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Originally Posted by themountainchicks My mother and I are opening up a small thrift/consignment store in Washington state. We have bought the building. My question is: are there options out there? Are there any insurance companies that are specifically for thrift stores? |
Sure there are options to choose from and many companies that issue insurance coverages for thrift stores, just let me give you an idea of what kind of insurance you might want to consider and I will use a homeowner as a example because both the thrift store and the home have similar insurance needs. For example, a store has "guests" or customers who visit and so do homeowners. If they were to trip and fall, homeowners purchase "medical payments" coverage. It's not a separate policy for the store, just a basic part of a comprehensive bigger policy because all stores have this same need. Also, related to Med pay somewhat is liability coverage, it's issued in much larger limits than Med pay and is designed to pay costs associated with larger more expensive incidents for which you could be legally liable. Let's say someone tripped and fell a suffered a severe debilitating injury that prevented them from engaging in their or any line of work and let's say you, the owner, were negligent or found to be negligent, then the liability insurance would assisit in not only defending you in a court of law but if found negligent, would pay costs associated with injuries of the injuried person. Next is the contents of your business which are much life the contents of your home. The store needs fire, flood coverage, etc on it's contents much like the contents of a home.
Then their is the bldg you own, it needs coveage much like your home. So an agent will either package all these coverages and more (ie glass, signs, loss of earnings, etc.) into one policy or write them in some other manner. Let me know if I can assisit further. I am not licensed to quote, write or provide insurance in your state and these answers should not be construed to be an offer to quote, write or provide such insurance.
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