Frequently Asked Questions About
Commercial General Liability Insurance
How much does small business insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number. (read more)
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it. (read more)
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Thrift Store Insurance Colorado
Thrift Store Insurance Colorado While thrift shops have always been a big part of American commerce, the 2008 recession brought them to unprecedented prominence - even hipness. And while the increasing popularity was good news for thrift shops financially, it also meant that these shopping hubs now faced greater risk exposure than ever before.
Even now, thrift stores are finding themselves very busy with more walk-in than average. That is why having thrift store insurance Colorado is important.
Thrift store insurance Colorado protects your business from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Which Coverages Does My Thrift Store Need?
When choosing an insurer and optional coverages to add to your thrift store insurance Colorado policy, these are a few of the many options you can choose from for insurance needs:
You can't look in a crystal ball and predict the problems your business will encounter. But you can think about the complications that might arise when working with customers, have employees, own commercial property, or drive vehicles. Consider asking the following questions to help you assess the risk and find the best fit thrift store insurance Colorado policy:
- What type of used merchandise do you sell? Certain items are riskier (e.g., appliances vs. clothing).
- What is your price point? Expensive items like antique furniture may indicate the need for extra coverage.
- What security measures do you take? Risk mitigation keep your premiums low.
Types Of Thrift Shop Insurance
Let's take a look at some of the various coverages available:
General Liability - This helps protect your thrift store from certain lawsuits alleging injuries or property damage that occurred as the result of your operations. For example, if a customer slips and falls and is injured at your store or an employee causes damage to a customer's property, this insurance will help cover the legal fees. It even helps cover certain claims of slander and libel.
Products Liability - usually part of the general liability policy, this type of thrift store insurance Colorado coverage is especially important. You are in the business of selling used products and if one is faulty or causes injury, you will need protection in your commercial business insurance policy. This will cover expenses for medical care or damages caused by one of your products.
CO Commercial Auto - Does your thrift store use vehicles to pick-up donated goods? If so, you need a business auto policy that protects the vehicle and others driving on the road. A normal personal insurance policy does usually does not cover a vehicle used for business use.
Stock Insurance - This coverage is straight forward, you are covering the value that you have in stock at the premises - this is the purchase cost, it doesn't include your margin, as nice as it would be insurers won't pay your profits on stock. Thrift store insurance Colorado policies usually automatically have a provision for seasonal increase; this is usually for Christmas, Easter and other times of the year where your stock will be increased and therefore have a higher value.
Equipment Breakdown - This thrift store insurance Colorado protects against breakdowns caused by power surges, motor burnout and operator error. Equipment breakdown insurance covers all sorts of equipment - mechanical and electrical equipment, computers and communication equipment, air conditioning, etc. This coverage pays for the cost to repair or replace the damaged equipment and the costs for time and labor to repair or replace the equipment.
Commercial Property - Let's say that one night your circuit breaker malfunctions and starts an electrical fire. The fire spreads throughout your location burning your possessions and the building. If you have business property insurance then the rebuilding for these damages are covered. Property insurance will typically cover not only the cost to replace your damaged content but also the cost to clean the debris from the location.
Thrift stores present slightly more complex property insurance coverage needs. This is because the merchandise in the store is owned by someone else, but is in your care, custody and control. The property insurance portion of your business insurance policy will provide coverage for your cash registers, shelving and other store-owned property, but to get coverage for the merchandise itself, you may need to purchase Bailee insurance.
Business Income - Disasters, both natural and man-made, can force your business to close its doors for an extended period of time while repairs are made. Business income insurance provides your thrift store with a continuation of income until normal business operations can recommence. This coverage is typically limited to one year.
Workers' Compensation - In most states, workers comp insurance is a requirement when operating a business with any non owner employees. Ca workers comp pays for injuries and illnesses that are work-related. Assume an employee was carrying a heavy box of shoes into your store. The employee slips and drops the box on his or her foot and the foot breaks. Not only does worker's compensation insurance cover the medical costs; it also includes the costs of lost wages.
Business Crime - One of the biggest risks when owning a thrift shop is the risk of crimes, whether committed by passersby, customer, or employees. These crimes include theft of the expensive items in your store. To protect your business from theft, shoplifting, or vandalism, you need crime insurance. So if a visitor to your shop steals an item, the loss you incur will be covered by the policy.
CO Thrift Store Insurance
Wouldn't it be nice if your thrift shop could be entirely protected from lawsuits by the honorable nature of your work? Sadly, that's just not the world we live in. If you run a CO thrift store, you could be sued if things don't quite go as planned. Luckily, commercial insurance can help to protect your store, and your own assets, against such sticky situations.
Colorado Economic Data & Business Insurance Information
If you're thinking about doing business in Colorado, it's important to familiarize yourself with the economic status of the state, as well as the regulations and limits regarding insurance for businesses. Below, we offer insight into pertinent economic data related to the state of Colorado, as well as key business insurance information so that you can put your best foot forward and make the best decisions for your business in the Centennial State.
