When you also have equipment or operate from a retail store
All Basic plan benefits and:
Get protected against employment-related issues
All Standard plan benefits and:
*plus Workers Compensation
Business Owners Policy (BOP) combines both General Liability and Commercial Property insurance for your business. It can also have Business Interruption as an add-on. BOP usually is the most cost-effective insurance as it combines most of the insurance packages into one policy.
Workers' Compensation is a type of insurance that provides medical benefits and wage replacement to workers who become sick or injured on the job. This is a state-mandated insurance; your business is required to carry this if you meet the state's minimum employment requirements.
Crime insurance will cover the merchandise, money or any property lost when a company is victimized by business-related crimes like robbery, forgery, securities theft and other related crimes.
Business Interruption is a type of insurance that replaces income that is lost as a result of an event that prevents the business from operating. These incidents include fire or natural disaster. The insurance will cover the financial losses that are a direct consequence of business interruption.
Unexpected expenses can cause your business to collapse financially, particularly from property damage, third-party injuries, professional liabilities and other legal liabilities. Any of these instances could cost you a lot of money unless you have insurance.
Apparel or Clothing stores, like other businesses, face risks that if left unprotected can lead to financial ruin and shut down your business. Here are some risks your apparel store could face:
Theft: Theft is equal to 1.5 percent of your other sales. Although a small number, it could destroy your profit margin if you don't insure against it.
Damage to Inventory: A fire, tornado or any other natural disaster could leave you with a costly supply of damaged inventory.
Customer Injury: If a customer slips inside your property and has a broken leg, you could be looking at many bills for the medical expenses and potential legal expenses if they decide to sue.
On average, clothing stores pay $400 on General Liability policy, $800 on Business Owners Policy (BOP), and $400 on Commercial Auto insurance. These rates are on an annual basis.
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