Harness And Saddle Shop Insurance Policy Information
Harness And Saddle Shop Insurance. Harness and saddle shops are dedicated to selling high-quality tack - equipment for horses that includes harnesses, saddles, stirrups, bridles, cinches, blankets, reins, breastplates, and all related gear required for equestrian sports, horse care, and grooming.
Harness shops sell harnesses, saddles, tack, and related goods for grooming, riding, and showing horses. Some offer other leather riding apparel, such as boots or jackets, non-leather riding apparel, novelties, and accessories.
Most will provide repair services; some offer custom design and manufacture of leather goods on premises. Some stores offer delivery services for larger items.
Others sponsor competitions or special events. The store may be independent or part of a regional or national chain that sells athletic goods online as well as in stores.
As such, harness and saddle shops help those people who keep domesticated horses as a hobby and for sport meet many of their animals' daily needs, and perform a much-needed role within their communities.
The owners and managers of harness and saddle shops will go to great lengths to maintain and grow their businesses.
Even the most proactive steps to protect your store - such as only working with the best manufacturers, installing security systems, and strictly following health and safety protocols - cannot guarantee that your saddle shop will never fall victim to unforeseen circumstances, however.
That is why harness and saddle shops also require a comprehensive insurance plan. What kinds of harness and saddle shop insurance are needed? This brief guide provides a handy overview.
Harness and saddle shop insurance protects your store from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Below are some answers to commonly asked harness and saddle store insurance questions:
- How Much Does Harness And Saddle Shop Insurance Cost?
- Why Do Harness And Saddle Shops Need Insurance?
- What Type Of Insurance Do Harness And Saddle Shops Need?
How Much Does Harness And Saddle Shop Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for harness and saddle stores ranges from $37 to $59 per month based on location, size, revenue, claims history and more.
Why Do Harness And Saddle Shops Need Insurance?
Harness and saddle shops operate in the shadow of a wide range of hazards. They face the same risks that are common to all commercial ventures, as well as some risks unique to their own field.
In the event that your harness shop is impacted by a major peril, the costs can prove to be so extensive that it will be hard to recover - unless, that is, your business has armed itself with solid insurance coverage.
Acts of nature, such as major floods, wildfires, or hurricanes, can inflict such extensive damage that it would be almost impossible for your business to survive without the right insurance. Catastrophes that affect only your business, rather than the entire community, would include theft, vandalism, and accidents like fires.
These, likewise, have the potential to saddle you with massive costs while forcing you to temporarily close your shop at the same time.
Even though harness and saddle store owners will trust the brands they work with, the risk that equipment you sell causes a horse or equestrian to become injured does exist. Costly lawsuits are then bound to follow.
A customer may also suffer physical trauma or property damage while on your premises, or essential equipment you rely on in your daily operations could suddenly break down and require replacement or repair.
These and other perils represent one of the most significant challenges any business can be confronted with. Shops that have purchased a comprehensive harness and saddle shop insurance program can trust that their business will survive the temporary setback to thrive once more.
What Type Of Insurance Do Harness And Saddle Shops Need?
Individual factors, including your store's location, size, number of employees, and the precise nature of the tack you sell, will influence your insurance needs a great deal.
Thus, while it can seem like all small businesses require similar types of coverage, it is essential to consult a seasoned commercial insurance broker who is deeply familiar with the equestrian niche.
Meanwhile stores will unquestionably require the following key types of harness and saddle shop insurance:
- Commercial Property - Regardless of whether you own or rent your shop, this type of insurance is essential. In the event that your business is affected by perils that include acts of nature, vandalism, and theft, it covers resulting costs such as inventory loss and repairs to your building.
- General Liability - This vital kind of harness and saddle shop insurance coverage performs the function of safeguarding your shop's financial interests if you were to be faced with third party property damage or bodily injury claims. These lawsuits arise from situations in which third parties are injured or suffer property damage on your premises or due to your company's activities. Your insurer will step in to reimburse a large portion of your legal costs.
- Product Liability - In the unfortunate scenario that a product, such as a saddle or harness, that you have sold causes injury to a horse or a person, you can be held responsible even if you did not craft the equipment yourself. That is why it is important to carry product liability insurance, which will fund your attorney fees and settlement costs in these cases.
