As a thrift store owner, you face multiple risks and liabilities just like many other businessowners. From customers coming in and out, to an employee getting injured at work, to the items on your shelves, and the building that it is all happening in, it is important for you to take the necessary  precautions. In this article, you can find information regarding some of the common coverages for thrift stores, among other insurance considerations.

Insurance Coverages for Thrift Stores

Thrift stores, like other retail businesses, face an array of risks when operating their business. While there are many factors and situations that should be taken into consideration when deciding what insurance coverages you may want, there are a few common coverages every thrift store should consider.

Commercial Property

Commercial property insurance can help protect your business against certain types of physical damage to your building, equipment, and inventory. Commercial property insurance, no matter if you own the building or lease the space you operate in, is important for any business to consider. The following are some of the assets commercial property can help insure:

• The equipment that your business relies on, like computers, card readers and cash registers, forklifts, pallet jacks, etc.
• Your business’s building
• Some amenities, such as counters, chairs, and breakroom furniture
• Outdoor signage, banners, and other materials

General Liability for Thrift Stores

General liability insurance helps to provide your business with protection for certain third-party liability claims related to your business’s operations like:

• Bodily Injury
• Property Damage
• Defamation
• Copyright Infringement
• Libel & Slander
• And more

Workers’ Comp for Your Employees

Some thrift stores may operate under one individual, but chances are your thrift store takes multiple employees to keep things running smoothly, and in many states, businesses are legally required to have workers’ compensation for their employees. Having workers’ comp can help protect employees, covering medical bills for employees who are injured or become ill because of work related events.

Commercial Auto

If your thrift store uses a vehicle for business purposes, such as delivering inventory, a commercial auto policy should be a coverage you consider. Cross Insurance can help provide coverage for many types of vehicles used for commercial purposes.

Cyber Insurance

Thrift stores, like the majority of other businesses, have made a gradual shift away from cash transactions towards paperless. Customers regularly pay for goods with debit and credit cards, and their data can be vulnerable to a cyberattack. If your customers’ data is compromised as a result of a covered data breach, cyber insurance can help to mitigate some of the associated costs and expenses that your company may be liable for.

Umbrella Insurance

As a business owner, you likely understand how standard liability policies can protect your business. Commercial umbrella insurance can provide an extra layer of liability protection by covering costs that go beyond your other liability coverage limits (for example, medical bills from an auto accident), up to the policy limits of the umbrella policy. In other words, it picks up where your liability coverage stops.

What Could Insurance Cost for Thrift Stores?

Just as each item in your thrift store is unique, so is your business and your insurance needs. At Cross Insurance, we will work with you to help you identify what types of policies you may want to consider. Factors that can influence the cost of insurance for your business may include, but are not limited to:

• What types and amounts of coverage you select.
• Location: Where is your business be located?
• Deductible: What will be the amount you are responsible for paying towards a loss before your insurance coverage begins paying towards a claim.
• Employee Numbers: Does your business have employees or is it a solo operation?
• Claims History: Do you have a claims history?
• Business Income: How much does your business make?

How to get a Quote for Your Business

When it comes to selecting a policy for your thrift store, it’s a good idea to compare coverages. At Cross Insurance, we work with the nation’s leading carriers as well as regional insurers. With offices across the Northeast, our agents are available for account management support. Contact us to request a business insurance quote.

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This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.