Insurance for Gift Shops

Insurance for Gift Shops

Insurance for Gift Shops

Gift Shops have unique Insurance needs just like any other business. There are several coverages and programs available, which can make it hard to decide on which to purchase. We are going to break it all down for you in this blog.

Insurance for Gift Shops – General Liability

Every Gift Shop should carry some form of General Liability Insurance as this coverage is very affordable and often provides several important coverages. For example, if your customer trips and injures themselves on your premises, it will likely be your General Liability policy that provides coverage. There are many affordable General Liability policies available, therefore no Gift Shop should operate without one.

Insurance for Gift Shops – Business Personal Property

Purchasing coverage for your Business Personal Property is optional, but an important coverage for Gift Shops. Gift Shops rely heavily on their inventory and Business Personal Property to operate and it is important there is coverage in case of a property loss. One of the best ways to purchase this coverage is by bundling the General Liability and Business Personal Property coverages into a single policy, often referred to as a Business Owners Policy. A Business Owners Policy is a great way to cover your Gift Shop as these policies often include additional important coverages that may otherwise be overlooked.

Insurance for Gift Shops – Additional Important Coverages

There are additional important coverages to consider when purchasing insurance for your Gift Shop. If you do carry coverage for your Business Personal Property, you should also consider purchasing Business Income coverage, which will pay you for lost income in the result of a covered property loss. Another important coverage is Workers Comp. Workers Comp is a requirement in some states and optional in others, however, every Gift Shop with employees should carry this coverage, as businesses are often held liable for employee injuries incurred while working.

If you would like to learn more about Insuring your Gift Shop, give us a ring! We would love to help!

You can reach us at 925-297-4829.

All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.

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