- Workers Compensation - If one of your employees were to sustain an injury on your premises or over the course of their professional responsibilities - such as one caused by a horse while fitting a saddle - workers comp helps your shop manage the costs. Both medical bills and wages lost if a worker is rendered unable to resume their job are covered.
Although these types of harness and saddle shop insurance are essential, business owners should keep in mind that they may require additional policies as well. To make sure your shop is fully covered, talk to a commercial insurance broker.
Harness And Saddle Shop'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 stock should be on sturdy shelves that are easily accessible to customers so they do not pull items down on themselves.
Flooring should 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. There should be a disaster plan in place for unexpected emergencies.
If vendors provide services, the store should require certificates of insurance verifying appropriate limits of liability.
If the shop sponsors competitions or special events, it can incur substantial liability from off-premises operations. Personal injury exposures include allegations of discrimination, invasion of privacy in dressing rooms, 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 can be high if straps and harnesses break and riders are injured in resulting falls. Any manufacturing or repairs, particularly of items made for safety or restraining purposes, increase the exposure. Foreign-made items should come from a domestic-based wholesaler.
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 clothing rods or 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.
Shelves should be easily accessible for storage. Stepladders should be available. Employees should be provided with safety equipment, trained on proper handling techniques, and have conveying devices available to assist with heavy lifting.
Housekeeping in storage areas, especially during peak times, is vital in preventing trips and falls. Equipment used in repair and manufacturing operations should be appropriately maintained to prevent injury.
Repetitive motion injury can result from cutting and sewing operations. Cleaning workers can develop respiratory ailments or contact dermatitis from working with chemicals.
In any retail business, hold-ups can occur. Employees should be trained to respond in a prescribed manner. Off-premises exposures can include contact with horses, which may be unpredictable.
Property exposures may be high from the treating and dying of leather if manufacturing is done on premises, or from flammables such as lubricants, oils, degreasers, and solvents used in repair operations. These flammables must be properly stored, separated, and controlled. Common ignition sources include electrical wiring, heating, and air conditioning systems.
All wiring should be well maintained and meet current codes for the occupancy. The stock is highly susceptible to damage from water, smoke,and fire.
Theft is a concern due to the high value of leather items and riding equipment. Appropriate security measures should be present 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 moderate as backup facilities may not be readily available and stock may be difficult to replace quickly.
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 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, bailees customers if the store accepts customers' items for repair, computers to transact sales and monitor inventory, exhibitions,and goods in transit if the store takes goods to shows or other off-premises events, and valuable papers and records for vendors' and customers' information. Backup copies of all records, including computer files, should be made and stored off premises.
Business auto exposure can be high if delivery services are provided. All drivers must have a valid license and acceptable MVR. Vehicles should have regular maintenance with records kept.
If there is no delivery service, the exposure will be limited to hired and non-owned liability for employees running errands.
Commercial Insurance And Business Industry Classification
- SIC CODE: 5941 Sporting Goods Stores and Bicycle Shops, 5948 Luggage and Leather Goods Stores, 5999 Miscellaneous Retail Stores, Not Elsewhere Classified
- NAICS CODE: 451110 Sporting Goods Stores
- Suggested ISO General Liability Code(s): 18206
- Suggested Workers Compensation Code(s): 8017
Description for 5941: Sporting Goods Stores and Bicycle Shops
Division G: Retail Trade | Major Group 59: Miscellaneous Retail | Industry Group 594: Miscellaneous Shopping Goods Stores
5941 Sporting Goods Stores and Bicycle Shops: Establishments primarily engaged in the retail sale of sporting goods, sporting equipment, and bicycles, bicycle parts, and accessories. Retail establishments primarily engaged in selling motorized bicycles are classified in Industry 5571, and those engaged in the retail sale of athletic footwear are classified in Industry 5661. Establishments primarily engaged in repairing bicycles are classified in Services, Industry 7699, and those renting bicycles are classified in Industry 7999.
