Frequently Asked Questions About
Commercial General Liability Insurance
How much does small business insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number. (read more)
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it. (read more)
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Bridal Shop Insurance California
Bridal Shop Insurance California. Would-be brides dream of their wedding days since the time they are old enough to play dress-up, and as a bridal shop owner, you're tasked with making part of that day a reality. In your role of providing women with the right gowns and altering those gowns for them, you are tasked with a major duty, and emotions can run high among future brides. If you are the owner of a bridal shop, then bridal shop insurance is important, since a happy client can quickly turn into a "bridezilla" if something goes wrong to sour her big moment.
An independent insurance agent can help you determine if bridal shop insurance California is right for your particular business model, and which types of insurance you need. Let's run down the basics of what you should buy to be covered.
Bridal Shop insurance California protects your store from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Building Your Bridal Shop Insurance Policy
The bridal shop industry is a huge market that generates roughly $4 billion in revenue every year and employs more than 30,000 people. But what could possibly go wrong in the innocuous environment of a retail store? As it turns out, plenty.
While the loss or destruction of a bride's dress prior to her big day with no means to replace it is a worst-case scenario, this has happened more than once to unsuspecting brides. In the bridal industry, it really is all about the dress. Brides spend their time pouring over bridal catalogs and magazines, searching for 'the' dress for their special once-in-a-lifetime event. Should that day arrive and the dress is less than expected, the anguish that she feels is hard to measure. Other reasons that brides may litigate against your shop include: slips and falls and other injuries, failing to get an order ready in time, faulty alterations, poor workmanship, and breach of contract.
Without a doubt, the absolute worst thing that can happen in a CA bridal shop is an accident or disaster that leads to a lost or destroyed dress just prior to the big day. In this industry, truly, it's all about the dress. Brides-to-be spend countless hours poring over catalogs, idea books and Pinterest in search of the perfect dress for their wedding day. If that day comes and the dress is not available or as expected, the emotional distress and anguish the bride will feel is immeasurable. The average wedding runs more than $31,000, as of 2014, making them costly affairs, and anytime money is involved, litigation can become a fast and hard reality. How can you protect yourself as a bridal shop owner?
Buying Sufficient Property Damage Insurance
If your shop is like most, it is filled to the brim with hundreds of gowns for brides and their bridal parties, accessories, veils, and more. When you opened your business, you likely made a huge investment in inventory, and now you need to protect that inventory in case the unexpected happens. Commercial property insurance is important. Be sure that you own:
- Business insurance. If you are the owner of the building where you do business, then you must buy bridal shop insurance California that protects the structure. If you are leasing the building and have spent money on any improvements, such as window treatments or flooring, then make sure that your agent is aware of those improvements too.
- Property insurance. You need property insurance to cover your inventory, equipment, furnishings, displays, and other items housed inside the store. This coverage should extend to a wide range of potential perils, including fire, theft, vandalism, storm damage, and more.
- Flood coverage. Floods can be devastating, especially if you live in a low-lying or flood prone area. Be sure to buy a separate commercial CA flood insurance policy.
Liability Insurance for the Bridal Shop Owner
Liability insurance is another must-have policy. Just one lawsuit decided against many bridal shop owners can spell financial disaster and in some cases leave the shop closing its doors. Buy bridal shop insurance California that protects you from judgements and awards in the event you end up on the receiving end of a lawsuit. Your policy should also cover any legal fees for handling your case in court.
You should also purchase commercial general liability insurance coverage. This is a comprehensive package that covers premise liability and product liability. Premises liability takes care of claims arising from injuries or any property damage caused by you or your employees or that occurs on your property. Product liability protects you if the products you sell and alter cause injury.
Additional Bridal Shop Insurance Policies
Professional liability insurance. Should something go awry when working with a customer and the outcome of your transaction is not as planned, this coverage is invaluable. For example, if you shorten the bride's gown too much, then you're covered for the damage. This is also know as errors and omissions coverage.
These are just a few basic types of insurance to consider. Commercial auto, worker's comp, and others may be necessary. Speak to a licensed agent to determine where there are gaps in coverage and devise a plan to cover your business from a 360-degree standpoint.
California Economic Data, Regulations & Limits On Commercial Insurance
If you are an entrepreneur and you considering having your operations located in California, it's essential that you have a full understanding about the economy of the state, as well as the regulations and limits that are in place for commercial insurance.
If you are considering opening up a business in the Golden State, you first want to make sure that it is a sound location for your operations. That means that you should understand some key information related to the state's economy, as well as the types of insurance coverages that businesses are legally required to carry.
Economic Trends For Businesses In California
In terms of job creation, the state of California exceeds rate of job growth in the United States; however, as the state's metropolitan areas are reaching employment capacity, job growth is starting to slow. In 2017, the rate of growth was 2.1 percent, which is the slowest rate of growth since 2011; but it is still expected to increase by 1.8 percent by the end of 2018, and 1.2 percent by the end of 2019.
In the month of April, the unemployment rate in California dropped to 4.2 percent, which is a record low. This unemployment rate is expected to remain consistent for the rest of the calendar year; however, it's forecasted that the rate will start to increase in 2019.
The strongest labor market in the state is in the Bay Area, where the unemployment rate was 3.4 percent in 2017. Southern California follows, with an unemployment rate of 4.5 percent in 2017. In the Central Coast region, the rate was 5.4 percent and in the Central Valley, it was 6.6 percent. While the unemployment rate is considered high in these areas, they have decreased dramatically over the last 12 month period.
