Virginia Lingerie Store Insurance Policy Information
Virginia Lingerie Store Insurance. Lingerie shops sell hosiery, nightgowns, nylons, pajamas, robes, stockings, undergarments, and related accessories. Some sell gift items such as candles, cosmetics, costume jewelry, hair accessories, handbags, scented lotions, or perfumes. The store may be independent or part of a regional or national chain that sells online as well as in stores.
Just like any other business, there are inherent risks associated with owning and operating a VA lingerie store. Though accidents and mishaps are probably the last thing you think of when you picture selling women's intimates, unexpected incidents can arise; after all, you are working with other people. In the business world, it's important to expect the unexpected, and investing in the right type of commercial insurance coverage is the best way to protect yourself from unplanned for events.
Why is commercial insurance crucial for adult apparel shop owners and operators? What types of Virginia lingerie store insurance policies should you carry? Find the answers to these questions and more below.
Virginia lingerie store insurance protects your adult apparel shop from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Why Is Insurance Important for Lingerie Store Owners?
No matter what type of industry you work in, if you own a business, commercial insurance is one of the most important investments you will ever make. It safeguards you from those unexpected events, and in the world of business, the unexpected can happen at any time; yes, even for lingerie store owners.
Customers can trip and fall at your retail site and sustain serious injuries; organizations that you contract with could take legal action against you, claiming that you failed to provide a specific service; employees could become injured on the job; your commercial property could be vandalized or damaged in a storm. These are just some of the incidents that can arise.
The cost of repairing or replacing lost or damaged merchandise and property, medical bills, and legal defense fees can be exorbitant. Unless you have amassed a hefty amount of money, paying for these unexpected expenses out of your own pocket could put you in serious financial trouble; even if you do have the means to pay for such costs, they can still be severely damaging.
The right type of insurance coverage can protect you from serious monetary losses, as it will help to pay for some of the expenses that are associated with covered claims; accidents, injuries, and lawsuits, for example. Therefore, it's highly recommended that you take the time to make sure that your shop is properly safeguarded with the right type of Virginia lingerie store insurance insurance.
What Type Of Insurance Should Lingerie Stores Have?
The insurance needs of every VA lingerie store will vary from operation to operation; the size of your business, the number of people you employ, where your business is located, and what type of services you provide are just some of the factors that will determine the specific type of policies you need and how much coverage you should carry. However, while the insurance needs do vary from business to business, there are certain Virginia lingerie store insurance policies that are recommended for all adult apparel shop owners, including:
- Commercial Property - In the event that your commercial property is damaged in weather-related event, a fire, a flood, or an act of vandalism, commercial property insurance can help to pay for the necessary damages. This type of policy covers the physical structure of your store, the contents within it, and some of the exterior structures, too; for example, if someone breaks into your store and steals inventory, your policy will can help to pay for any damages to the building and can cover the expense of replacing the stolen merchandise.
- Commercial General Liability - This type of policy provides you with protection against any third-party accidents and injuries, as well as any third-party lawsuits that may be filed against you as a result of accidents or injuries. Should a customer trip over a box that was left out in the middle of an aisle and he sustains an injury, commercial liability insurance will help to pay for any medical expenses that he requires as a result of the injury. If the customer files a lawsuit against you, your policy will also help to pay for legal defense fees and damages that you are liable for.
- Workers Compensation - Should an employee sustain an injury on the job or suffer a work-related illness, workers' comp insurance will help to pay for her medical expenses and lost wages; it can also assist with legal fees, should the employee file a lawsuit against you. For instance, if there is mold growing in your store, you were aware of it and you failed to have it remediated, and an employee developed a respiratory infection because of the mold, workers' comp will pay for any necessary medical care, lost wages during recovery, and defense and settlement fees, should legal action be taken.
These are just a few of the Virginia lingerie store insurance policies that should be in effect.
VA Lingerie 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 goods should be kept on easily reached clothing rods or shelves so customers do not pull items down on themselves. The stock dropped on floors by customers must be retrieved promptly.
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, adequate lighting and appropriate security for the area must be present. There should be a disaster plan in place for unexpected emergencies.
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 is normally low. Direct importing of clothes can increase the exposure. Foreign-made items should come from a domestic-based wholesaler. Any direct importer should be considered as a product manufacturer.
Workers compensation exposure is 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. Employees should be provided with safety equipment, trained on proper handling techniques, and have conveying devices available to assist with heavy lifting.
Cleaning workers can develop respiratory ailments or contact dermatitis from working with chemicals. In any retail business, hold-ups may occur. Employees should be trained to respond in a prescribed manner.
Property exposures are low because 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 and its packaging materials are highly combustible and susceptible to damage from smoke, fire, and water.
Individual items may be shoplifted. 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 moderate. While backup facilities are readily available, sales can be seasonal with replacement stock difficult to obtain quickly for peak times such as wedding season or Christmas.
