Every year, thousands of tourists travel to Mississippi to visit attractions such as the casinos and beaches in Biloxi, the Elvis Presley Museum in Tupelo, and the USS Cairo at the Vicksburg National Military Park. Often, people like to bring a memento of their trip back with them and will stop in a local gift shop.
If you are among the many gift shop owners in Mississippi, you can protect the investment you have made in your business with gift shop insurance. Independent insurance agents can help you find great coverage at a competitive price. Find an insurance agent near you to get started.
What Is Gift Shop Insurance?
Gift shop insurance is a general term used to describe a business owners policy (BOP) or business insurance policy package that has been customized to meet the specific coverage needs of gift shop businesses.
How Much Does Gift Shop Insurance Cost in Mississippi?
The cost of insurance can vary from one store to the next depending on several different factors such as:
- The size of your gift shop and its expected annual revenues
- Whether you own or rent the space where your shop is located
- The value of your gift shop’s property
- The number of workers you employ
- The coverage options you are including in your policy
- Where your gift shop is located
Every insurance company has its own way of calculating rates, so it's a good idea to look at quotes from a few competing insurance providers before purchasing a policy. Independent insurance agents make comparison shopping easy by obtaining customized quotes on your behalf.
Why Does My Location Impact My Gift Shop Insurance Rates?
Obviously, the location of your gift shop isn’t flexible. You will want it to have a lot of foot traffic from tourists, so it will need to be located near an attraction. However, where your shop is located does factor into your insurance rates.
Insurance companies will look at the crime rate and weather risks in your shop’s ZIP code to assess how likely it is that you will need to file a claim for theft or weather-related damage. The higher the risk, the more you will be expected to pay. Therefore, gift shops located near the Gulf Coast are likely to pay more for coverage than those that are situated more inland.
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What Does Mississippi Gift Shop Insurance Cover?
Gift shop insurance can cover against most of the hazards you are likely to face as a business owner in Mississippi. Covered risks include:
- Severe storms
Most gift shops are small businesses that can qualify for a simple business owners policy (BOP). Whether you are purchasing a BOP or a business insurance policy package, you can expect your gift shop insurance policy to provide the following basic coverages:
- Commercial general liability insurance: This can cover your gift shop against some of the most common liability risks businesses face. Its coverage includes:
- Premises liability insurance: This covers against third-party injuries that occur on your business property.
- Product liability insurance: This covers against third-party injuries or illnesses caused by products your gift shop sells.
- Advertising liability insurance: This covers against accusations of copyright infringement, deceptive pricing, and other marketing mishaps.
- Coverage against accusations of libel or slander
- Commercial property insurance: This covers your business-owned property if it is lost or damaged due to a covered event like theft, fire, or severe weather.
- Business interruption insurance: This provides a continuation of income if your gift shop must remain closed for repairs following a covered event like a tornado or hurricane.
Learn more about each of these coverage types by talking to an independent agent.
What Else Can Mississippi Gift Shop Insurance Cover?
You may want to add a few supplemental policies to your gift shop insurance coverage. Your insurance agent may recommend adding:
- Commercial flood insurance: This can cover property damage and losses caused by floods. It is important because flood damage is specifically excluded from your commercial property insurance coverage.
- Cyber liability insurance: This can cover your business’s financial obligations if criminals successfully install skimmers on your credit card readers or if hackers manage to access your employee records.
- Employment practices liability insurance: This can cover your business if a current, past, or potential employee makes an accusation of illegal employment practices such as harassment or discrimination.
- Workers’ compensation insurance: This can cover the treatment of injuries if your workers are injured on the job. If your gift shop has at least five regular employees, you are required by Mississippi state law to cover them with workers’ compensation insurance.
Let a local independent insurance agent help you evaluate the risks faced by your business so that you can be sure that your gift shop insurance is not exposed to any unintentional coverage gaps.
An Independent Agent Can Help You Find the Best Gift Shop Insurance in Mississippi
If you are looking for the best insurance for your gift shop in Mississippi, look no further than a local independent agent. These agents are available to answer your insurance-related questions and can save you time and money by shopping around for great coverage at a competitive price.
There are more than 200 independent agents in Mississippi, so it should be easy to find a reliable and experienced insurance professional near you. Contact a local independent insurance agent to start comparing customized quotes for gift shop insurance.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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