Owning and running any business like a gift shop can be intense and stressful. Don’t let your commercial gift shop insurance be stressful. Having a good commercial gift shop insurance policy in place will reduce stress and worry down the road. Spend your time creating new business and buying new products for your clients and not worrying about what ifs.
A good commercial gift shop policy should cover employees, buildings and equipment, loss of income, and general liability. Due to the nature of the work, a shut down or business interruption could be disastrous. Make sure a loss of income insurance is included.
A gift shop insurance policy needs to provide coverage for a variety of risks. There are a number of coverage options with varying limits and deductibles. Talk to your licensed insurance professional to review what is available. It may make sense to get product liability insurance as part of the package too.
In addition to these coverage options, your gift shop insurance should cover workers compensation, property, and general liability. Other specialty coverage that is available includes plate glass and signage for your retail shop. Many gift shops are located in coastal and resort areas. Ask your agent about specific types of disaster insurance like flood insurance.
The gift shop business is a complex business. Make sure you discuss the distinct aspects of your business with your licensed insurance professional so they can help you determine the appropriate coverage.