Here at InsuranceHub, we have experience helping women's specialty shops like:
- Retail apparel accessory stores
- Retail blouse stores
- Retail costume jewelry stores
- Retail foundation garments
- Retail fur shops
- Retail furriers
- Retail handbag stores
- Retail hosiery stores
- Retail lingerie stores
- Retail millinery stores (hat shops)
Types of exposure that women's accessory and specialty shops need protection from:
Property exposures: You have two kinds of threats here...
- Shoplifters and smash and grab thieves. Install physical barriers to prevent unauthorized entry after hours. This might include concrete pillars or roll down security gates and doors. We also suggest a 24-hour monitored burglar alarm system.
- Fire, smoke, and water damage from electrical fires and heating and cooling equipment fires. Make sure that all technicians that work on your equipment are licensed, insured, and certified so they do all of the work up to code.
- Talk to your agent about any business interruption exposures that you might have.
Crime exposures include:
- Employee dishonesty. Take the time to do background checks on all new employees. It also makes sense to create a separation of duties between workers that are handling deposits, disbursements, and bank reconciliations. Money should be regularly taken from the cash drawers and placed in your safe. Finally, make regular bank drops throughout the day so that you don't have too much cash on-hand.
Inland marine exposures: This includes the following...
- Bailees exposure: Do you provide alterations and repairs?
- Goods in transit: Do you ship product between your different store locations? Or do you provide a delivery service to your customers?
- Accounts receivable: Do you offer store credit?
- Computers: Do you use computers to transact sales and monitor inventory?
- Valuable papers and records: Keep backup copies of all vendor and customer records and computer files and store them off premises.
Premises liability exposure. This includes the following...
- Dressing room safety and privacy.
- Capturing and detaining shoplifters until the police come.
- Slips and falls: Take the time to maintain and repair all floor coverings. Repair sidewalks and parking lot cracks and holes as well. Keep them clear of snow and ice to prevent lawsuits.Finally make sure the exit lights, emergency lights, and exterior night lighting are sufficient and operational.
Products liability exposure: Be sure to talk to your InsuranceHub agent if you are doing any direct importing of hats, lingerie, furs, accessories, etc.
Automobile exposure: Talk to your agent about any of these that apply to your business:
- Employees running errands.
- Truck drivers moving stock between your store locations.
- Customer deliveries.
No matter which of these that apply to you, make sure that all drivers have a current license and a clean MVR record. Keep records of all of the maintenance that you do for your vehicles.
Workers compensation: These are the biggest ways employees in women's accessory shops get hurt:
- Back injury, hernias, sprains and strains, and slips and falls. This happens due to improper lifting techniques. Provide training for proper lifting habits.
- Repetitive stress traumas: This can happen if you are providing altering and tailoring services.
- Hold ups and shoplifters: Employees can easily get hurt here. Take the time to create a written policy on how to respond in these situations. Make sure all workers understand and are trained in this protocol.
Minimum recommended women's accessory store insurance coverage:
- Business Personal Property
- Business Income
- Employee Dishonesty
- Money and Securities
- Accounts Receivable
- Valuable Papers and Records
- General Liability
- Employee Benefits
- Hired and Nonownership Auto
- Workers' Compensation
Other women's specialty store insurance coverages to consider:
- Leasehold Interest
- Real Property Legal Liability
- Computer Fraud
- Bailees Customers
- Goods in Transit
- Cyber liability
- Employment-related Practices
- Business Auto Liability and Physical Damage
- Stop Gap Liability