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Running a gift shop isn’t as easy as many think. On busy days, some of the products on display can get stolen. A fire can break out somewhere and cause utter devastation. A customer can also sue you because his kid got injured by the toy from your shop.
Gift shop insurance grants immediate protection when such undesirable situations happen. Read this article to understand the functions of the policies included, the cost of premiums, and the best companies.
Gift shop insurance is a specialty insurance program for gift shops that sell souvenirs, figurines, toys, and other related novelty products. Insurance policies you can avail from this are general liability, commercial property, product liability, workers compensation, inland marine, more.
General liability insurance, product liability insurance, and professional liability insurance are the types of gift shop liability insurance. Let’s discuss how these policies work in the following sections.
Your gift shop allows people to access its premises. This policy will grant protection if customers file a claim after sustaining injuries or property damage while they’re on the premises of your gift shop. The general liability insurance for gift shops has a $1 million-$2 million per occurrence and aggregate limit.
| CoverWallet | NEXT (Best) | Hiscox | |
| Per occurrence limit | $1,000,000 | $1,000,000 | $300,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $100,000 | $100,000 | $100,000 |
| Waiver of subrogation included? | Yes | No | Excluded |
| Hired/non-owned auto liability coverage included? | Yes | No | Excluded |
| Equipment breakdown floater included? | No | Yes | Excluded |
| Can you get a certificate of insurance online? | Yes | Yes | Yes |
| Name additional insureds? | Yes | Yes | Yes |
| Deductible | $0 | $0 | $0 |
Does your gift shop create handmade and customized souvenirs for events such as birthday parties, weddings, and graduation parties?
If this is the case, professional liability insurance must be part of your commercial souvenir shop insurance program.
Professional liability insurance will protect your gift shop if a client files a claim because:
| CoverWallet (Best) | NEXT | Hiscox | |
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000 |
| Aggregate limit | $2,000,000 | $2,000,000 | $1,000,000 |
| Name additional insureds? | Yes | Yes | Yes |
| Waiver of subrogation included? | Yes | No | Can be included |
| Deductible | $500 | $500 | $50/$10,000 |
Most insurance companies offer product liability insurance as an automatic inclusion in your gift shop’s general liability policy.
This insurance, also included in craft insurance programs, will cover medical treatments, reimbursements, and legal expenses if a client buys a souvenir or any other product from your gift shop and sustains bodily injuries or property damage thereafter.
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| CoverWallet | NEXT (Best) | Hiscox | |
| Building coverage limit (minimum) | $50,000 | $260,000 | $25,000 |
| Contents coverage limit (minimum) | $50,000 | $18,000 | $25,000 |
| Outdoor signs | Excluded | $2,500 | Excluded |
| Accounts receivable | Excluded | Excluded | Included |
| Money and securities | Excluded | $2,500 | Included |
| Lock and keys | Excluded | $2,500 | Excluded |
| Business interruption floater | Excluded | Included | Included |
| Equipment breakdown floater | Excluded | Included | Excluded |
| Inland marine insurance floater | Excluded | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | Included |
Unexpected occurrences, such as fire breakouts, can have a significant impact on your gift shop’s operations. Buy commercial property insurance and you can increase your gift shop’s survival when tragedies happen.
Commercial property insurance will reimburse the actual cash value or replacement cost of your gift shop’s building if it gets damaged or destroyed by:
Get all the best quotes from leading providers in a click of a button!
A gift shop and novelty shop insurance package can offer a business owner’s policy. We suggest that you don’t miss this deal. A business owner’s policy is one of an insurance company’s ways of helping you protect your business without spending much on premiums.
A business owner’s policy combines general liability insurance and commercial property insurance. Its cost is more affordable than when you bought commercial property and general liability insurance separately.
| CoverWallet | NEXT (Best) | Hiscox | |
| General liability aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 |
| Commercial property coverage limit | $50,000 | $260,000 | $25,000 |
| Optional policies can be added? | Yes | Yes | Yes |
| Name additional insureds for free? | Yes | Yes | Yes |
| BOP discount? | Yes | Yes | Yes |
Don’t forget about worker’s compensation insurance if your gift shop has one or more part-time and full-time employees.
