Montana Arts And Crafts Supply Store Insurance Policy Information
Montana Arts And Crafts Supply Store Insurance. Arts and crafts supply stores become bustling hubs for diverse hobbyists, who will always find something that excites them.
Craft supplies stores sell a variety of items used to create unique clothing, gift or decorative items. Equipment and supplies for artificial flower arrangements, artwork, basket weaving, cake making, ceramics, costume jewelry making, dolls and dollhouses, knitting and crocheting, painting, quilting and sewing are generally offered along with instructional books and patterns.
Items will vary as new trends will change the demand. Many sell finished items such as costumes or home decor. Some sell sewing machines. Services can include classroom instruction, advice on completing projects, exhibits of new craft ideas, framing, and kilns for the firing of ceramic objects.
The store may be independent or part of a regional or national chain that sells items online as well as in stores.
Selling everything from paint and brushes, scrapbooking paper and accessories, and clay, to beads and other jewelry-making supplies, these stores encourage creative exploration and fun. In addition to a physical store, making arts and crafts supply stores run successful online shops.
As the owner and manager of an arts and crafts supply store, you find yourself in a rewarding and profitable career. Because arts and crafts supply stores also, on the other hand, face a multitude of risks, it is crucial to take proactive steps to protect your financial future.
Carrying the appropriate Montana arts and crafts supply store insurance is a core part of that. What types of coverage should craft stores have, and why? Keep reading to discover more.
Montana arts and crafts supply store insurance protects your supplies shop from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Why Do MT Arts And Crafts Supply Stores Need Insurance?
While arts and crafts supply stores will legally need to carry certain types of insurance, the most compelling reason to make sure you are fully covered is that carrying the best possible insurance is an important way to shield your business from financial losses.
Just like any other business, MT crafts supplies stores face numerous threats, after all. Some of those risks are universal, while others pertain specifically to your branch of commerce.
An act of nature - a hailstorm, lightning strike, earthquake, or hurricane, for example - could strike your business, damaging your store as well as your inventory. Burglary, vandalism, and accidental fires are other risks arts and crafts supply store owners must consider, but the list of possible perils does not finish there.
A store employee could become injured in the workplace, or your company's activities might accidentally cause damage to the property of an individual or business. A customer could sue you after a hobby product bought at your store caused property damage or injury, or a cyber criminal could target your store's website and gain access to sensitive data.
Without insurance, any of these perils have the potential to land you in massive debt. Your arts and crafts supply store could even face bankruptcy. If you have the right insurance, however, these and other setbacks will only be temporary, as your insurer will take care of a substantial portion of the expenses. That, in short, is why it is crucial to invest in Montana arts and crafts supply store insurance coverage.
What Type Of Insurance Do Montana Arts And Crafts Supply Stores Need?
Your arts supplies store is unique - so it is only logical that your insurance needs are, too. The MT location of your store, the number of employees you have hired, and the quantity and type of goods you sell are merely examples of factors that influence the precise nature of your insurance needs.
Consult a skilled commercial insurance agent to get help crafting a tailor-made Montana arts and crafts supply store insurance plan. Here, meanwhile, is a look at some of the most important types of insurance for arts and crafts supply stores:
- Commercial Property - This form of insurance protects your store from financial loss in case it is affected by perils that include acts of nature, theft, vandalism, and fire. Not only is your physical building covered, but also your inventory and many of its other contents. To protect yourself against loss of revenue after perils that damage your property, also purchase business interruption insurance.
- General Liability - Designed to shield your store from the fallout of third party personal injury and property damage claims, this kind of Montana arts and crafts supply store insurance coverage helps to pay for the resulting legal costs and settlement expenses.
- Product Liability - This type of liability insurance exists to cover expenses related to your products. For instance, if a customer sues you after a type of sculpting clay you sell caused an allergic reaction, your product liability insurance will have your back.
- Workers' Compensation - Falls and lower back problems after heavy lifting are two examples of injuries retail employees may face. Workers comp insurance covers the medical bills of any employee who is injured at work, while also reimbursing any wages they lose if they have to take time off due to the injury.
