Here at InsuranceHub.com we are ready to help you with your:
- Balloon shops-retail
- Greeting card store
- Curio shops-retail
- Gift shops-retail
- Greeting card shops-retail
- Novelty shops-retail
- Souvenir shops-retail
- Party supply stores
- Dollar stores
You have worked hard at building up your local business. You have many spent years to build up your brand and reputation. That is why YOU are rightly concerned about protecting yourself from liability, aren't you? After all, your clients rely on your advice and the products that you sell. So then here is the MAGIC question...
What would you do if you were hit with a liability suit for more than your current gift store insurance covered?
Thankfully here at InsuranceHub, we have experience helping retail stores sell their gifts and novelty merchandise, souvenirs, greeting cards and holiday decorations.
Types of exposure that gift and novelty stores need protection from:
Description of operations: Novelty stores sell a wide range of items, from inexpensive paper, fabric and plastic goods to more expensive collectors' items. Products sold may be targeted to children, teens, families or adults.
- Fire: Since you are probably selling things made of inexpensive paper or fabric and plastic goods, you are susceptible to fire, smoke and water damage. Only use licensed and insured electricians and HVAC techs to work on your systems wiring.
- Shoplifting and theft: Install a monitored security system and a video camera system to discourage shoplifters. Install physical barriers to prevent unauthorized entry after hours.
- Glass breakage: Many collectibles and souvenirs are made of glass, ceramic or pottery, which are easily broken. Keep expensive items locked in a see-through cabinet.
Business interruption is a concern since sales may peak at particular times during the year.
Crime exposures: The simplest thing you can do is to do an employee background check before hiring someone new. Use a different employee for each of the following roles: deposits, disbursements and bank reconciliation. Several times a day collect cash from drawers and move it to your safe. Finally, make daily night deposits so that cash doesn't sit overnight on your premises.
Inland marine exposures include:
- Accounts receivable if you provide credit
- Computers to keep track of all sales transactions as well as monitor your inventory
- Valuable papers and records: Keep copies of all customer and vendor records and computer files off site.
Premises liability exposure: Sadly many slips, trips and falls could be prevented simply by keeping your floor coverings and sidewalks in good condition.
Here are a few more suggestions:
- Keep sidewalks clear of ice and snow.
- Are emergency and exit lights functioning?
- Do you have sufficient exterior lighting at night to keep your shoppers safe?
- Do you have a protocol for apprehending and detaining shoplifters?
Products liability exposure: Talk to your insurance agent if you are directly importing items for sale in your souvenir shop.
Automobile exposure: Talk to your agent if your employees are running errands with your company vehicles.
Workers compensation exposures:
- Improper lifting techniques cause back and hernia problems.
- Make sure that all items are accessible on shelves so that employees don't pull down product onto themselves and get hurt.
- Teach and reward good house keeping habits in your aisles and warehouse.
- Teach your employees how to respond during hold ups and shop lifting incidents so no one gets hurt.
Here is the minimum recommended souvenir shop insurance coverage:
- Business Personal Property
- Business Income
- Employee Dishonesty
- Money and Securities
- Accounts Receivable
- Valuable Papers and Records
- General Liability
- Employee Benefits
- Hired and Nonownership Auto
- Workers Compensation
Other novelty store insurance coverage to consider:
- Leasehold Interest
- Real Property Legal Liability
- Computer Fraud
- Cyber Liability
- Employment-related Practices
- Business Automobile Liability and Physical Damage
- Stop Gap Liability