Vintage apparel is big business for specialty clothing shop owners. These tailored and stylish garments from yesteryear are getting a second chance. But is this the case if anything happens to your vintage clothing store?
Your antique store is a small business and you risk liability from several directions. A sad example of this is the Mountaintop Antique Mall in Woodlawn, Virginia. Once a five star rated mall, it now has a permanently closed sign. The mall housed multiple antique stores and vintage clothing shops and collectables. One snowy winter in 2012 heavy snow accumulation caused the roof to collapse. The shops lost their inventory.
Those whose antique and vintage clothing shops had insurance, regrouped and opened elsewhere. Those who did not were forced out of business, unable to cover their losses and start over. The building owner may have had property damage insurance for his building and fixtures. There was no liability insurance policy to cover individual business loss.
Consider also the lawsuit filed by Chanel has against a vintage clothing and accessory resale shop selling vintage designer products. Among Chanel’s claims is that some products are less than 50 years old and therefore not vintage. That may be a mistake or deliberate. Either way, the vintage clothing shop must respond to the claims and that costs money. As antique store and vintage clothing shop owners, you need a solid business insurance policy that would pay your defense and court costs along with any monetary awards.
Your own vintage clothing store or antique store could inadvertently mix up the meaning of the two words, vintage and antique. If you do, a customer could file a lawsuit. Vintage must be 50 years old and antique must be 100 years old. Collectables may or may not be vintage or antique. This errors and omission mix up is fortunately covered by your general liability insurance policy.
Your antique store business insurance policy includes general liability to protect our personal and business assets. If someone is injured while in your antique store your liability insurance policy would cover the medical costs and your costs in the event of a lawsuit. An antique store that delivers will include in the business insurance policy commercial vehicles coverage. An accident could be costly depending on what item is inside the vehicle and who owns it. You own the building from which you operate your antique business and vintage clothing store, so your business insurance would cover that loss. General liability is a minimum policy all business owners should purchase.
Customize Your Vintage Clothing Shop Insurance
There are also specialized insurance policies, specific to this industry, that you might want to include. Loss of income is one. If you had a fire at your antique shop, your business insurance will cover loss to the building, your inventory and your loss of income until you can reopen. Listen, you have everything invested in your business and that’s all you have. You can’t risk losing it if the roof falls in or you mistakenly date a collectable as vintage. But what if you do? Find out which insurance will protect your small business.
ASK JOHN FOR THE BEST INSURANCE QUOTE YOU’LL GET ALL DAY!