Virginia Sewing Store Insurance Policy Information
Virginia Sewing Store Insurance. Often those who work in the craft industry aren't aware of which kind of insurance they need to ensure they're fully protected. In fact, many in the trade don't even know that they need any sort of insurance at all.
If you own and run a sewing store, it's particularly important to make sure you know exactly how you need to be covered and what type of Virginia sewing store insurance is the best fit for your business.
Virginia sewing store insurance protects your shop from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Do You Need Sewing Store Insurance?
When it comes to running a business, the temptation is always to keep costs to a minimum to reduce your break-even threshold. However, in a sewing store the cost of negligence can often far outweigh the cost of insurance, so it's well worth investing your money in protection. Also, the peace of mind that Virginia sewing store insurance brings is worth every penny you spend.
Types Sewing Store Insurance
To find the best fit Virginia sewing store insurance, you should ask yourself some questions:
Do you stock and sell products? If so, and someone gets injured as a result of using that product, you might well be liable for that injury. You'll need product liability insurance to cover yourself in this instance. Product liability claims are becoming increasingly commonplace; don't fall victim to one.
If you use expensive tools, equipment and machinery, you'll almost certainly need business property insurance. A business owners policy (BOP) insurance package can cover you for a wide range of potential damages. You'll be protected for you're premises, and anything that might happen on them. Any tools that are kept on the premises will also be covered, which is essential in a sewing store where you might be undertaking a high quantity of manual labor.
The other 'must-have' Virginia sewing store insurance policy is commercial general liability. If a member of the public incurs any injury relating to the practices of your business, you will be responsible. Similarly, if any property damage occurs in connection to your business, you will also be responsible. For instance, if you're holding a sewing class and one of your students injures their hand, or if you leave a bundle of thread on the floor in your shop which someone slips over, they will have the right to claim compensation.
VA general liability insurance protects you against these claims, and it absolutely essential for owners of a sewing store. Don't cut corners - get yourself properly covered.
If one of the services you offer in your sewing store is training and advice relating to sewing, you'll almost certainly need professional liability insurance. As the trainer, you're claiming a position of expertise and thus your students are placing their trust in your knowledge. Professional liability insurance, also know and errors and omissions (E&O) essentially protects your knowledge, so that if your students claim they have incurred an injury or financial loss as a result of your negligence, you are covered. You'll only need professional indemnity insurance if you offer paid advice.
If you're running a successful sewing store, chances are you have an employee or two assisting you. In this case, you'll need workers compensation insurance. VA workers comp that protects you from claims from your employees when they are injured or fall ill as a direct result of their role at the sewing store. In most states, workers comp is mandated for any non-owner employees, so you'll need to check to see where you stand on this.
VA Sewing Store Insurance
Those are the main insurance policies you should consider working in the sewing industry. With such a hands-on craft, it's absolutely essential that you're fully prepared for the worst possible outcome. "Prepare for the worst, but hope for the best" is a good mantra to adopt.
You might also want to take out VA commercial auto insurance if you have a vehicle that is central to the operation of your business. These policies protect you if someone driving the company vehicle hurts someone and your are sued.
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 Sewing 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.