Commercial Insurance Products You Need To Cover Your Boutique

Insurance Blog

Thinking about opening a cute little boutique? Whatever products you choose to sell is up to you, but you should protect yourself, your store, your business, and your customers with commercial insurance. Here are a few commercial insurance products you need before you open your boutique:

Commercial Liability Insurance

This type of commercial insurance protects you in the event that a customer slips and falls in your store or is injured in your store in some other way. While you never want a customer to be hurt, it can happen, and then that customer can sue you. The liability insurance accepts customer injury complaints, pays out on the claims, and assists with legal fees in the event that the injured customer sues.

Business Property or Commercial Property Insurance

This insurance protects your store, covers the loss of products and goods, etc. Fires, whether accidental or intentional, can take out your boutique in minutes, leaving you in debt for everything. If you do not have this type of insurance, then everything from a shattered front window to a complete loss by fire means that you have to cover it all out of your own pocket. A total loss often results in a bankruptcy filing within a few months, as most boutique owners do not and cannot earn enough to restore everything after the incident.

Workers' Compensation

Since you cannot feasibly be at your store every minute of the day, you will have to hire at least one or two employees. These employees have to be covered by worker's compensation insurance, or they could sue you when they are injured. Consider carrying more than the recommended amount of coverage per employee so that each employee you hire is adequately covered against most qualifying incidents.

Small Business Health Insurance

Sure, you are not required by law in most states to give a couple of employees health insurance, but it is still the decent thing to do. There are a lot of insurance companies that provide small business owners health insurance policies for their employees. You may choose to contribute all, part, or none of the premiums for your employees' health insurance. Consider both the costs and the benefits when choosing this type of insurance so that your employees get the most coverage for the least price, especially if you are not contributing to the monthly premiums and are merely offering it to your employees.

Contact a company like Scovotti Insurance for more information and assistance. 


26 October 2017

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