Your Successful Clothing Accessories Business 

The clothing accessories sector is currently booming in Canada. As this type of specialty retailer, you have the advantage of being part of a billion-dollar industry aimed at complementing the fashion world. As a Clothing Accessories Store owner or online clothing accessory store, you might carry a variety of goods such as shoes, jewelry, hats, scarves, scrunchies, hosiery and more. You serve an important function in the retail and fashion worlds and your niche market is good business. 

Having established yourself in this specialty market, you should also ensure that you’re aware of and protected from potential threats before they occur.

Clothing Accessories Store Insurance
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What are some potential threats to a Clothing Accessories Store? 

All business owners knows that bad things can happen, despite your best efforts to create a safe and welcoming space for your customers and/or selling only products from reputable manufacturers. You need coverage that will protect you from the potential for any mishaps that may happen at your physical location or from the products you sell. You also need to protect your property and your inventory (regardless of whether it’s from home, in a warehouse, storage unit or in a physical store) from theft and loss so you can continue to operate your store. The right insurance coverage can ensure your business stays open – and profitable – even after a tragic event like a fire, tornado, earthquake etc.  Finally, you also need to protect your customer data and all other online data and capabilities, especially if you are selling partially or fully online.  Multi-channel retailing is an increasing trend which comes with it’s own risks and specialized insurance products can act as a safeguard to keeping your business going. 

Some threats that could affect your Clothing Accessories Store:

  • Any physical injury that could affect your customers in your retail location, including entering and exiting. 
  • Shoplifting by your customers of accessories that are often small and easily concealed. 
  • Theft by employees of stock items. 
  • Product recall due to malfunction or poor quality. 
  • Cyber threats to your web presence and customer information. 
  • Liability from customers who have experienced rashes, allergic reactions and/or injuries from products you’ve sold

What type of insurance coverage does your retail store need?

  • Commercial General Liability – this coverage will protect your business against any claims made related to your business operations from third parties that allege bodily injury or property damage and also has numerous other beneficial extensions. 
  • Product Liability – if any of your products cause bodily injury this coverage which is typically part of a commercial general liability policy for clothing accessories stores.
  • Small Business Commercial Property Insurance – this relates to the physical location and contents of your business, including your building if you own it, your leasehold improvements if you rent/lease and your inventory, display cases, equipment etc. 
  • Cyber Liability Insurance – this coverage is designed to protect your online information, including your website and stored customer information, in the event of a data breach or failure. 
  • Employee Theft – given the nature of your business and stock, you may wish to consider this coverage to protect you in the unfortunate circumstance that one of your staff is dishonest. 
  • Umbrella Liability – this coverage can protect against the unexpected large liability claims, and kicks in when other coverages are exhausted. It should be considered as part of your overall insurance plan to cover you in the event of a large loss or event. 

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