To make sure you have the right Montana arts and crafts supply store insurance coverage - that will best protect your business in the face of any peril, make sure to talk to a business insurance broker, as you may also have additional needs.
MT Arts And Crafts Supply Store's Risks & Exposures
Premises liability exposure is high due to the number of visitors to the store. To prevent slips and falls, there should be good lighting and adequate aisle space. All goods should be kept on easily reached shelves so customers do not pull items down on themselves.
The stock dropped on floors by customers must be retrieved promptly. Floor coverings must be in good condition with no frayed or worn spots on the carpet, and no cracks or holes in flooring. Steps and uneven floor surfaces should be prominently marked. Sufficient exits must be provided and be well marked, with backup lighting systems in case of power failure.
If classes are offered, there should be enough teachers to supervise class activities. If childcare is provided, criminal background checks should be conducted on supervising employees. Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls.
If the business is open after dark, there should be adequate lighting and appropriate security for the area. There should be a disaster plan in place for unexpected emergencies.
Personal injury exposures include allegations of discrimination and from apprehending and detaining shoplifters, which may result in claims of assault and battery, false arrest or detention, unauthorized or intrusive searches, or wrongful ejection from the premises.
Shoplifting procedures must be fully understood and utilized by all employees.
Products liability exposure is normally low. Foreign-made items should come from a domestic-based wholesaler. Any direct importer should be considered as a product manufacturer.
Workers compensation exposures are moderate due to employees standing for long hours, the use of computers, and restocking which requires lifting and placing items on shelves. Continual standing can result in musculoskeletal disorders of the back, legs, or feet. Trips, slips, and falls are common.
When work is done on computers, employees are exposed to eyestrain, neck strain, and repetitive motion injuries including carpal tunnel syndrome. Lifting can cause back injury, hernia, sprains, and strains.
Employees should be provided with safety equipment, trained on proper handling techniques, and have conveying devices available to assist with heavy lifting. Shelves should be easily accessible for storage. Stepladders should be available Housekeeping in storage areas, especially during peak times, is vital to prevent trips and falls.
If there is a kiln, employees can be injured by burns. Teaching can involve glue guns and other equipment that could result in injury. Respiratory ailments may occur from ongoing exposure to dust, fabric sizing, craft paints or glues.
Cleaning workers can develop respiratory ailments or contact dermatitis from working with chemicals. As with any retail operation, hold-ups may occur. Employees should be trained to respond in a prescribed manner.
Property exposures include common ignition sources such as electrical wiring and heating and cooling systems plus a heavy fire load that includes flammable glues, adhesives, aerosols, and paints. These are packaged in small quantities but should be kept away from heat sources.
Kilns for firing ceramics may be on premises and must be maintained and monitored to prevent overheating. Dried flowers, raffia, lace, paper, fabric, and other goods are highly combustible and are very susceptible to damage by fire, smoke, and water. Separation of items with adequate aisle spacing is vital for control.
If consignment items are accepted, property of others coverage will be needed. Individual items may be shoplifted. High-value items such as sewing machines can attract thieves. Appropriate security measures should be in place, including physical barriers to prevent entrance to the premises after hours and an alarm system that reports directly to a central station or the police department.
Business interruption is moderate. While backup facilities are readily available, sales may peak at times during the year.
Crime exposures are from employee dishonesty and theft of money and securities either from holdup or safe burglary. Background checks should be conducted on all employees handling money. There must be a separation of duties between persons handling deposits and disbursements and reconciling bank statements.
Money should be regularly collected from cash drawers and moved away from the collection area, preferably to a safe on premises. Bank drops should be made throughout the day to prevent a buildup of cash on the premises.
Inland marine exposures are from accounts receivable if the store offers credit, computers to transact sales and monitor inventory, and valuable papers and records for customers' and vendors' information. Backup copies of all records, including computer files, should be made and stored off premises.
If the store offers to fire in kilns, framing, or repairs items for customers, there will be a bailees exposure. There may be goods in transit between stores.
