and vandalism. If you or your employees use your own vehicle for business errands like making a trip to the bank or picking up inventory from your vendor, you should have this coverage. If an employee is picking up a box of supplies and gets into a collision, any car or property damage is covered by the policy.
Unexpected events could occur at any time, without warnings. These include incidents like natural disasters, fire, flood and extreme weather conditions. They also cause significant damage to your building and content. With business property insurance as part of your hosiery store insurance protection, you have help recovering items that were destroyed along with making repairs to your building. Many of your items are flammable, making it even more important to get this coverage.
If you operate an online hosiery store, you should also have coverage from cyber liability insurance. Cyber crimes are common, regardless of the type of security measures you have in place. Experienced hackers could cause virus or spam attacks on your site and not only cause a headache for you, but could steal personal and financial information from your customers. The best way to cover these potential losses and litigation costs is with a cyber liability insurance policy.
Workers’ compensation is a policy that protects your employees from work-related injuries or illnesses. You may think your employees have minimal risk in a hosiery store, but they could still slip and fall, get a back or neck injury when lifting heavy boxes, or cut their hand from a box opener. Get a worker’s compensation insurance policy to cover their medical costs and provide income protection until they are able to return to work.
Hosiery Store Crime Insurance
Crime insurance is an important policy for your hosiery store to have. Customers who are dishonest may steal merchandise they brought into the dressing room, or employees could commit dishonest acts like embezzling or stealing money right from the cash register. To fully protect your business, get a crime insurance policy. If a customer does steal socks or tights from your store on repeated occasions, the loss is covered by the policy.
If you choose from this list of important hosiery store insurance policies, you are increasing your protection and lowering the amount of loss you might experience following an unexpected event.