Worker’s compensation insurance will cover the expenses for medical treatment, hospitalization, medication, rehabilitation, retraining, lost wages, and death benefits if an employee sustains a work-related injury or disease.
Manufacturers and wholesalers ship products to your gift shop. Your gift shop also sends shipments to customers and partners. The damage or destruction of shipment is an exposure that’s excluded in your commercial property policy.
This is why you need cargo insurance. Cargo insurance will reimburse the estimated value of your shipment that gets destroyed or damaged because of:
The average gift shop insurance cost is $49 per month or $588 per year for a $1 million general liability policy. Factors that affect the cost of premiums are business size, business history, claims history, annual revenue, number of employees, location, and annual payroll.
| Cost per Month | Cost per Year | Deductible | |
| General liability insurance | $49 | $588 | $0-$500 |
| Professional liability insurance | $52 | $624 | $0-$500 |
| Commercial property insurance | $65 | $780 | $1,000-$2,500 |
| Business owner’s policy | $100 | $1,200 | $500-$1,000 |
| Workers compensation insurance | $125 | $1,500 | $2,000-$5,000 |
| Cyber liability insurance | $60 | $720 | $500-$1,000 |
| Employee dishonesty insurance | $80 | $960 | $1,000 |
below are some reviews of the best gift shop insurance companies. Read to know their pros, cons, and cost of a $1 million general liability insurance.
NEXT is an insurance company that specializes in providing coverage for businesses through pre-made insurance bundles.
This company covers your gift shop through its retail store insurance package. You avail this as a deluxe coverage that offers the following:
Average cost: $25 per month
Get all the best quotes from leading providers in a click of a button!
CoverWallet isn’t an insurance company but an insurance broker. Nonetheless, this is okay as it means that your quote can come from several insurance companies.
Use CoverWallet’s online quotes comparison platform to know the features and cost of the inclusions in a particular gift shop insurance quote.
Average cost: $35.83 per month
Our rating: 10/10
Tivly’s gift shop insurance offers general liability insurance, commercial auto insurance, commercial property insurance, and crime insurance. You need to call a representative to know the limits of your coverage and compare quotes over the phone.
Average cost: $39 per month
Consider working with Hiscox if you’re looking for an insurance company that automatically renews your coverage every year and has a very responsive claims process.
Average cost: $40 per month
10 / 10
For me this company has proven to be the best to do business with and worth my hard earned money. Contractors this is your company look no further.
7.7 / 10
Decent experience with Hiscox business insurance
10 / 10
Good company. Good and knowledgable customer service. If they don't know something they will pass you on to a more experienced rep that is more knowledgable. So far so good.
10 / 10
Best insurance ever
10 / 10
Coolest concept, I wish this was applied to other insurance products too.
9.4 / 10
Fastest ever online insurance quote and purchase! Also, great rates and professional customer reps that helps with whatever you need, if you need. Nice company!
2.8 / 10
Embroker sells a product that it doesn't honor. We purchased a combination D&O and EPLI policy. However, when it came to renewal, it told us that we only had D&O coverage even through our ACCORD certificate clearly mentions we have both. Basically they refused to honor the EPLI coverage and will leave you hanging with the bag. At time of renewal, they more than doubled our quote to get similar coverage. Basically BAIT & SWITCH. Unacceptable tactics. Easy to buy and pay but you may not be... Read More
2.8 / 10
Great platform. Terrible policy. There is no teeth behind it. No coverage. It's a fake policy that they sell. Sold us an EPLI policy that later we came to find out had no EPLI coverage. Amazing that they can get away with outright fraud. Check the positive reviews. They are all 'Anonymous' posted by Emroker staff. Stay away and find a real policy that will actually provide you coverage. We've been bitten by them and hope to find restitution via a lawsuit.
Paul Burns Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
It has been 70 days since I made a claim on the roof of my building. No one from the company will return calls. We are in hurricane season and located in Louisiana. My building is tarped to secure it.
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
They are the worst, my truck was hit in January 23 and the claim adjuster has not been out to this very day! They have every excuse in the book as to why. They have not been to the collision shop. PLEASE AVOID THESE SCAM ARTIST!
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Avoid these SCAM ARTISTS! They don’t pay claims!!! Save yourself the trouble and money!
