Get a Quote for Leather Goods Store Insurance

What Coverage

does your business need?

As a small-business owner (or someone thinking about opening a small business), your head is probably spinning over the choices when it comes to the types of insurance coverage your company needs. It’s important how each type of coverage protects you, your employees and your business.

Leather Goods Store Insurance

A leather goods store carries everything someone is longing for that is made by leather materials. This includes jackets and other clothing, handbags, suitcases, wallets, briefcases, gloves, belts, boots, hats and the list goes on. Many leather goods stores also sell accessories for the leather, like polish, and also provide repair services. Aside from the many possibilities of owning your leather goods store, you also have a number of risks. As a retail store, you will run the risk of theft or shoplifting and the risk of damage to your property or merchandise. You also have the risk of injury and liabilities to your customers and employees. Cover these risks with leather goods store insurance.


Types of Leather Goods Store Insurance


The following different types of insurance policies will help you get the right amount of protection for your leather goods store. It is important to cover all your risks and go beyond basic insurance for your business.


Leather Goods Store General Liability Insurance


General liability insurance is a basic policy that will protect your leather goods store against liabilities. It will cover bodily injury and property damage, along with completed operations and product liability. Case in point: if you repair a leather handbag for a customer but the clasp malfunctions causing the customer’s belongings to spill and break, they could sue you for their loss. This is covered under Products Liability. Bodily injury, if a customer slips and falls in your store, is also covered by general liability.


Leather Goods Store Commercial Auto Insurance


Since you probably use your vehicle for business purposes, you should be covered by business auto insurance. Business auto, as part of your leather goods store insurance portfolio, will offer coverage for property damage to the vehicles or other property and bodily injury if you get into a collision. Many policies also include uninsured motorists, theft and vandalism if you choose to include it. For example, if you get into a fender bender while visiting the bank on business, any injuries or damage to the other vehicle and yours is covered by the policy.


Leather Goods Store Business Property Insurance


Business property insurance offers coverage if an unforeseen events occurs. This could be anything from a natural disaster to fire, flood or extreme weather conditions. If you live in an area where forest fires are common, you should have your business property covered with fire insurance. Even unexpected events like natural disaster will be covered, such as an earthquake that destroys your merchandise. Repairs and replacement costs are covered by business property.


Leather Goods Store Product Liability Insurance


Product liability is normally included in a general liability. Product liability offers coverage if the products you sell cause loss or injury to the customer. This includes products with improper labeling, materials that cause allergic reactions, or malfunctioning parts like sharp edges that cut a customer would all be covered by product liability.


Leather Goods Store Cyber Liability Insurance


Leather goods stores typically do well with online sales so if you run an online store, you should get a separate insurance policy to cover cyber crimes. This can include a variety of crimes like hacking into your website, stealing financial information, private customer information or even destroying your reputation through their crime. Even with security measures, advanced hackers know how to get around them so the extra protection is good to have.


Leather Goods Store Workers’ Compensation


If you have at least one employee working for your leather goods store, you will also want to be covered by worker’s compensation. It is required in most states and offers your employees protection if they suffert a work-related injury or illness. To further explain, if you provide repair services, your employee could cut their hand on the tools used to repair a leather coat. The resulting medical costs and any lost income would be covered by worker’s comp.


Leather Goods Store Crime Insurance


Cyber crimes aren’t the only types of crimes you are at risk of. Your physical store could also be affected by a crime, such as employee dishonesty acts, theft, shoplifting or vandalism. If you have a crime insurance policy, the loss your business experiences will be covered by the policy.


Maintaining a successful business first takes the right amount of protection. Don’t risk losing your business assets by not having adequate coverage. These leather goods store insurance policies ensure efficient protection for your leather goods store.