Sunglasses Line Business Insurance
Getting business insurance for your sunglasses line is essential.
This is because, as the owner of a sunglasses line, you will want to ensure that your business’s assets are adequately protected from a variety of different risks.
These include property damage and theft, intellectual property right violations, and employment law disputes.
We’ll help you find the most personalized and affordable coverage for your unique business.
Recommended: Next Insurance is dedicated to matching small businesses with the right policy at the best price.
Best Insurance for a Sunglasses Line
General liability insurance is — generally speaking — one of the most important insurance policies for sunglasses lines.
Some of the risks general liability insurance covers are:
- Bodily injury
- Property damage
- Medical payments
- Legal defense and judgment
- Personal and advertising injury
Having said that, your sunglasses line will likely benefit from purchasing additional coverage. This is because you will not be able to protect yourself from all foreseeable risks with a simple general liability policy.
We recommend considering purchasing the following types of policies:
- Intellectual property insurance: Protects you from trademark disputes
- Commercial property insurance: Protects you from damaged or stolen inventory
- Workers’ compensation insurance: Protects you from employee injuries (e.g., during manufacturing, etc.).
- Business income insurance: Protects your income in the event that you are required to temporarily close down.
You will also need to find the right insurer for your sunglasses line’s needs; even though there are several options available, we found that most will fall in one of the two following categories:
- Traditional brick and mortar insurers: Popular choices among small businesses include The Hartford and Nationwide.
- Online insurers: Popular choices among small businesses include Tivly and Next Insurance.
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Cost of General Liability Insurance
On average, sunglasses lines in America spend between $350 - $750 per year for $1 million in general liability coverage.
Compare the average cost of general liability insurance for a sunglasses line to other professional industries using the graph below.
Several factors will determine the price of your policy. These include your:
- Location
- Deductible
- Number of employees
- Per-occurrence limit
- General aggregate limit
You may be able to acquire general liability insurance at a discounted rate by purchasing it as part of a business owner’s policy (BOP) rather than as a standalone policy.
A BOP is a more comprehensive solution that includes multiple forms of coverage, such as business interruption and property insurance.
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Common Situations That General Liability Insurance May Cover for a Sunglasses Line
Example 1: As you load merchandise onto a truck, a passerby trips over one of your boxes, injures himself in the resulting fall, and sues you for $150,000 to cover his medical expenses and additional damages. General liability insurance would pay for his medical treatment and any court-awarded damages.
Example 2: In order to rent a new building for your business, the landlord requires evidence of $1 million in liability insurance. A general liability policy would fulfill this requirement of the lease agreement.
Example 3: A competitor sues your company, claiming he lost business because the slogan in your new marketing campaign closely resembles his company slogan. General liability insurance would cover your legal representation and any awarded damages.
Other Types of Coverage Sunglasses Lines Need
While general liability is the most important type of insurance to have, there are several other forms of coverage you should be aware of. Below are some of the most common types of coverage:
Commercial Property Insurance
You made a major investment in the equipment, supplies, and real estate needed to establish your business. 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 and the business materials stored there.
Workers’ Compensation Insurance
Most states require businesses to carry workers’ compensation insurance for their part-time and full-time workers. This coverage protects your employees if they become injured at work or fall ill after a work-related accident. It not only covers an employee’s medical bills and lost wages if they need time to recover, but also any disability or death benefits stemming from a workplace accident. In the event of a lawsuit, it also covers your legal fees and any court-awarded damages.
Most insurers offer workers’ compensation insurance as a standalone policy.
Product Liability Insurance
While you strive to manufacture and sell sunglasses that satisfy your customers, there’s always a chance someone might decide your product caused them injury. In the event of a lawsuit, product liability insurance would cover your legal fees and any required settlement.
You can typically purchase this coverage as part of a business owners policy (BOP).
Business Interruption Insurance
If you need to close your business temporarily after a fire, severe storm, or other covered event, it could take weeks, months, or even years to complete the necessary repairs. Business interruption insurance helps cover your expenses and lost revenue until you can reopen. Many policies also offer extra expense coverage, which can help you set up a temporary location while you make repairs to your facility.
You can typically purchase this coverage as part of a business owners policy (BOP).
Commercial Auto Insurance
Any vehicle you use primarily for your business requires commercial auto insurance to protect the vehicle, driver, and others on the road in the event of an accident. Be sure to select a policy that covers not only accident-related vehicle repair costs and medical treatment for anyone injured, but also sufficient protection for any equipment you carry in your vehicle.
You can purchase commercial auto insurance as a standalone policy or as part of a business owners policy (BOP), depending on the insurer.
Additional Steps To Protect Your Business
Although it’s easy (and essential) to invest in business insurance, it shouldn’t be your only defense.
Here are several things you can do to better protect your sunglasses line:
- Use legally robust contracts and other business documents. (We offer free templates for some of the most common legal forms.)
- Set up an LLC or corporation to protect your personal assets. (Visit our step-by-step guides to learn how to form an LLC or corporation in your state.)
- Stay up to date with business licensing.
- Maintain your corporate veil.
Sunglasses Line Business Insurance FAQ
Yes, absolutely. You will need to first get a quote from an online business insurance provider like Next Insurance. Next allows you to then purchase a policy immediately and your coverage will be active within 48 hours.
A typical business owner’s policy includes general liability, business interruption, and commercial property insurance. However, BOPs are often customizable, so your agent may recommend adding professional liability, commercial auto, or other types of coverage to your package depending on your company’s needs.
"Business insurance" is a generic term used to describe many different types of coverage a business may need. General liability insurance, on the other hand, is a specific type of coverage that business owners need to protect their assets.
Generally speaking, yes. Getting business insurance before you begin interacting with clients and/or manufacturing inventory is relatively inexpensive and can save you from possible financial loss down the line. This is because liability could (theoretically) arise as soon as you begin operating.
Not necessarily. Certain exceptions may be written directly into your sunglasses line insurance policy, and some perils may be entirely uninsurable.
Yes, an LLC is meant to create a legal barrier between your business and your personal assets and credit. If you haven’t formed an LLC yet, use our Form an LLC guide to get started.
An LLC doesn’t protect your business assets from lawsuits and liability– that’s where business insurance comes in. Business insurance helps protect your business from liability and risk.