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!
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.
Why do Thrift and Second Hand Stores need insurance?
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.
What risks do your Thrift Stores face?
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.
How much does Thrift Store insurance cost?
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.