Shoe Store Insurance New Hampshire Policy Information
Shoe Store Insurance New Hampshire. The shoe business is one that continues to thrive despite fluctuations in the economy. Even without changes in styles and trends, shoes eventually wear out and must be replaced. If you have made the sound business choice of opening a shoe store, you need to protect your investment with a suitable shoe store insurance New Hampshire package that matches your coverage needs just as well as your shoes match your outfit.
Shoe stores can sell a variety of new and used shoes and accessories for men, women, children, and infants. Some specialize in sales to one type of customer, such as men, children or women, or sell a specific type of shoe, such as athletic shoes or boots. A variety of accessories may be available, such as purses, hosiery, and trims. The store may be independent or part of a regional or national chain. Repair services or custom dying may be provided. Shoe prescriptions from podiatrists may be filled.
Shoe store insurance New Hampshire protects your shop from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now..
Types Of Insurance For Shoe Stores
Shoe stores have more than one business risk to be concerned about, so your shoe store insurance New Hampshire policy should be able to accommodate all those risks. Below are some the most common shoe insurance coverages:
General Liability - General liability is a coverage that protects you from problems caused by harm to your customers or their property. If a customer injures themselves while inside your store, you could be held legally liable for their medical care costs. If the customer's purse is stolen on your premises or their car is damaged while parked in front of your shoe store, you can also be held liable. General liability pays the customer's damages.
Commercial Property - With business property coverage as an integral part of your shoe store business insurance, you have a way to make the necessary repairs to your building and replace anything that is destroyed in case there is a fire, severe snowstorm, water damage or other damages.
Workers Compensation - Should an employee become injured while on the job, NH workers comp will protect you and your business from having to pay for the damages, medical costs and loss of wages that an employee suffers. If the employee dies as a result of the injury, it can pay funeral expenses and support payments to the deceased employee's survivors. It's also a good idea because most states mandate workers compensation for any non owner or partner employees.
NH Business Auto - This is coverage for the cost of any damages to your business vehicle, as well as injuries to other drivers and damages that other vehicles may suffer in the event of an accident with your business auto.
Utility Interruption Loss of Income - Coverage for loss of income caused by the necessary suspension of your business due to failure of communications, water, natural gas, or electrical service to the NH premises.
Signs - Coverage for accidental direct physical loss to signs attached to buildings (whether indoor or outdoor) and to outdoor signs not attached to buildings at the described premises owned by you or in your care, custody or control.
Footwear Store Insurance Considerations
There are a number of options for you to choose from when taking out a shoe store insurance New Hampshire policy, and the specific coverages and endorsements of your insurance will depend on your footwear shop's circumstances. No two businesses are the same, so no footwear shops will have exactly the same insurance requirements. It's always important to ensure you properly understand the extent of any coverage that you take out, so that you can make sure you're protected against everyday risks.
New Hampshire Shoe Store's Risks & Exposures
Premises liability exposure comes from slips and falls due to public access to the premises. Floor covering must be 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.
Personal injury exposure is from apprehending and detaining shoplifters. Shoplifting procedures must be fully understood and utilized by all employees.
Products liability exposure is normally low. Direct importing of shoes and repair work can add to the exposure. Foreign-made items should come from a domestic-based wholesaler. Any direct importer should be considered as a product manufacturer. Errors in filling of prescription shoe orders for a customer can exacerbate existing foot problems.
Workers compensation exposure is from lifting, which can cause back injury, hernias, sprains, and strains. There is also the exposure of bending to measure feet and try shoes on customers and also slips and falls. Employees should be provided with safety equipment, trained on proper inventory handling techniques, and have conveying devices available to assist with heavy lifting.
If shoe repair services are offered, injuries due to sewing and cutting are possible. In any retail business, hold-ups may occur. Employees should be trained to respond in a prescribed manner.
Property exposures are low since ignition sources are limited to electrical wiring and heating and cooling systems. These should be maintained and meet current codes for the occupancy. The shoes are moderately susceptible to damage and only contribute moderately to any fire load. Polishes and lacquer are combustible but are generally kept in small packages.
As shoes can be high in value due to product licensing, 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 exposures are generally low as backup facilities are readily available.
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 separation of duties between persons handling deposits and disbursements and handling bank reconciliations. 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 due to customers' and vendors' records and prescription records. Backup copies of all records, including computer records, should be made and stored off premises. If the store alters or repairs items for customers, there will be a bailees exposure. There may be goods in transit between stores or if the store delivers items.
Commercial auto exposure is generally limited to hired and non-owned for employees running errands. If the store delivers items to customers, anyone who drives an insured vehicle must have a valid license and acceptable MVR. Vehicles must be regularly maintained with records kept.
NH Shoe Store Insurance
When you open your doors to customers each day, your business will be exposed to financial risks. Accidents, injuries, slips, trips, and falls can all wind up costing you hundreds of thousands of dollars in legal bills. Employee accidents could lead to workers comp claims. Thieves could steal thousands of dollars in expensive inventory from your store. Ensure you have footwear store insurance coverage to mitigate these risks.
New Hampshire Economic Data, Regulations And Limits On Commercial Insurance
You have an entrepreneurial spirit and a great idea for a business, now you just need to decide on a location for your headquarters. Before you pick a location, it's important to take several factors into consideration and weigh your options.
If the area doesn't offer a market that the products and/or services you intend on offering will appeal to, and the overall economic climate isn't healthy enough to support a business, there's a good chance you aren't going to achieve the success you desire.
How can you determine where to set up shop? By assessing the economic trends of a location, as the economy of an area offers good insight about the potential for success. Additionally, you should consider the commercial insurance requirements of an geographic location so that you know what type of policies you'll need to have in place.
If you're thinking about starting a business in New Hampshire, read on for an overview of the state's economic trends and mandated commercial insurance policies.
Economic Trends For Business Owners In New Hampshire
As of December, 2019, the unemployment rate in the Granite State was 2.6%, which was 0.9% below the national average of 3.5%. This statistic indicates that the economy of New Hampshire is healthy, as there are enough job opportunities to support the residents of the state, and those employment opportunities directly reflect the health of businesses in the state.
Additionally, New Hampshire offers a diverse workforce that is comprised of individuals from varied backgrounds, so prospective business owners should have ample opportunities to secure employment for their organizations.
In addition to the low unemployment rate, the Granite State offers many other features that will appeal to business owners; low taxes, an above-average per capita personal income, and the close proximity to large regional markets, just to name a few.
While businesses of varying sizes and in various industries can find success in the state of New Hampshire, there are some sectors that show particular promise. The leading industries in the state are as follows:
- Bio Science and health care
- High-tech manufacturing
- Hospitality and tourism
The best locations for business owners within NH include metropolitan regions and the surrounding areas. This includes Portsmouth, Portland, Concord, Derry, and Londonderry.
Commercial Insurance Requirements In New Hampshire
The New Hampshire Insurance Department regulates insurance in NH. New Hampshire mandates very few forms of insurance coverage by law. They enforce worker's compensation.
New Hampshire 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.
New Hampshire 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 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
- Bicycle Shop
- Book Store
- Bridal Shop
- Candy Confectionery Store
- Carpet Store
- Clothing Store
- Collectibles Memorabilia Store
- Convenience Store
- Cosmetics Store
- Dry Cleaning
- Equipment Rental
- Funeral Home
- Furniture Store
- 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.
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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