Kasey Arey Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
This company gives you a price that was in place for a year and when you have to use it there is fine print were they can go back and charge you more. Would not recommend them to any one. Crooks
John Murphy Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Worst insurance comapny I have ever dealt with. A commercial vehicle represented by GUARD t boned my wife and daughters family vehicle in the middle of the day. Driver was cited and insurance claim insued. Fast forward 4 months and refusal of full amount of claim is still happening. Driver was found guilty, repairs started on my vehicle and when it comes to the final bill and diminished value we cannot get any help. I am out a family car, have an injured and traumatized wife and children,... Read More
Harshadray Patel Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Extremely bad service, when you call , will make you wait on the phone for ever (over an Hour) and still no one to answer , so you end up hanging up. To cancel the policy, bounce you from one department to the other. They are supposed to refund from the date other insurance started and after sending the proof of other insurance policy, still they did not refund based on that actual date instead they use the date i managed to get hold of them. They charged me $7000.00 for a year's insurance on... Read More
Aaron Wensel Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Guard Insurance is terrible. They were so bad I cancelled them because them couldn't figure out why I would never get a paper copy of the bill . Verified my address with them and still intermittent billing. I cancelled them in March through my local broker. Today 6/27 I get a letter in the mail from a collections company saying I owe 87.97. This was the first myself or my broker heard of owing this money. Here is some advice for this failure of a company send me a god damn bill and I will pay.... Read More
Michael Swink Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
My employer had to have workers compensation by law. He obtained a policy through this Berkshire Hathaway GUARD and they failed me. I fell from a ladder and fractured my spine in 7 different places, my clavicle in 4 places, and the base of my skull. Going to my Dr visits I was prescribed medication for pain and the insurance company placed a pre-authorization hold on me picking up the medication from Walgreens. The hold lasted 5 days! My weekly benefits have never been on time, right now... Read More
10 / 10
Liberty Mutual is one of the more simple companies to deal with. I had to file a claim for my business owner policy after I caught one of my employees stealing a large amount of products from my business. Liberty mutual paid the claim fast and with no efforts. I wish the legal process was as easy…
10 / 10
For me this company has proven to be the best to do business with and worth my hard earned money. Contractors this is your company look no further.
7.7 / 10
Decent experience with Hiscox business insurance
9.4 / 10
Very pleased with Hiscox - their small business insurance rates are very good and they specialize in small business which gives me a peace of mind as a small business owner. So far so good!
10 / 10
Their customer service is absolutely fantastic. Very patient, knowledgable and provided excellent explanation of the purchased policy. I would highly recommend this insurance company to anyone that's looking to protect their business from unexpected expense. Thank you Hiscox for doing a great job for my business!
0.6 / 10
STAY AWAY! I wouldn't recommend hiscox small business liability insurance to anyone. Better not waste both your money and your time. Hiscox customer service is extremely unpleasant, not organized and not professional. It is the worst company we have dealt with in almost 25 years in business!
10 / 10
Good company. Good and knowledgable customer service. If they don't know something they will pass you on to a more experienced rep that is more knowledgable. So far so good.
10 / 10
Extremely fast and simple. Wasted a lot of time and money until I found these guys! I feel like my business is in good hands now.
10 / 10
Hiscox's the best! My business is insured with them for over 12 years and am not planning to switch!
10 / 10
Excellent experience with Hiscox BOP for my coffee shop. They provided all it needed.
10 / 10
My HI barbershop is well covered with their great BOP product for 5 years already! not planning to switch!
10 / 10
Best insurance ever
10 / 10
Coolest concept, I wish this was applied to other insurance products too.
10 / 10
Great experience
6 / 10
Didn't relate to the concept much, but it makes sense if you need insurance to go
0 / 10
It doesn't really feel sustainable to me and doesn't offer business interruption, product liability and commercial property insurance. They have no local agents and despite their technology first approach you cannot file claims online. Additionally, product manufacturers are not covered by Thimble and they don't provide enterprise solutions.
10 / 10
As a contractor that works 3 times a week for a few hours, Thimble gets really handy for me and saves me money. I have no use for these massive business insurance coverages offered by traditional insurance companies.
10 / 10
Excellent concept which is useful to many small businesses!
10 / 10
Been waiting for this type of solution for a long time!
10 / 10
Love their business insurance solutions for freelancers! Great app!
Not all those who wander are lost.
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