Business auto exposure is generally limited to hired non-owned liability for employees running errands.
Montana Arts And Crafts Supply Store Insurance - The Bottom Line
To discover the exact types of Montana arts and crafts supply store insurance policies you'll need, what coverage limits you should carry, and the associated costs - consult with a reputable broker that is experienced in commercial insurance.
Montana Economic Data, Regulations And Limits On Commercial Insurance
Thinking about starting a new business? Already own a successful business and want to expand your operations? Whatever the case may be, if you want to experience as much success as possible, you are going to want to ensure you choose the best possible location for your specific industry.
No matter how outstanding your goods and services may be, if the area where your business is located doesn't offer a healthy climate that will support your company, chances are you'll struggle to succeed.
If you are thinking about opening up a business in Montana, being familiar with the state's economic trends can help you determine if it's a good location for you. It's also wise to know what type of insurance you'll need to invest in so that you can plan ahead.
With that said, below, we provide an overview of the economic trends in the state of Montana, as well as the commercial insurance requirements for business owners in the Treasure State.
Economic Trends For Business Owners In Montana
As of December, 2019, the Bureau of Labor Statistics reported that the unemployment rate in the state of Montana was 3.4%; that's 0.1% lower than the national average, which was 3.5% at the same time. This rate remained steady throughout the entire 2019 fiscal year, and it is expected to either continue remaining steady or improve in coming years, according to economists.
Unemployment rate is a vital statistic for business owners, as it indicates the job market of a location, which is a strong determining factor in the success of businesses in the region.
There are several areas throughout the state of Montana that are seeing economic booms and where businesses are flourishing. Among those locations include the following cities and the areas that surround them:
- Great Falls
Several industries are seeing substantial growth in MT; however, there are particular sectors that are really thriving in Montana. Among those sectors include:
- Advanced manufacturing
- Hospitality and tourism
- Information technology
- Oil and gas production
- Retail development
If you are considering opening a business in any of the above-mentioned areas, your chances of success in Montana are favorable.
Commercial Insurance Requirements In Montana
The Office of the Montana State Auditor, Commissioner of Securities and Insurance regulates insurance in MT. Montana mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Montana requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Montana also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources 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
- Antique Dealers
- Appliance & Electronics Store
- Army Navy Surplus Stores
- Art Dealers
- Art Gallery
- Arts & Crafts Supply Stores
- Bicycle Shop
- Boat Dealers
- Book Store
- Bridal Shop
- Candy Confectionery Store
- Carpet Store
- Cell Phone Stores
- Clothing Store
- Collectibles Memorabilia Store
- Consignment Stores
- Convenience Store
- Cosmetics Store
- Costume Stores
- Dry Cleaning
- Embroidery Services
- Equipment Rental
- Fabric Stores
- Fish Markets
- Flea Markets
- Funeral Home
- Furniture Store
- Gift Store
- Greeting Card Stores
- Hardware Store
- Harness & Saddle Shops
- Home Improvement Store
- Infant, Baby & Children's Clothing Stores
- Jewelry Store
- Lamp Stores
- Lingerie Store
- Luggage Store
- Meat Market & Butcher Shop
- Men's Clothing Stores
- Music Store
- Office Supply Store
- Paint & Wallpaper Store
- Pawn Shop
- Pet Store
- Pharmacy Liability
- Plumbing Supplies Fixtures Store
- Poultry Dealers
- Rent To Own Stores
- Scrap Metal Dealers
- Sewing Store
- Shoe Store
- Sporting Goods Store
- Stationary Store
- Thrift Store
- Ticket Agency
- Tire Store
- Tobacco Store
- Toy Store
- Travel Agency
- Trophy Stores
- Tuxedo And Formal Wear Rental Store
- Vending Machine Operators
- Wig Store
- Women's Clothing Stores
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.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Equipment Breakdown, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Computer Fraud, Forgery, Bailees Customers, Goods in Transit, Jewelers Block, Cyber Liability, Employment-related Practices, Business Auto Liability and Physical Damage and Stop Gap Liability.
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