Montana Greeting Card Stores Insurance Policy Information
Montana Greeting Card Stores Insurance. Greeting card storess enable consumers to congratulate, thank, send well-wishes, or offer condolences to the important people in their lives in a manner that shows they have gone the extra mile.
Besides selling a wide variety greeting cards, these stores also often offer luxury stationary, balloons, and small gifts. Greeting card storess are, in other words, one-stop-shops for those who want to show others that they truly care.
These unique businesses are primarily aimed at consumers who are looking to send personal messages to people who are getting married, are having a birthday, have just had a baby, or are facing difficult times in their lives. As the owner and manager of a greeting card stores, you provide an important service.
Your business may also, however, be faced with numerous unexpected - and potentially ruinous - circumstances. What types of Montana greeting card stores insurance will you need to protect your shop?
Montana greeting card stores insurance protects your shop from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Why Do MT Greeting Card Storess Need Insurance?
Greeting card stores face numerous risks, just like any other commercial venture. Even if you do absolutely everything in your power to mitigate those risks, your store may still be struck by a major peril.
Greeting card stores may be hit by an act of nature, like a lightning strike, hurricane, or severe storm. With little warning, you may lose your entire inventory, face extensive property damage, and be forced to close your store temporarily. Accidents, theft, vandalism, and burglary are all examples of extremely realistic threats, too.
An employee of your MT shop may become injured at work, or a customer or vendor could be hurt. Your company may accidentally cause damage to third party property while unloading a shipment, or expensive equipment may suddenly break down.
These perils - as well as many others not covered here - share one common factor, and that is that they all lead to massive costs. With a solid insurance program on your side, your greeting card stores will be protected from unforeseen expenses, as your insurer will shoulder the burden instead.
That is the prime reason why investing in the right Montana greeting card stores insurance should be a priority.
Greeting card shop owners should also, of course, keep in mind that certain types of coverage are legally mandated and that lenders will require proof of insurance as well.
What Type Of Insurance Do Montana Greeting Card Storess Need?
Greeting card store owners should aim to obtain an insurance plan that covers not only the perils they are most likely to face, but also the truly devastating events associated with costs they would not be able to manage on their own.
Your store's location, the size of your business, and your number of employees all factor into your insurance decisions. A commercial insurance broker is perfectly equipped to offer you personalized advice tailored to your needs. Among the kinds of Montana greeting card stores insurance needed, however, are:
- Commercial Property - Acts of nature, vandalism, theft, and accidents all pose serious threats to your store and its contents. Commercial property insurance will cover your repair and replacement costs if your business is affected by a major disaster. Additional business interruption insurance further covers a portion of the revenue you lose to covered perils. Note that flood insurance is sold as a separate policy, and floods are typically not covered by ordinary property insurance plans.
- General Liability - This type of Montana greeting card stores insurance protects you from the financial fallout of events in which third parties, such as vendors or customers, are injured on your store's premises. It also covers the cost of actions that result in damage to third party property. Because general liability coverage shields you from the exorbitant legal costs associated with lawsuits of this type, it is a must for any retailer.
- Product Liability - Even greeting cards could cause harm to third parties, due to the presence of perfume, for instance. The gifts greeting stores sell may also pose a hazard to small children. When a product you sell causes harm to end consumers or anyone else, product liability insurance is a crucial part of your legal defense fund.
- Workers Compensation - This form of insurance is mandatory for businesses with employees in most states. If an employee is injured within the workplace, their medical bills and any lost wages are both provided for.
Be aware that they are likely additional Montana greeting card stores insurance needs, such as inland marine insurance and commercial auto insurance. To find out more, talk to a skilled commercial insurance broker.
MT Greeting Card Stores'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. Stock for sale should be kept on easily accessible and well-supported shelving so customers do not pull goods down on themselves.
Aisles must be adequate and free of debris with flooring in good condition with no frayed or worn spots on 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. 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 suspected shoplifters, which may result in claims of assault and battery, false arrest or detention, unauthorized or intrusive searches, or wrongful ejection from the premises. Employees must be trained to deal with such delicate situations properly.
Products liability exposure is normally low.
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, hernias, 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 in preventing trip and falls. 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 are moderate. Ignition sources are limited to electrical wiring, heating and cooling equipment, but greeting cards are extremely susceptible to fire, smoke and any type of moisture. Suppression systems must be evaluated both on the ability to control fire and to limit damage to contents while doing so.
High-value gifts may be attractive to thieves. Appropriate security measures should be taken, 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. Fragile items made of glass or pottery are subject to breakage.
Business interruption exposure is moderate. While backup facilities are readily available, sales may peak at particular times during the year.
Crime exposures are from employee dishonesty and loss of money and securities either from holdup or safe burglary. Background checks should be conducted on all employees handling money. There must be 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. There may be goods in transit between stores.
Business auto exposure is generally limited to hired and non-owned liability for employees running errands.
Montana Greeting Card Stores Insurance - The Bottom Line
To discover the specific types of Montana greeting card stores insurance policies you'll need, whath coverage limits you should carry and the premiums - consult with a reputable broker that is experienced in business 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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Also find MT local small businesses by General Liability Class Code and learn about Montana small business insurance requirements for general liability, business property, commercial auto & workers compensation including MT business insurance costs. Call us (406) 637-8400.