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 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 regularly 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', employees', and vendors' information. Backup copies of all records, including computer files, should be made and stored off premises.
If the store alters or repairs items for customers, there will be a bailees exposure. High-end stores may have fine arts such as paintings or sculpture. 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, only company vehicles should be used. Drivers must have a valid license and acceptable MVR. Vehicles must be regularly maintained with records kept.
Lingerie Shop Insurance
To find out what other types of Virginia lingerie store insurance your shop should carry and how much you should invest in, speak to a professional insurance broker.
Virginia Economic Data & Small Business Insurance Information
If you're planning on starting a business, a lot of planning and factors need to be taken into consideration. Of course, having a great business model and offering valuable products and services are all keys to your success; however, there's something else that you need to take into consideration: where you're going to set up shop.
In order to reap the success that you hope for, you need to choose a location that offers favorable conditions for your specific business. If you operation isn't located in a location that can benefit from what you plan on offering, you aren't going to achieve the success that you desire.
For entrepreneurs who are thinking about Virginia as a location for their headquarters or a branch of their company, it's important to familiarize yourself with the economic trends in the commonwealth. It's also essential that you have a keen understanding in regard to the type of insurance coverage you'll need to carry to protect yourself, your clients, and your employees.
Business Economic Trends In Virginia
In regard to job growth, VA exceeds the rate of national job growth. As of February 2019, unemployment rates were at a historic low in The Volunteer State, with a rate of 3.2% throughout the state; 0.1% lower than the last historic low of 3.3% in October of 2018. That's lower than the national unemployment rate, which was reported to be 3.8% in February of 2019. Economists are forecasting continued job growth throughout the state into 2019.
The Commonwealth of Virginia has seen a dramatic upswing in economic growth in recent years. As of late 2019, the unemployment rate had fallen to a record low of just 2.9 percent; a significant difference compared to the national unemployment rate, which was 3.7 percent. In a one-year period, nearly 65,000 jobs were added. In 2019, the unemployment rate and economic growth of the state continues to be positive, and it expected to remain in the green well into 2019 and the future.
In regard to areas that offer the most favorable conditions for business owners, there are several. Metropolitan areas, including northern (Arlington, Fairfax, etc...), central (Richmond, Ashland, Lynchburg, etc...), and southern (Chesapeake, Newport News, Hampton, Norfolk, etc...) all afford great opportunities for entrepreneurs. However, virtually any location in the Commonwealth of Virginia can be considered favorable for business owners.
Industries that offer great promise in Virginia include:
- Education and training
- Information technology
- Travel and tourism
Commercial Insurance Regulations & Limits In VA
The Virginia Bureau of Insurance regulates insurance in Virginia. Just like any other state in the country, there are regulations in place regarding commercial insurance. Business owners are required to carry certain types of coverage to protect themselves, their clients, and their employees.
Small businesses with 2 or more employees are required by VA state law to have workers comp insurance coverage.
If you use certain types of motor vehicles for business-related purposes, you'll also need to invest in commercial auto insurance coverage to protect your drivers, as well as other drivers on the road.
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.
Request a free Virginia Lingerie Store insurance quote in Alexandria, Annandale, Arlington, Ashburn, Bailey's Crossroads, Blacksburg, Bon Air, Brambleton, Brandermill, Bristol, Broadlands, Buckhall, Bull Run, Burke, Burke Centre, Cave Spring, Centreville, Chantilly, Charlottesville, Cherry Hill, Chesapeake, Chester, Christiansburg, Colonial Heights, Culpeper, Dale City, Danville, East Highland Park, Fair Oaks, Fairfax, Falls Church, Fort Hunt, Franconia, Franklin Farm, Fredericksburg, Front Royal, Gainesville, Glen Allen, Great Falls, Groveton, Hampton, Harrisonburg, Herndon, Highland Springs, Hollins, Hopewell, Hybla Valley, Idylwood, Kings Park West, Kingstowne, Lake Ridge, Lakeside, Laurel, Leesburg, Lincolnia, Linton Hall, Lorton, Lynchburg, Manassas, Manassas Park, Martinsville, Marumsco, McLean, McNair, Meadowbrook, Mechanicsville, Merrifield, Montclair, Neabsco, Newington, Newport News, Norfolk, Oakton, Petersburg, Portsmouth, Radford, Reston, Richmond, Roanoke, Rose Hill, Salem, Short Pump, South Riding, Springfield, Staunton, Sterling, Sudley, Suffolk, Timberlake, Tuckahoe, Tysons, Vienna, Virginia Beach, Waynesboro, West Falls Church, West Springfield, Williamsburg, Winchester, Wolf Trap, Woodlawn and all other cities in VA - Old Dominion.
Also learn about Virginia small business insurance requirements for general liability, business property, commercial auto & workers compensation including VA business insurance costs. Call us (703) 747-9779.