- Backpacking, hiking, and mountaineering equipment-retail
- Bait and tackle shops-retail
- Bicycle and bicycle parts dealer except motorized-retail
- Bowling equipment and supplies-retail
- Camping equipment-retail
- Exercise apparatus-retail
- Fishing equipment-retail
- Golf goods and equipment-retail
- Golf professionals operating -retail stores
- Gymnasium equipment-retail
- Hunters' equipment-retail
- Playground equipment-retail
- Pool and billiards table stores-retail
- Riding goods and equipment-retail
- Saddlery stores-retail
- Skiing equipment-retail
- Skin diving and scuba equipment-retail
- Sporting goods stores-retail
- Tennis goods and equipment-retail
Description for 5948: Luggage and Leather Goods Stores
Division G: Retail Trade | Major Group 59: Miscellaneous Retail | Industry Group 594: Miscellaneous Shopping Goods Stores
5948 Luggage and Leather Goods Stores: Establishments primarily engaged in the retail sale of luggage, trunks, and leather goods.
- Leather goods, including goods made to individual order-retail
- Luggage and leather goods stores-retail
- Trunks, luggage-retail
Description for 5999: Miscellaneous Retail Stores, Not Elsewhere Classified
Division G: Retail Trade | Major Group 59: Miscellaneous Retail | Industry Group 599: Retail Stores, Not Elsewhere Classified
5999 Miscellaneous Retail Stores, Not Elsewhere Classified: Establishments primarily engaged in the retail sale of specialized lines of merchandise, not elsewhere classified, such as artists' supplies; orthopedic and artificial limbs; rubber stamps; pets; religious goods; and monuments and tombstones. This industry also includes establishments primarily engaged in selling a general line of their own or consigned merchandise at retail on an auction basis. Establishments primarily engaged in auctioning tangible personal property of others on a contract or fee basis are classified in Services, Industry 7389.
- Architectural supplies-retail
- Art dealers-retail
- Artificial flowers-retail
- Artists' supply and material stores-retail
- Auction rooms (general merchandise)-retail
- Autograph and philatelist supply stores-retail
- Awning shops-retail
- Baby carriages-retail
- Banner shops-retail
- Cake decorating supplies-retail
- Candle shops-retail
- Coin shops-retail, except mail-order
- Cosmetics stores-retail
- Electric razor shops-retail
- Flag shops-retail
- Gem stones, rough-retail
- Gravestones, finished-retail
- Hearing aids-retail
- Hot tub-retail
- Ice dealers-retail
- Monuments, finished to custom order-retail
- Orthopedic and artificial limb stores-retail
- Pet food stores-retail
- Pet shops-retail
- Picture frames, ready-made-retail
- Police supply stores-retail
- Religious goods stores (other than books)-retail
- Rock and stone specimens-retail
- Rubber stamp stores-retail
- Sales barns-retail
- Stamps, philatelist-retail: except mail-order
- Stones, crystalline: rough-retail
- Swimming pools, home: not installed-retail
- Telephone stores-retail
- Tent shops-retail
- Trophy shops-retail
- Typewriter stores-retail
- Whirlpool baths-retail
Harness And Saddle Shop Insurance - The Bottom Line
To discover more about the exact types of harness and saddle shop insurance policies you should have - along with coverage limits and premiums, consult with a reputable agent that is experienced in commercial insurance.
Types Of Small Business Insurance - Requirements & Regulations
Perhaps you have the next great idea for a product or service that you know will appeal to your local area. If you've got a business, you've got risks. Unexpected events and lawsuits can wipe out a business quickly, wasting all the time and money you've invested.
Operating a business is challenging enough without having to worry about suffering a significant financial loss due to unforeseen and unplanned circumstances. Small business insurance can protect your company from some of the more common losses experienced by business owners, such as property damage, business interruption, theft, liability, and employee injury.
Purchasing the appropriate commercial insurance coverage can make the difference between going out of business after a loss or recovering with minimal business interruption and financial impairment to your company's operations.
Insurance is so important to proper business function that both federal governments and state governments require companies to carry certain types. Thus, being properly insured also helps you protect your company by protecting it from government fines and penalties.
Small Business Insurance Information
In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.
The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.
Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.
According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage.
Types Of Small Business Insurance
Choosing the right type of coverage is absolutely vital. You've got plenty of options. Some you'll need. Some you won't. You should know what's available. Once you look over your options you'll need to conduct a thorough risk assessment. As you evaluate each type of insurance, ask yourself:
- What type of business am I running?
- What are common risks associated with this industry?
- Does this type of insurance cover a situation that could feasibly arise during the normal course of doing business?
