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Thrift Store Insurance

Thrift store insurance is a type of business insurance that provides coverage for the operations of a thrift store or second-hand store. This coverage typically includes protection from liability claims, property damage, and business interruption. It may also include coverage for employee injuries, theft, and natural disasters.

Who Needs Thrift Store Insurance? 

Anyone who owns or operates a thrift store should carry insurance. This includes coverage for liability, property, and inventory. Depending on what is being sold, some stores may need to add additional coverage, such as product liability insurance.

Types of Thrift Store Insurance 

1. Liability Insurance: Liability insurance is essential for thrift stores since it provides coverage for bodily injury or property damage that may occur on the premises. This type of insurance will protect the business from lawsuits due to negligence. 

2. Property Insurance: Property insurance provides coverage for physical assets such as buildings, inventory, and equipment. This type of insurance will protect the business from losses due to theft, vandalism, and natural disasters. 

3. Business Interruption Insurance: Business interruption insurance will provide coverage for income lost due to a disaster or other unforeseen event. This type of insurance is essential for any business that relies on regular income to stay afloat. 

4. Workers’ Compensation Insurance: Workers’ compensation insurance is required in most states and provides coverage for employees who are injured while performing their job duties. This type of insurance will help to protect the business from expensive lawsuits and medical bills. 

5. Cyber Liability Insurance: Cyber liability insurance is important for thrift stores since they may store customer data or process payments online. This type of insurance provides coverage for losses due to data breaches and other cyber threats.

How Much Does Thrift Store Insurance Cost? 

The cost of thrift store insurance will vary depending on the type of coverage you need and the size of the business. Generally, you can expect to pay anywhere from $500 to $5,000 per year for a basic policy. Higher levels of coverage can cost more, so it’s important to shop around and compare quotes from multiple insurers.

Thrift Store Insurance Requirements 

Thrift stores have unique insurance requirements due to the nature of their business. They must have general liability insurance to protect against any bodily injury or property damage that may occur on their premises. They also need to have employee dishonesty coverage to protect against any theft or fraud by employees. Additionally, they may need to have product liability insurance to cover any products they sell that may cause injury or damage. Finally, they may need to have property insurance to cover any losses due to fire, theft, or vandalism.

Commercial Insurance And Business Industry Classification

  • SIC CODE:  5932 Used Merchandise Storess
  • NAICS CODE:  541211 Offices of Certified Public Accountants,  541213 Tax Preparation Services,  541214 Payroll Services,  541219 Other Accounting Services
  • Suggested Workers Compensation Code(s):  8017 Store – Retail NOC

Thrift Store Insurance – The Bottom Line 

Thrift store insurance is important coverage for any thrift store. It helps protect the business and its assets from potential risks and losses. It can provide coverage for property damage, liability, and other business-related risks. It is important to speak with an insurance broker or agent to ensure that the right coverage is in place. Additionally, it is important to read the policy documents carefully and understand the coverage limits and exclusions before signing on the dotted line.

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