A trophy shop provides trophies, plaques, awards and other recognition products for sports teams, individuals, and corporations. Many trophies include custom engraving or other unique or personalized elements.
At most trophy stores, it’s likely you’ll find:
- Glass and acrylic awards
- Medals and ribbons
- Ceremonial items (certificates, frames, ribbons)
- Desk accessories
- Display cases
Most trophy shops offer onsite custom engraving, as well.
If you own a trophy shop, you need comprehensive business insurance that is tailored to your unique needs. An independent insurance agent in your city can help you find the best trophy shop insurance.
Why Do You Need Trophy Shop Insurance?
Any number of adverse events can impact your trophy shop and lead to a devastating financial loss. The goal of your business insurance is to protect you from these financial losses and allow you to continue to operate. Without it, a small fire or even a slip and fall incident in your store could bankrupt you.
Like any retailer or shop owner, the possibilities of property damage to your building and business property, or your customers’ property, are endless.
Your shop can catch fire, damaging everything inside, including your inventory, engraving equipment, computers, showroom fixtures, office space, and more.
The specific trophy shop insurance policies that you need depend on your unique risks, but at a minimum, it should address risks to:
- Your building or shop structure (if you own it)
- Your office equipment, computers, tools, and equipment
- Your inventory
- Your customers’ physical well-being on your premises
What Does Trophy Shop Insurance Cover?
Trophy shops need a variety of basic business insurance policies, as well as several endorsements (coverage add-ons) and optional policies tailored to their specific business risks.
- Commercial general liability (CGL) insurance pays for the costs associated with bodily injury or property damage claims against your business. General liability insurance offers broad protection for a variety of liability risks that your business is exposed to, from customer slips and falls to claims of advertising liability, slander, libel, and more. Your CGL policy will pay for your legal defense, attorney and court costs, and any settlements or judgments that you must pay, up to your policy limits.
Let’s say that a heavy trophy fell off a shelf, landed on a shopper, and broke her foot. Your CGL policy would pay for the customer’s medical expenses. If the customer’s foot were crushed and would never return to normal, it’s likely that you’d be sued for additional damages. In this case, your CGL policy would pay for your legal defense and any financial payouts to the injured person.
- Trophy shops need commercial property insurance to protect your building(s) and contents from costs associated with weather, fire, smoke, vandalism, theft, and other causes of loss. Property insurance not only protects your building, but also your computer systems, fixtures, inventory, tools, and other equipment that you use in your operations.
- Your business property policy should also include business interruption coverage, which provides income protection if you must temporarily cease operations due to some unforeseen event (fire, weather, etc).
You’d probably face a serious loss of income if you were without your custom engraving equipment. You’d have to refuse or delay new orders and would incur costs to repair or replace the broken equipment.
- Equipment breakdown insurance supplements your other business property coverage. It covers certain costs associated with accidental breakdown of essential machinery or equipment and the resulting property damage or loss of income.
Your trophy shop might qualify for a business owners policy (BOP), which is a package policy that includes property, liability, and business interruption coverage in one affordable package designed for small businesses.
What Additional Coverage Is Needed for Your Trophy Shop?
Trophy shops also need a variety of other business insurance policies, depending on the products and services that you offer, how many employees you have, and other factors that you should discuss with your agent. Most of these policies can be tailored to the exact needs of your business and the risks it faces.
- Commercial auto insurance covers your vehicles and drivers in the event of an accident or other types of vehicle damage. If you or your employees drive personal vehicles for business purposes, you need non-owned or hired auto liability insurance.
- Employee theft and crime coverage protects you from instances of employee theft, fraud, or other crimes against your business.
- Workers’ compensation insurance is typically required for any business that has employees, and pays for lost income and medical expenses for employees who are injured on the job.
- Employment practices liability coverage protects you from employee lawsuits related to discrimination and other employment-related business practices.
- Cyber liability insurance is necessary if you sell trophies and awards online. It helps you protect your business and your customers' privacy by paying for investigative expenses, notification expenses (the cost to notify your customers of the breach), future credit card and fraud monitoring services for your customers, your legal defense, settlements and judgments, and even PR and other related expenses.
How Much Does Trophy Shop Insurance Cost?
Trophy shop insurance costs will vary depending on the size of your business and the coverage you need. A multi-location business with a large online presence will pay more than a single-location, brick-and-mortar only establishment. A store in a hurricane zone might pay more than one located away from the coast.
With so many variables (e.g., number of employees, amount and value of inventory, size and location of your buildings, etc.), insurance costs can be hard to predict.
But an independent agent can guide you though your options so you get coverage that meets your budget.
Find and Compare Quotes
An independent insurance agent can work with you one-on-one to determine the types and amounts of coverage you need. Your agent can get quotes from multiple insurance companies so you can evaluate the cost and coverage options and make the best choice.
Benefits of an Independent Agent
Our agents simplify the search process for finding the right trophy shop insurance. They’ll walk you through some handpicked policy options and explain the details.
Most importantly, they’ll be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
The Lowdown on Online Quotes
Online quotes can be tempting. They are fast and easy to get—but are they accurate? And are you getting quotes for the right coverage? For business owners, choosing speed over accuracy can cost you.
Online quotes can’t and don’t see the whole picture. They can leave out important coverage that will leave you devastated if something unexpected happens. And they can leave out cost-saving opportunities that an agent can help you take advantage of.
Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.
TrustedChoice.com Article | Reviewed by Paul Martin
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