Luggage Store Insurance Policy Information

Luggage Store Insurance. From leather luggage and suitcases, to handbags used as carry on luggage, to high end / high cost travel bags, the items you have in your store for sale are expensive.
Due to the nature of your inventory, it is important to ensure you choose the right insurer and right policy terms, when it comes to protecting your business.
So consider some of these factors in selecting an insurer for your luggage store insurance policy.
Luggage store insurance protects your shop 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 luggage insurance questions:
- What Is Luggage Store Insurance?
- How Much Does Luggage Store Insurance Cost?
- Why Do Luggage Stores Need Insurance?
- How Much Luggage Store Insurance Coverage Do You Need?
- What Does Luggage Store Insurance Cover & Pay For?
What Is Luggage Store Insurance?
Luggage store business insurance is a type of insurance that protects a luggage store business against potential financial losses due to unexpected events such as theft, damage, or liability claims. This insurance covers the physical property of the business, such as the inventory of luggage and other travel-related items, as well as the building and equipment.
Additionally, it provides protection for the business owner against lawsuits or claims made by customers or employees. This insurance is important for luggage store owners as it helps protect their investment and provide peace of mind in the event of an unexpected loss.
How Much Does Luggage Store Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small luggage stores ranges from $37 to $49 per month based on location, size, payroll, sales and experience.
Why Do Luggage Stores Need Insurance?
Owning a luggage store, you might think not much can go wrong. Sure, theft might occur locally in the commercial sector, but you have several cameras and CCTV equipment in place to protect your assets. However, there are other issues which can and do arise in the normal course of business.
Consider this situation; one of your employees is bringing down luggage for a customer. In doing so they scratch and ruin dozens of pricey leather suitcases, which would cost you hundreds, if not thousands of dollars in inventory loss.
Without a luggage store insurance in place, you are stuck paying out of pocket, and losing this inventory. This is just one of the issues which can occur with your store.
For this, theft, damage caused by storms, damage caused by customers who are careless, or any other possible problems which occur, you need luggage store insurance to protect your shop. You know some of the risks, so now you have to choose the proper coverage to protect your assets, employees and your store.
How Much Luggage Store Insurance Coverage Do You Need?
There are a number of factors to consider when choosing your luggage store insurance policy. In deciding how much coverage you require consider:
- Square Footage. (to cover inventory as well as the physical store and areas you keep inventory in storage spaces).
- Cost Of Inventory. Leather, high end, or designer luggage will be pricier to insure than "bulk" or "cheap priced" luggage you sell.
- Zip Code. Some areas are more dangerous or prone to theft, water damage, or other possible risks. In these "high risk" areas, your coverage will typically be higher.
- Your Assets. The number of bags, suitcases, luggage accessories, and items you have in your shop, will also affect your premium rates.
Some travel bag store operators owners also want to add incidental coverage. Some will choose to add additional coverage for flood damage if they live in an area where flooding is prevalent. The amount of coverage you require, is truly up to you as a business owner; with this in mind, you can't skimp on coverage, or not purchase insurance at all, as this will put your business in a bad place in the event something actually does go wrong.
Compare Before You Buy
Just like any other insurance policy - when you are purchasing luggage store insurance, you should to compare insurers. You have to know what they cover, if they offer additional coverage for high end items, whether or not they protect theft and vandalism, or whether they simply protect inventory.
Asking these questions,and comparing the level of coverage offered, from top insurers, for the price they charge, is the only way to find the right policy and insurer, and of course find the best price when you are finally ready to choose an insurer.
As a business owner, if you want to save, the only way to do so, without compromising on level of or quality of the coverage you purchase, is to compare top insurers which provide this type of coverage for your business needs.
Luggage Store's Risks & Exposures

Premises liability exposure comes from slips and falls due to public access to the premises. Floor coverings 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 raw materials and finished items 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.
Workers compensation exposures are from lifting which can cause back injury, hernias, sprains and strains, and from slips and falls. Shelves should be easily accessible for storage. Stepladders should be available. Training in proper lifting and handling of stock is important. Housekeeping in storage areas, especially during peak times, is vital in preventing trip and falls.
Manufacturing, repair, cutting and sewing operations can result in cuts and repetitive motion injuries. In any retail business, hold-ups can occur. Employees should be trained to respond in a prescribed manner.
Property exposure may be high from the treating and dying of leather if manufacturing is done on premises. Otherwise, ignition sources are limited to electrical wiring and heating and cooling systems. These should be maintained and meet current codes for the occupancy. Should a fire occur, the stock provides a combustible fire load that is highly susceptible to water and smoke damage.
Individual items may be shoplifted. High-value or designer items may be stolen in larger quantities after hours. Appropriate security 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.
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. 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.
Business 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.
What Does Luggage Store Insurance Cover & Pay For?

Luggage stores may be sued for various reasons, including:
- Personal injury: If a customer is injured while in the luggage store, they may file a lawsuit against the store for medical expenses, lost wages, and pain and suffering.
- Product liability: If a customer purchases a faulty or defective luggage product and is injured as a result, they may file a lawsuit against the store for damages.
- Property damage: If the luggage store or its employees cause damage to a customer's property, such as their car or personal belongings, the customer may file a lawsuit for compensation.
- Breach of contract: If a customer purchases a product or service from the luggage store and the store fails to fulfill its obligations under the contract, the customer may file a lawsuit for damages.
To protect against these and other potential lawsuits, luggage stores can purchase insurance coverage, such as:
General liability insurance: This type of insurance covers lawsuits related to personal injury or property damage that occur on the store's premises or as a result of its products or services. If a customer files a lawsuit against the store for one of these reasons, general liability insurance can help pay for legal fees, settlements, and judgments.
Product liability insurance: This type of insurance specifically covers lawsuits related to faulty or defective products. If a customer files a product liability lawsuit against the store, this insurance can help cover the costs of defending the lawsuit and any damages awarded.
Commercial property insurance: This type of insurance covers damage to the store's property, such as from fire, theft, or natural disasters. If the store is damaged and unable to operate as a result, this insurance can also help cover lost income.
Professional liability insurance: This type of insurance, also known as errors and omissions insurance, covers lawsuits related to professional negligence or mistakes. If a customer files a lawsuit against the store for breach of contract or other professional errors, this insurance can help cover legal fees and damages.
For example, if a customer slips and falls in a luggage store and files a personal injury lawsuit, the store's general liability insurance can help cover the costs of defending the lawsuit and any damages awarded. If a customer purchases a defective luggage product that causes injury and files a product liability lawsuit, the store's product liability insurance can help cover the costs of the lawsuit and any damages awarded. In either case, without insurance coverage, the store would be responsible for paying these costs out of pocket, which could be financially devastating.
Commercial Insurance And Business Industry Classification
- SIC CODE: 5948 Luggage and Leather Goods Stores
- NAICS CODE: 448320 Luggage and Leather Goods Stores
- Suggested Workers Compensation Code(s): 8017 Store - Retail NOC
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
Luggage Store Insurance - The Bottom Line
Purchasing luggage store insurance can be a time consuming process. The good news is that you just have to work with a professional insurance broker that will take you through the various coverage options and help you find competitively priced policies, for all the coverages you need.
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.
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- 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
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- Collectibles Memorabilia Store
- Consignment Stores
- Convenience Store
- Cosmetics Store
- Costume Stores
- Dry Cleaning
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- Equipment Rental
- Fabric Stores
- Fish Markets
- Flea Markets
- Florist
- 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
- Newsstand
- 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
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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.