Business Economic Trends In The State Of Colorado
According to recent reports from the leading economic researchers, the state of Colorado has a healthy outlook, economically speaking. While fewer jobs will be added in 2018 than have been in recent years, the growth rate is still expected to climb.
It's anticipated that entrepreneurs who are really interested in taking risks in new ventures will be the leading contributors for the state's economic growth. However, less risky industries will lend to the economy, as well, such as cloud computing and cybersecurity.
In regard to the fuel industry, it is anticipate that there will be an increase in valuation of about 9 percent in the year 2018, and this growth pertains mainly to gas and oil. This increase will largely be due to the improvement in energy prices, which are lower this year than they have been in recent years. It's hopeful that energy prices will continue to fall so that these industries can continue to thrive.
In terms of agriculture, it's projected that farms in the state of Colorado will do a little better this year than they did in 2017. Leading economic research agencies are expecting that the income from agriculture will reach nearly $1.4 billion in 2019.
In regard to the retail market, it is also expected that this industry will see steady growth, despite the rising trend of e-commerce solutions. In fact, it's estimated that the rate of employment in the retail sector will increase by as much as 2.1 percent during the 2019 fiscal year.
Regulations And Limits For CO Commercial Insurance
The Colorado Division of Insurance regulates insurance in Colorado. CO is considered a "fault state", meaning that business owners are not legally required to carry liability insurance; however, liability coverage is the type of commercial insurance that is most commonly purchased in the state. Commercial liability insurance covers business owners and their clients for things like bodily and personal injury, commercial property damage, and injuries that pertain to advertising injuries.
The only commercial insurance that business owners are required to carry is workers' compensation insurance. Any business that employees an hourly or wage staff must carry this type of coverage to protect their employees.
Additional Resources For Retail Insurance
Read valuable small business retail insurance policy information. In a retail business, you need to have the right type of commercial insurance coverage so that your store, employees, and inventory are protected.
- Adult Novelty
- Appliance & Electronics Store
- Art Gallery
- Auto Service Repair
- Auto Supply Parts Store
- Bicycle Shop
- Book Store
- Bridal Shop
- Candy Confectionery Store
- Car Wash
- Carpet Store
- Clothing Store
- Collectibles Memorabilia Store
- Convenience Store
- Cosmetics Store
- Dry Cleaning
- Equipment Rental
- Funeral Home
- Furniture Store
- Gas Station
- Gift Store
- Hardware Store
- Home Improvement Store
- Hotel Motel
- Ice Cream Shop
- Jewelry Store
- Lingerie Store
- Luggage Store
- Music Store
- Office Supply Store
- Paint & Wallpaper Store
- Pet Store
- Pharmacy Liability
- Plumbing Supplies Fixtures Store
- Scrap Metal Dealers
- Sewing Store
- Shoe Store
- Sporting Goods Store
- Stationary Store
- Thrift Store
- Ticket Agency
- Tobacco Store
- Toy Store
- Travel Agency
- Wig Store
Retail stores are susceptible to premises liability claims because of customer traffic, but large department and specialty stores are more susceptible than most.
All retail stores have significant property exposures. The on-hand stock represents a considerable investment, but the amount on hand fluctuates seasonally. For this reason, physical damage insurance on this property must be arranged carefully. When the insured occupies a non-owned building, insurance coverage must be arranged for the insured's interest in extensive improvements and betterments made to the premises.
Crime insurance, in the form of employee theft and money and securities coverage, is also very important.
The businessowners policy was designed with retail exposures and operations in mind. For this reason alone, it should always be the first type of package coverage to consider. However, for those risks not eligible for the business owners policy program, the commercial package policy (CPP) is a practical and convenient way to combine a number of coverages into one policy.
Retail businesses generate income through interaction with customers. This interaction is also how a customer can sustain an injury and then sue the retailer for damages. Hazards, exposures and operations both on premises and off are important and must be covered, but liability the retailer may incur because of the merchandise sold must also be considered and insurance protection arranged.
Inventory or stock is the major property exposure for most retail operations. Because stock values tend to fluctuate or have significant peaks at certain times of the year, value reporting or peak season valuation options should be considered. Business income coverage, including business income from dependent properties coverage, may mean the difference between a retail operation staying in business or being forced into bankruptcy following a loss.
When the insured occupies a non-owned building, insurance coverage must be arranged for the insured’s interest in extensive improvements and betterments made to the premises.
Most retail businesses offer endless opportunities for a variety of criminal activities. For this reason, the coverages needed must be carefully evaluated. Holdup and robbery losses may be the most obvious concerns but employee theft, fraud and counterfeit money losses are also serious issues that cannot be dismissed.
Retail businesses are gaining greater exposure to international issues because of the growth in sales via the internet. As these sales increase, the added exposures faced by these retailers must be evaluated. While their operating horizons are expanding so are their potential loss exposures.
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Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, LLoyd's of London, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.