Words of wisdom from our business insurance experts.
You must love being in the apparel industry and creating your own swimwear line. But do you have the right business insurance policies in place to protect your swimwear company from unforeseen risk that can cost you in legal fees, settlements, and more? A claim made against your business without insurance can potentially lead to bankruptcy and ultimately put you out of business.
Don’t worry at Fullsteam Insurance, we understand you’re a creative who wants to focus on designing one-of-a-kind pieces and getting your line into the best boutiques and retail stores. That’s why our expert advisors are here to help you design a business insurance policy that protects your business, while saving you money and time.
As a swimwear designer your company can face a wide variety of risks from employee injuries, fire hazards, and theft to even libel if you’re working with a social media influencer who doesn’t have their own social media influencer liability insurance that can disrupt your business. Implementing a risk management plan that includes business insurance policies can cover your expenses when facing lawsuits, injury, and even unexpected loss is the proactive way to safeguard your business.
*Fullsteam Insurance Advisor Tip: Read our blog, Does Your Insurance Policy Cover Social Media Influencers? To learn the importance why you should only partner with a social media influencer who is covered.
As clothing or swimwear designers you need an insurance policy you can trust that is well-rounded. That’s why our insurance expert advisors always recommend general liability insurance, workers’ compensation insurance, a business owner’s policy, commercial property insurance, and commercial umbrella insurance.
This may seem like a lot and overwhelming. However, these are the fundamental insurance policies that we recommend to any clothing designer, retail store, or clothing manufacturer. And don’t worry your Fullsteam Insurance advisor will help you get through all the red tape to make sure you are covered and protected against unexpected situations.
Keep reading below for details on each line of coverage and how it applies to your swimwear business:
General Liability Insurance
This policy protects startups from common lawsuits, such as bodily injury, property damage, and advertising injuries. A general liability insurance policy will also cover advertising.
As a swimwear designer you draw inspiration from the world around you including other artists and if one of them decides to sue, don’t stress because your general liability insurance has your back.
Product Liability Insurance
This insurance policy covers any legal fees and any required settlement from a lawsuit that claims your swimwear product may have caused them harm. Remember, there is always a chance someone could make a claim like this can lead to financial loss and reputational damage.
For example, say you create a new line of swimsuits with a material that ends up causing a skin infection. Chances are your customer may sue your business for bodily injury. Your General Liability + Product Liability insurance will defend you and pay for medical bills and legal costs.
Business Owner’s Policy (BOP)
This policy is also known as, commercial property insurance which covers your office space and the belongings within it from damage, fire, vandalism, pipe bursts, or natural disasters. A BOP is a more comprehensive risk management solution that includes multiple forms of coverage, such as business interruption and property insurance.
For example, you made a huge investment in your equipment, supplies, inventory, and design space or retail space. In the event of a fire, theft, or natural disaster, commercial property insurance would cover the cost of repairing or replacing your business-related property. This includes structural damage to your building as well as the business materials you store there.
*Fullsteam Insurance Advisor Tip: Combining general liability and business property insurance into a business owner’s policy can not only save you money, but most small, low-risk startups are eligible for this insurance policy.
Workers’ Compensation Insurance
This policy covers medical expenses associated with work injuries. This insurance policy is required by most states, except Texas. It not only covers an employee’s medical bills and lost wages but also any disability or death benefits stemming from a work-related accident.
For example, say one of your employees slips and falls during a meeting a needs to go to the hospital. Your Workers Compensation policy will cover medical bills and any legal fees associated with the accident.
Commercial Umbrella Insurance
Umbrella insurance boosts coverage on a manufacturer's general liability insurance, commercial auto insurance, or employer’s liability insurance once the limit is reached. This covers customer injury lawsuits, customer property damage lawsuits, and employee injury lawsuits.
Please note, there are several factors that will have an impact on your business insurance costs:
- Products that are manufactured
- Business equipment and property
- Annual revenue
- Location of your business
- Size and classification of your workforce
The first step to being proactive and safeguarding your swimwear or clothing company from risk is by speaking with a Fullsteam Insurance expert and understanding how your level of risk can determine your insurance cost. We always compare quotes, negotiate for the broadest insurance policies that protect businesses from unforeseen risk, and work with reliable insurance carriers to better serve our clients.
Our Fullsteam Insurance team works hard for your business with world-class customer service, cutting-edge technology, and marketing industry knowledge. Discover your trusted source for personalized insurance policies that will shield your business from liability. Get the coverage you need at the price you want with Fullsteam Insurance.
Discover your trusted source for personalized business insurance policies for your experiential marketing agency that will shield your business from liability and always mitigate risk. Get the coverage you need at the price you want so you can concentrate on more important matters like designing your next collection and working with buyers from boutiques and retail stores.