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Business Insurance for
Insurance for Gift Shops
Owning your own gift shop is a great achievement. You had to put together a workable business plan, choose an ideal location, acquire the merchandise and hire employees. Now that you have everything started, you have to manage the employees and keep the customers happy while working well with your product suppliers. Don’t put it all at risk. One of the best ways to protect all of your hard work and investment is to provide your company with the right types of commercial business insurance.
General Liability
Property Coverage
Auto Insurance
Workers Compensation
General Liability
General liability insurance protects your gift shop from unexpected events such as fire or customer injuries. It provides protection from financial strife that might arise if a customer hurts themselves while in your gift shop. General liability protects you if mistakes are made in your advertising campaign and it also protects you from product liability claims.
Business Owners
A business owners policy (BOP) adds physical asset and property protection to general liability coverage to create an all-around comprehensive policy just for your business.
- Equipment Breakdown – If your gift shop offers customized jewelry making for your clients than your equipment has a chance of breaking down. Such repairs could be costly and time consuming. A BOP can protect you from these financial losses.
- Buildings and Contents – Damage can be done in all different sizes and extents. If one of the walls of your gift shop was caved in because a tree blew down during a heavy wind, could you pay for the repairs? A BOP can pay for physical damages to your building as well as damages or destruction to the property you have inside.
- Business Income and Extra Expense – If an event causes enough damage to your gift shop you may have to temporarily stop doing business until the repairs are finished. A BOP can protect you from the loss of income and provide temporary extra expenses when needed.
- Products and Completed Operations (Included in General Liability) – When you are a retail store, there is always the chance of problems arising from the use of the sold products. For example, manufacturers may discover defects and recall their product. If the defective merchandise causes harm to a customer, your gift shop could be held liable for the damages.
- Electronic Data – The business files that you keep on your computers are at risk of damages. For example, a power surge could cause your electronic payment processing software to malfunction.
- Employee Dishonesty Coverage – Employee dishonesty ranges from theft of minor supplies such as pens and staplers, to theft of products and merchandise from your gift shop. A BOP can protect your company from these potentially expensive losses.
Commercial Auto
Commercial auto insurance protects your company from having to pay for repairs and damages from auto accidents. If a vehicle is being used for business purposes, it can be protected with a business auto insurance policy.
Workers Comp
Your gift shop needs employees in order to effectively provide services to your customers. By law, you are required to protect those employees with workers comp insurance. If one of your staff is ever hurt or injured while working, workers comp will pay for the medical and recovery expenses that arise.