When you also have equipment or operate from an office
All Basic plan benefits and:
Get protected against employment-related issues
All Standard plan benefits and:
*plus Workers Compensation
A Business Owners Policy is a special type of insurance that protects your business from property damage and liability risks in one convenient package. Specifically designed for small to mid-sized business, this saves you from purchasing each insurance policy separately.
Workers Compensation provides wage replacement and medical and rehabilitation expenses to employees who get sick or injured on the job. Workers Compensation insurance is state-mandated and is required for your business to carry if you meet the minimum requirements.
Crime insurance covers the loss and exposures resulting from criminal acts such as burglary, robbery, and other business-related crimes. It covers your business for employee dishonesty, theft of money or securities, burglary or robbery, and computer fraud.
This industry consists of stores including antique, used household-type appliances, used books, used merchandise, used clothing, and used sporting goods.
Thrift and second-hand stores need insurance because it covers your business from the many unforeseen risks that it could face. This includes costly and time-consuming lawsuits when your business gets sued. The insurance covers the cost of the legal fees including the defense and court fees.
There are many risks that your thrift and second-hand stores could face. Below are some examples:
Your customer complains that the product you sold to them caused them to be sick. Your business is then sued and your customer wants to be paid for the damages.
Your employee suffers a broken back from lifting a heavy object in the wrong way. As their employer, you are responsible for the medical and rehabilitation expenses of your employee.
There is no fixed cost of insurance for thrift and second-hand stores as the cost is defined by the size of your thrift and second-hand stores, the number of employees you have, and the coverage required. Without taking these into account, below is the average cost of insurance for your business:
General Liability insurance costs $500 in annual premiums. Business Owners Policy costs $900 in annual premiums. Workers Compensation costs $1300 in annual premiums.
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