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:
- What Is Harness And Saddle Shop Insurance?
- 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?
- What Does Harness And Saddle Shop Insurance Cover & Pay For?
What Is Harness And Saddle Shop Insurance?
Harness and saddle shop insurance is a specialized insurance policy designed for businesses that sell and repair saddles, harnesses, and other equestrian equipment. It provides coverage for losses or damages to the shop, its inventory, equipment, and other assets, as well as liability coverage for accidents that may occur on the premises or during delivery. It also provides coverage for theft, fire, and other perils, as well as loss of business income in the event of a covered loss. This type of insurance is essential for harness and saddle shops to protect against financial losses and to ensure the continuity of their business operations.
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.
What Does Harness And Saddle Shop Insurance Cover & Pay For?
Harness and saddle shops can be sued for a variety of reasons, including:
- Product Liability: If a customer is injured while using a product purchased from the harness and saddle shop, they may sue the shop for product liability. For example, if a saddle breaks while a customer is riding a horse, the customer may suffer injuries and sue the shop for selling a faulty product.
- Personal Injury: If a customer is injured while in the harness and saddle shop, they may sue the shop for personal injury. For example, if a customer slips and falls on a wet floor in the shop and suffers injuries, they may sue the shop for negligence.
- Property Damage: If a customer's property is damaged while in the harness and saddle shop, they may sue the shop for property damage. For example, if a customer's car is damaged in the parking lot of the shop, they may sue the shop for the cost of repairs.
- Breach of Contract: If the harness and saddle shop breaches a contract with a customer, the customer may sue for damages. For example, if the shop fails to deliver a product that was ordered and paid for, the customer may sue for the cost of the product or for damages resulting from the shop's failure to deliver.
Insurance can protect harness and saddle shops from lawsuits by providing coverage for various types of liability, such as:
General Liability Insurance: This type of insurance provides coverage for bodily injury, property damage, and personal injury claims made against the harness and saddle shop. If a customer sues the shop for any of these reasons, general liability insurance can help pay for legal fees and any damages awarded.
Product Liability Insurance: This type of insurance provides coverage for claims arising from the use of products sold by the harness and saddle shop. If a customer sues the shop for injuries or damages resulting from a faulty product, product liability insurance can help pay for legal fees and any damages awarded.
Commercial Property Insurance: This type of insurance provides coverage for damage to the harness and saddle shop's property, such as damage caused by fire, theft, or natural disasters. If the shop's property is damaged and a customer sues for damages, commercial property insurance can help pay for legal fees and any damages awarded.
Professional Liability Insurance: This type of insurance provides coverage for claims arising from the services provided by the harness and saddle shop. If a customer sues the shop for damages resulting from a mistake or error made by the shop, professional liability insurance can help pay for legal fees and any damages awarded.
In summary, harness and saddle shops can face lawsuits for various reasons, but insurance can protect them by providing coverage for liability and damages. Depending on the type of insurance coverage a shop has, it can help pay for legal fees and damages awarded in a lawsuit.
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 Workers Compensation Code(s): 8017 Store - Retail NOC
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.
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
- Specialty Retail Stores
The retail industry is a vital sector of the economy, providing goods and services to consumers across the globe. It is also a sector that is constantly evolving, with new technologies and trends emerging on a regular basis.
Despite its importance, the retail industry is not without its risks. Retail businesses face a variety of threats, including theft, damage to property, and liability issues. These risks can have significant financial consequences for retail businesses, which is why commercial insurance is so important.
Insurance can provide retailers with protection against financial loss resulting from unforeseen events. For example, if a retail store is damaged by a natural disaster, insurance can help cover the cost of repairs and help the business get back on its feet. Similarly, if a retail employee is injured on the job, insurance can help cover their medical expenses and any lost wages.
In addition to protecting against financial loss, commercial insurance can also help retail businesses protect their reputation. If a retail business is sued or faces other legal challenges, insurance can provide financial support and legal representation. This can help to protect the business's reputation and maintain customer trust.
Overall, insurance is an essential component of a successful retail business. It helps to safeguard against financial loss and protect against potential legal challenges, which can be especially important for smaller businesses that may not have the resources to absorb these types of losses.
By investing in business insurance, retail businesses can ensure that they are well-equipped to handle the many challenges that come with operating in this dynamic industry.
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.