T-shirt stores sells many different t-shirts for adults and children, varying in their sizes, styles, colors, and designs. Some stores selling t-shirts will be catered to men, women, or children while others carry an equal amount of shirts for everyone. Many t-shirt stores also sell other apparel in the store such as hoodies, sweatshirts, jackets, sweatpants, lounge pants, socks, shoes, and hats. As a retail store, your biggest business risk may be that of crimes like theft or shoplifting. You also run the risk of a customer tripping or falling in your store and business property damage that could result in a loss of product. To protect these risks, you would get t-shirt store insurance.
Types of T-Shirt Store Insurance
Your t-shirt apparel shop has more than one type of risk, therefore you need more than one type of business insurance. T-shirt store insurance policies include those covering different types of risks, such as the ones listed below:
One of the most crucial business policies to purchase for your t-shirt boutique is general liability insurance. This will offer coverage in three main areas: completed operations, the products you sell, and injuries in the store. Products liability includes damages caused by your products, such as a dye causing an allergic reaction on a customer. Completed operations is for services you provide, like your custom printing job being incorrect and leading to a loss on the customer’s end. Lastly, there is personal injury coverage, such as if a customer gets burned from printing equipment not properly guarded.
You undoubtedly use a vehicle for business purposes, so you therefore need a business auto insurance policy.It also covers damage to your vehicle and others involved in a collision, as well as bodily injury and vandalism if you choose this type of policy.
T-Shirt Store Business Owners Policy (BOP)
A great insurance policy to have is a business owner’s policy, otherwise known as a BOP. This is exceptional because you can customize it according to your probable risks. Choose from business property and contents, equipment breakdown, business income, auto coverage, and many other policies. You personalize the BOP by choosing a combination of coverages.
Cyber liability insurance is an essential type of policy if you have an online t-shirt shop. Regardless of the size of your shop, you are at risk for cyber crimes like theft, fraudulent payments, and hacking into your site or customer’s accounts. This puts you and your customers at risk which can result in a significant loss of business and reputation. Cyber liability insurance policies offer different levels of protection from cyber crimes.
You count on your business to run smoothly, including the equipment and everything else that makes up your property. However, if damage is done to your property or contents, you will likely lose business and income. Business property insurance covers these risks, including damage from a natural disaster, fire, other unexpected event. For example, even with a smoke alarm, a fire in your store could destroy most of your merchandise before the fire department shows up. The business property policy helps cover these items and repair the structure.
The machinery used to print images and text on t-shirts has a variety of risks to your employees. If a worker was using a machine that malfunctioned and injured his hand, the medical costs would be covered if they had worker’s compensation insurance. This type of insurance is for your employees, in the event of a work-related injury or illness. It will help pay for medical costs including diagnosis, follow-up visits, prescription medications, and physical therapy. It also pays for lost income if they can’t return to work for a certain period of time.
T-Shirt Store Crime Insurance
Crime insurance will offer protection from crimes like theft, shoplifting, embezzlement, and vandalism that can be caused from customers or employees. Take the necessary steps to protect your business with surveillance equipment and performing background checks on employees. You should also cover your business from crimes you can’t prevent with a crime insurance policy. If you have a busy day and get distracted by one customer while another steals merchandise, the crime insurance policy helps cover the loss.
Now that you know what your risks are and the business insurance policies that can cover them, you will be able to make the right choice when it comes to choosing t-shirt store insurance.