Novelty, Souvenir & Gift Shop Insurance
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What Insurance Do Novelty, Souvenir & Gift Shop Need?
Business crime insurance, also known as commercial crime insurance, protects against organization-related crime and the resulting losses for your small business. When someone defrauds, embezzles, forges documents, or commits theft, you're covered for the losses.
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
Business Interruption Insurance protects your small business if impacted by a covered risk. It'll cover the costs in replacing lost income and paying for additional expenditures. Also known as Business Interruption Coverage, this policy is usually part of your BOP (Business Owners Policy).
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Frequently Asked Questions
Why do Novelty, Souvenir and Gift Shops need insurance?
Establishments in this industry consist of shops that sell, greeting cards, Christmas items, stationery, office supplies, souvenirs, balloons, and gifts.
Gift, novelty, and souvenir stores need insurance because it protects your business from the many known and unknown risks that it could face. A slip and fall claim, for example, could instantly drain your business and personal assets, but with insurance, these are protected.
What risks do Novelty, Souvenir and Gift Shops face?
Below are the risks your business stores can face:
- You are probably selling things made of paper, plastic or plastic goods. These are susceptible to fire, flood, smoke, and other related risks.
- You have collectibles that are made of glass, ceramic, pottery or other materials that could easily be broken. These are susceptible to getting broken regardless of how secure the display area is.
- Even the most secure store can be shoplifted.
These are just some of the many risks that your business can face.
How much does Novelty, Souvenir and Gift Shop insurance cost?
The cost of insurance for novelty and souvenir stores will depend on the size of your store, the coverage you need and the number of employees you have. Without taking these into account, below is the average cost of insurance for most gift novelty and souvenir stores:
- Business Owners Policy (BOP) costs around $900 in annual premiums.
- Business Interruption insurance costs $600 in annual premiums.