- Does my state require me to carry this type of insurance?
- Does my lender or do any of my investors require me to carry this type of policy?
A licensed insurance agent or broker in your state can help you determine what kinds of coverages are prudent for your business types. If you find one licensed to sell multiple policies from multiple companies (independent agents) that person can often help you get the best insurance rates, too. Following is some information on some of the most common small business insurance policies:
|Business Insurance Policy Type||What Is Covered?|
|General Liability Insurance||What is covered under commercial general liability insurance? It steps in to pay claims when you lose a lawsuit with an injured customer, employee, or vendor. The injury could be physical, or it could be a financial loss based on advertising practices.|
|Workers Compensation Insurance||What is covered under workers compensation insurance? This type of insurance protects a business and its owner(s) from claims by employees who suffer a work-related injury, illness or disease. Workers comp typically provides the injured employee with benefits to cover medical expenses, a portion of his/her lost wages, rehabilitation costs if applicable, and permanent partial or permanent total disability.|
|Product Liability Insurance||What is covered under product liability insurance? I pays an injured party's settlement or lawsuit claim arising from a defective product. These are usually caused by design defects, manufacturing defects, or a failure to provide adequate warning or instructions as to how to safely use the product.|
|Commercial Property Insurance||What is covered under business property insurance? General liability policies don't cover damages to your business property. That's what commercial property insurance is for. It protects all of the physical parts of your business: your building, your inventory, and your equipment, giving you the funds you need to replace them in the event of a disaster. If you work from home, you might consider a Home Based Business Insurance policy instead.|
|Business Owners Policy (BOP)||What is covered under a business owners policy (BOP)? This is a policy designed for small, low-risk businesses. It simplifies the basic insurance purchase process by combining general liability policies with business income and commercial property insurance.|
|Commercial Auto Insurance||What is covered under business auto insurance? This type of insurance covers automobiles being used for business purposes. This could include a fleet of business-only vehicles or a single company car. In some cases it might cover your car or your employee's car while they're being used for business. These policies have much higher limits, ensuring you can cover your costs if one of these vehicles gets into an accident.|
|Commercial Umbrella Policies||What is covered under commercial umbrella insurance? This type of policy is a sort of "gap" insurance. It covers your liability in the event that a court verdict or settlement exceeds your general liability policy limits.|
|Liquor Liability Insurance||What is covered under liquor liability insurance? It covers bodily injury or property damage caused by an intoxicated person who was served liquor by the policy holder.|
|Professional Liability (Errors & Omissions)||What is covered under professional liability insurance? This type of business insurance is also known as malpractice oe E&O. It covers the damages that can arise from major mistakes, especially in high-stakes professions where mistakes can be devastating.|
|Surety Bond||What is covered under surety bonds? Bonding is a contract where one party, the SURETY (who assures the obligee that the principal can perform the task), guarantees the performance of certain obligations of a second party, the PRINCIPAL (the contractor or business who will perform the contractual obligation), to a third party, the OBLIGEE (the project owner who is the recipient of an obligation).|
Who Needs General Liability Insurance? - Virtually every business. A single lawsuit or settlement could bankrupt your business five times over. You might also need this policy to win business. Many companies and government agencies won't do business with your company until you can produce proof that you've obtained one of these policies.
Business Insurance Required by Law
If you have any employees most states will require you to carry worker's compensation and unemployment insurance. Some states require you to insure yourself even if you are the only employee working in the business.
Your insurance agent can help you check applicable state laws so you can bring your business into compliance.
Other Types Of Small Business Insurance
There are dozens of other, more specialized forms of small business insurance capable of covering specific problems and risks. These forms of insurance include:
- Business Interruption Insurance
- Commercial Flood Insurance
- Contractor's Insurance
- Cyber Liability
- Data Breach
- Directors and Officers
- Employment Practices Liability
- Environmental or Pollution Liability
- Management Liability
- Sexual Misconduct Liability
Whether you need any or all of these policies will depend on the results of your risk assessment. For example, you probably don't need an environmental or pollution policy if you're running an IT company out of a leased office, but you would need data breach and cyber liability policies to fully protect your business.
Also learn about small business insurance requirements for general liability, business property, commercial auto & workers compensation including small business commercial insurance costs. Call us (855) 767-7828.
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.