The industries that are expected to see the most growth in CA include:
- Information Technology
CA Commercial Insurance Regulations And Limits
The California Department of Insurance regulates insurance in the Golden State. In the state of CA, commercial liability insurance is not required; however, since the state does not cap rewards for liability law suits, business owners are wise to invest in this type of coverage. The amount of coverage recommended varies depending on the size of the business and in the industry.
Workers' compensation insurance is the only type of coverage that business owners are required to have. This applies to any organization that employs a salaried or hourly staff, even if that staff only consists of one employee. Furthermore, if an employee is injured or becomes ill as a result of work, business owners must pay for CA workers' comp benefits.
Additional Resources For Retail Insurance
Read valuable small business retail insurance policy information. In a retail business, you need to have the right type of commercial insurance coverage so that your store, employees, and inventory are protected.
- Adult Novelty
- Appliance & Electronics Store
- Art Gallery
- Auto Service Repair
- Auto Supply Parts Store
- Bicycle Shop
- Book Store
- Bridal Shop
- Candy Confectionery Store
- Car Wash
- Carpet Store
- Clothing Store
- Collectibles Memorabilia Store
- Convenience Store
- Cosmetics Store
- Dry Cleaning
- Equipment Rental
- Funeral Home
- Furniture Store
- Gas Station
- Gift Store
- Hardware Store
- Home Improvement Store
- Hotel Motel
- Ice Cream Shop
- Jewelry Store
- Lingerie Store
- Luggage Store
- Music Store
- Office Supply Store
- Paint & Wallpaper Store
- Pet Store
- Pharmacy Liability
- Plumbing Supplies Fixtures Store
- Scrap Metal Dealers
- Sewing Store
- Shoe Store
- Sporting Goods Store
- Stationary Store
- Thrift Store
- Ticket Agency
- Tobacco Store
- Toy Store
- Travel Agency
- Wig Store
Retail stores are susceptible to premises liability claims because of customer traffic, but large department and specialty stores are more susceptible than most.
All retail stores have significant property exposures. The on-hand stock represents a considerable investment, but the amount on hand fluctuates seasonally. For this reason, physical damage insurance on this property must be arranged carefully. When the insured occupies a non-owned building, insurance coverage must be arranged for the insured's interest in extensive improvements and betterments made to the premises.
Crime insurance, in the form of employee theft and money and securities coverage, is also very important.
The businessowners policy was designed with retail exposures and operations in mind. For this reason alone, it should always be the first type of package coverage to consider. However, for those risks not eligible for the business owners policy program, the commercial package policy (CPP) is a practical and convenient way to combine a number of coverages into one policy.
Retail businesses generate income through interaction with customers. This interaction is also how a customer can sustain an injury and then sue the retailer for damages. Hazards, exposures and operations both on premises and off are important and must be covered, but liability the retailer may incur because of the merchandise sold must also be considered and insurance protection arranged.
Inventory or stock is the major property exposure for most retail operations. Because stock values tend to fluctuate or have significant peaks at certain times of the year, value reporting or peak season valuation options should be considered. Business income coverage, including business income from dependent properties coverage, may mean the difference between a retail operation staying in business or being forced into bankruptcy following a loss.
When the insured occupies a non-owned building, insurance coverage must be arranged for the insured’s interest in extensive improvements and betterments made to the premises.
Most retail businesses offer endless opportunities for a variety of criminal activities. For this reason, the coverages needed must be carefully evaluated. Holdup and robbery losses may be the most obvious concerns but employee theft, fraud and counterfeit money losses are also serious issues that cannot be dismissed.
Retail businesses are gaining greater exposure to international issues because of the growth in sales via the internet. As these sales increase, the added exposures faced by these retailers must be evaluated. While their operating horizons are expanding so are their potential loss exposures.
Request a free Bridal Shop Insurance California quote in Alameda, Alhambra, Anaheim, Antioch, Apple Valley, Bakersfield, Baldwin Park, Bellflower, Berkeley, Buena Park, Burbank, Camarillo, Carlsbad, Carson, Chico, Chino Hills, Chino, Chula Vista, Citrus Heights, Clovis, Compton, Concord, Corona, Costa Mesa, Daly City, Davis, Downey, El Cajon, El Monte, Elk Grove, Escondido, Fairfield, Folsom, Fontana, Fremont, Fresno, Fullerton, Garden Grove, Glendale, Hawthorne, Hayward, Hemet, Hesperia, Huntington Beach, Indio, Inglewood, Irvine, Lake Forest, Lakewood, Lancaster, Livermore, Long Beach, Los Angeles, Lynwood, Manteca, Menifee, Merced, Milpitas, Mission Viejo, Modesto, Moreno Valley, Mountain View, Murrieta, Napa, Newport Beach, Norwalk, Oakland, Oceanside, Ontario, Orange, Oxnard, Palmdale, Palo Alto, Pasadena, Perris, Pleasanton, Pomona, Rancho Cordova, Rancho Cucamonga, Redding, Redlands, Redondo Beach, Redwood City, Rialto, Richmond, Riverside, Roseville, Sacramento, Salinas, San Bernardino, San Buenaventura, San Diego, San Francisco, San Jose, San Leandro, San Marcos, San Mateo, San Ramon, Santa Ana, Santa Barbara, Santa Clara, Santa Clarita, Santa Maria, Santa Monica, Santa Rosa, Simi Valley, South Gate, Stockton, Sunnyvale, Temecula, Thousand Oaks, Torrance, Tracy, Turlock, Tustin, Union City, Upland, Vacaville, Vallejo, Victorville, Visalia, Vista, Walnut Creek, West Covina, Westminster, Whittier, Yorba Linda, Yuba City and all other cities in CA - The Golden State.
Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, LLoyd's of London, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.