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Why do gift shops need insurance?
If a customer trips over a greeting card display and suffers an injury, your small shop could suddenly face a lawsuit. Gift store insurance protects against unexpected legal costs from accidents. It can also cover theft, fires, employee injuries, and data breaches.
Find the right coverage
Insureon helps gift shop owners find policies that match their unique risks and requirements. Fill out a free application to compare quotes from top-rated insurance companies.
Got questions? Our insurance agents will help you every step of the way.
What types of insurance do gift shops and card shops need?
These gift shop insurance policies protect against common financial losses.
General liability insurance
General liability insurance covers common third-party risks, such as a customer who trips on an uneven step at your gift shop and files a lawsuit over the resulting injury.
BEST FOR
- Customer slip-and-fall accidents
- Libel and other advertising injuries
- Product liability insurance
Business owner's policy
A business owner's policy, or BOP, is a cost-effective way for gift store owners to buy general liability coverage and commercial property insurance together.
BEST FOR
- Customer bodily injuries
- Stolen or damaged inventory
- Business interruption insurance
Workers’ compensation insurance
Most states require workers' comp for card and gift stores that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.
BEST FOR
- Employee medical expenses
- Disability benefits
- Legal fees from work-related injuries
Cyber insurance
Cyber liability insurance helps gift stores survive data breaches and cyberattacks. It's recommended for any business that handles credit card numbers or other sensitive information.
BEST FOR
- Customer notification expenses
- Fraud monitoring services
- Cyberextortion demands
Commercial auto insurance
This policy covers accidents involving delivery vans and other vehicles used to transport gifts or run work errands. Each state has its own requirements for auto liability insurance.
BEST FOR
- Damage to another vehicle
- Injuries caused to another person
- Vehicle theft and vandalism
Commercial umbrella insurance
Commercial umbrella insurance boosts coverage on your gift shop’s general liability, employer’s liability, or commercial auto insurance once the policy limit is reached.
BEST FOR
- Bodily injury lawsuits
- Property damage lawsuits
- Auto accident lawsuits
Looking for different coverage? See more policies.
How much does business insurance cost for retail stores?
Small gift shops don't have to pay a lot for insurance.
Factors that affect your premiums include:
- Products sold, such as cards, novelty items, or collectibles
- Business property and equipment
- Business income
- Number of employees
- Policy limits and deductibles
How do I get business insurance for gift shops?
It's easy to get gift shop insurance if you have your business information on hand. Our application will ask for basic facts about your store, such as revenue and number of employees.
You can buy a policy online and get a certificate of insurance with Insureon in three easy steps:
- Complete a free online application.
- Compare business insurance quotes and choose policies.
- Pay for your policy and download a certificate.
Insureon's licensed insurance agents work with top-rated U.S. providers to find the right insurance coverage for your gift shop, whether you work independently or hire employees.
FAQs about gift shop business insurance
Do gift shops need product liability insurance?
Yes. Gift shops should always carry product liability insurance, as every business in the supply chain could be held responsible for harm caused by a product. That includes retail businesses, manufacturers, wholesalers, and distributors.
If you sell a defective product that causes an injury or damages a customer's property, your shop could face a lawsuit. That's also the case for unclear instructions, mislabeled products, or a lack of warnings on a product.
You'd have to pay the resulting costs out of pocket, which could include:
- Attorney's fees
- Court costs
- Settlement
- Court-ordered judgment
Product liability insurance, usually included in your general liability policy, would cover all of these costs for you. You may also see this coverage referred to as products-completed operations insurance.
Are gift shops insured against theft?
One of the most common policies, commercial property insurance, will insure your gift shop against theft and other property losses. This protection is included in a business owner's policy, which bundles property insurance with general liability coverage to protect against several top threats at a discount.
However, this policy won't provide coverage for employee theft. For that, you'll need to invest in commercial crime insurance, also called employee dishonesty coverage. You can usually add this as an endorsement to your property insurance or BOP.
Even when you have insurance, it's still important to take steps to protect against theft. It's also worth checking with your insurance company to see if installing a certain security system or other measures will result in a lower premium.
What other insurance coverage should gift shops carry?
There's a wide range of retail insurance policies available for small business owners, and a licensed insurance agent can help you find the right coverage options.
Gift shop owners might also benefit from the following policies:
Business income insurance: Often included in your business owner's policy, this coverage pays for daily operating costs and lost wages when a fire or other covered property claim forces your gift shop to close temporarily. It's also called business interruption insurance.
Equipment breakdown coverage: Also available as an endorsement to your BOP or property insurance, this policy covers costs when your computers or other equipment suffers a sudden failure. You may also want to add electronic data processing insurance to protect against lost data.
Professional liability insurance: If your gift shop creates its own custom crafts or personalized items, you may need this policy to protect against lawsuits related to mistakes or oversights, such as a misspelling on handcrafted wedding favors.
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