Lingerie stores sell a collection of lingerie items, including bras, panties, night gowns, pajama sets, hosiery, bustiers, garters and garter belts, and more. Many lingerie stores also sell other items like bridal lingerie, fitness clothing, slippers, robes, and swimsuits, as well as men’s items like silk boxer shorts. Lingerie stores can be local stores or online stores, where the items are ordered online and shipped to the customer. Either way, you face a variety of risks by operating a lingerie store. The materials used, like latex, cotton blend, or silk materials, might cause some type of skin reaction, which you could potentially be liable for. For local stores, you may have more risks like a customer injuring themselves on boxes not stored properly or a faulty clothing rack. Protect all of your risks by obtaining lingerie store insurance.
Types of Lingerie Store Insurance
Different types of business insurance policies are available for lingerie stores, both local brick-and-mortar shops and online stores. You should have a portfolio of policies to cover the different risks your store is exposed to.
Your lingerie shop is at risk for a number of legal liabilities, including damage caused to a customer from products you sell or injuries inside your store. A clothing rack with a sharp edge could lead to an injury, which you may be liable for. This is covered under a general liability policy as premises liability. Completed operations are for any damage caused by services you provided, such as custom-made garments. Products liability is for any kind of damage or loss as a result of the products you sell, such as a skin reaction from the materials in one of your lingerie items.
Your lingerie store is at a high risk of fire due to the materials you sell and other items you might carry like perfume and scented lotions, which can be flammable. Protect your shop from fire, smoke, or other natural disasters with property insurance. This insurance policy helps you pay for necessary repairs to the building or replacing items that were destroyed according to your policies terms.
Any time you use a vehicle for business errands, it should be covered by a business auto insurance policy. Accidents, theft or vandalism that occur during the course of the business trips will be covered by the policy. This means if another driver or passenger is injured as the result of an accident, your company is not liable for the entire cost because business auto insurance offers you coverage.
Lingerie Store Crime Insurance
If you have a local brick-and-mortar lingerie store, your biggest risk is theft or shoplifting, as well as embezzlement or theft from employees. However you can protect potential crimes by getting a crime insurance policy. This means if a visitor of your store goes into the dressing room with five items of clothing but returns with only three items of clothing, the theft of two undergarments and the resulting loss will be covered by your crime insurance policy.
Another risk you should be concerned about is injuries to workers that occur on the job. For example, repetitive motion injuries from your cashiers, or back or shoulder injuries from lifting heavy boxes of undergarments could cost a lot in medical costs. With worker’s compensation insurance, these costs are covered as a benefit to your employees.
If you have an online store for your lingerie shop, you should have cyber liability insurance. Cyber liability insurance policies protect against internet-based crimes like stealing money or data, or falsifying payment information. You could lose money and your reputation from these crimes. Cyber liability insurance ensures protection from such crimes.
These lingerie store insurance policies are essential to protecting your business from unexpected events. Take steps to prevent as many risks as you can, but ensure your business is protected with business insurance.