Tuxedo and formal wear shops carry a wide selection of merchandise including suits and tuxedos, gowns and other formal wear, along with accessories such as tiaras, hair accessories, sashes, jewelry, cuff links and shoes. If you run a retail shop selling tuxedo and formal attire, one of your biggest risks is shoplifting and theft. Other risks are also prevalent such as fraudulent payments, general liabilities and damage to your property or merchandise. Protect these risks with tuxedo & formal wear business insurance.
Types of Tuxedo & Formal Wear Business Insurance
There are a wide range of types of business insurance policies for tuxedo and formal wear shops. Consider the following types of insurance for adequate coverage:
The first business insurance policy to consider for your tuxedo and formal wear store is general liability. This covers most legal liabilities relating to your customers. If a customer is visiting your shop and due to insufficient lighting, trips over a clothing rack, he could get injured and sue you for damages. General liability covers this type of liability. It also offers coverage for product liability and completed operations.
If you use your own vehicle for picking up supplies, meeting vendors or making deliveries, you should have a business auto insurance. This type of auto insurance policy covers accidents that result in property damage and/or bodily injury. It is also a good idea to get theft coverage because while running errands, you may park your car which puts you at risk for someone stealing merchandise or the vehicle itself.
Catastrophes happen every day, most of which are completely unexpected. Events like natural disasters, heavy wind and rain storms, floods and fires could destroy your tuxedo store and most of your merchandise. This means putting in thousands of dollars of your own business income to replace what was destroyed. However, if you have a business property insurance policy as part of your tuxedo & formal wear business insurance portfolio, you have coverage for these types of costs along with help repairing the building.
If you are operating an online store to sell tuxedo wear, you should also protect your business from Internet crimes, known as cyber crimes. These types of crimes typically center on fraudulent activity which can make a dent in your reputation, especially if your customers or client are involved. Cyber liability insurance keeps you from suffering financially as a result of the cyber crimes.
Tuxedo and formal wear shops rely on their employees to produce sales. As a business owner, you should provide a safe working environment for your employees, however this doesn’t always prevent injuries. If an employee is injured, their medical costs are covered as long as they have worker’s compensation insurance. This policy offers coverage for work-related injuries such as back or neck injury, repetitive motion injuries like of the wrists and hands, and slips or falls. It covers medical costs, recovery costs and lost income during the recovery period.
Tuxedo & Formal Wear Business Crime Insurance
Crime insurance is a very important insurance policy to have. Tuxedo and formal wear shops are at risk of shoplifting and theft, therefore this is one of the most essential policies. With crime insurance, theft, shoplifting, vandalism or dishonest employee practices are covered. You should still protect your business with surveillance equipment and screening employees before they are hired, but crime insurance provides financial protection if a crime occurs.
The last thing you want to do is lose your business because you didn’t have proper insurance. Insuring your formal wear shop goes beyond basic business insurance as you have other risks to consider. Select from these tuxedo & formal wear business insurance policies for the most comprehensive coverage for your business.