Thrift Store Insurance

Thrift store insurance includes several coverages to create comprehensive protection from the risks second-hand and consignment store owners face, including:

• Commercial General Liability (CGL) Insurance: CGL, or general liability insurance, covers third-party bodily injury and property damage claims that occur in your shop or as a result of your regular operations. For example, if a customer trips, falls, and is injured, you may be liable for their medical and rehabilitation expenses. CGL insurance is designed to cover those costs plus your legal fees if you are sued.
  
  CGL insurance includes tenant’s legal liability insurance, which protects business owners renting or leasing a commercial space from financial responsibility if they accidentally damage the rented property due to covered events like fire or water damage. It also includes personal and advertising injury liability if you face an allegation of defamation or false advertising.

• Product Liability Insurance: Product liability insurance covers consignment and thrift store owners for customer claims of injury or property damage caused by any product they sell, distribute, or manufacture. It is typically included with commercial general liability insurance. 

• Commercial Property Insurance: Commercial property insurance covers a business owner’s store, office, or workplace from damage and loss caused by fire, water, a natural disaster, theft, and vandalism. It also covers a thrift store’s inventory and business contents (furniture, electronics, office equipment).

• Business Interruption Insurance: Business interruption insurance may be included in a commercial property insurance policy. Business property owners must have commercial property insurance to qualify for business interruption coverage, as it is not a standalone policy.

This coverage typically includes net income lost due to an insurable loss, such as a fire, and operating costs if the business is forced to close temporarily for repairs.

• Cyber Liability Insurance: If a thrift store or consignment shop has a website or point-of-sale (POS) system or sells goods online, cyber liability insurance is vital to include. It covers costs related to data breaches and cyber-attacks that compromise online operations and expose confidential customer information.  
  
  Cyber liability insurance covers a business owner’s legal costs following a cyber event, pays to restore technology systems and software, notification and credit monitoring fees, and financial losses sustained due to a systems outage following a cyber event.