In 2019, Indiana had $6,780,466,000 in commercial insurance claims paid alone. When you need adequate protection, you want to ensure you're getting the best coverage in town. Gift shop insurance comes in many forms and should be reviewed for accuracy.
Fortunately, an independent insurance agent does the shopping for you at no cost so that you can save. They have access to several carriers, giving you the best options on coverage. Connect with a local expert to get started.
What Is Gift Shop Insurance?
In Indiana, there are roughly 512,348 small businesses in operation. If you're one of them, you'll need proper protection to cover your assets and liability. Gift shop insurance can do just that when you have the right policies. Check out standard coverage choices for gift shops below.
- General liability
- Commercial umbrella liability
- Workers' compensation
- Business auto
- Employment practices liability
- Business property
- Business inventory
- Business equipment breakdown
- Inventory coverage
What Does Gift Shop Insurance Cover?
Your gift shop insurance will cover many exposures when you obtain accurate coverage. The most common policies will insure your liability, property, employees, customers, and more. Check out some of the coverage options in Indiana below.
Common perils covered under your gift shop insurance policies
Common losses that gift shop insurance will cover
- Coverage for bodily injury or property damage claim
- Coverage for your business property that is damaged due to a covered loss
- Coverage for your business inventory such as products
- Coverage for business equipment that breaks down due to a covered loss
- Coverage for employees who are injured or ill on the job
- Coverage for commercial vehicles used to operate the business
- Coverage for disgruntled employees who sue due to discrimination or harassment
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How Much Is Gift Shop Insurance in Indiana?
Indiana gift shop insurance costs will be dependent on a variety of risk factors. Your carrier will review your exposures and charge accordingly. Take a look at the criteria companies use when quoting.
- Loss history
- Experience level
- Type of gift shop
- Local crime rate
- Local weather patterns
- Replacement cost values
- Insurance score
Every policy will have a different premium that is specific to you and your operation. When you are obtaining quotes, ask to bundle your policies. If you bundle your business insurance with the same carriers, you'll get a 30% discount or more in most cases.
Will My Location Impact My Rates?
In Indiana, where your gift shop is located will affect your insurance costs. In addition to other factors carriers use to rate your policy, they will also review your location's safety. Take a look at what could affect your rates based on your territory.
- Local crime rate
- Local natural disasters reported
- Local claims reported by other insureds
- Flood zone assigned
How at risk you are for a flood will affect your gift shop's premium as well. Every location will have a flood zone assigned that determines your level of exposure. If you are in zone A or V, you are more likely to have a loss and, therefore, will pay more for separate flood insurance.
How an Independent Insurance Agent Can Help
Protection for your Indiana gift shop is necessary and essential to avoid financial ruin. There are several policies on the market, and it can be confusing to know what's best. Review your coverages for accuracy and sufficiency with a licensed professional.
An independent insurance agent will have access to multiple carriers so that you get the best policy for an affordable cost. They do the shopping, saving you time and money. Connect with a local expert on TrustedChoice.com for competitive quotes.