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Thrift stores are becoming increasingly popular among American consumers. There are now over 25,000 resale and thrift shops in the US. After all, products found in gift shops and other retail businesses are in the inventory of thrift stores at lesser prices.
Having insurance is essential when starting a thrift store. Let’s discuss the different policies included in thrift store insurance, how they function, and policy limits.
A thrift store insurance policy with general liability coverage will protect against a third-party claim for injury or property damage from your business operations. Examples of coverage include:
Your thrift shop’s general liability coverage will offer a $1 million to $2 million per occurrence and aggregate limit.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $300,000/$1,000,000 | $1,000,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $100,000 | $1,000,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included | No |
| Hired/non-owned auto liability coverage included? | Yes | No | Excluded | Can be included | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
| Can you get a certificate of insurance online? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Deductible | $0 | $0 | $0 | $0 | $0 |
Product liability insurance covers your business when it sells a faulty product that causes injury, property damage, or other harm to your customers. Example situations where this thrift shop insurance can help include:
A standard product liability insurance policy will offer $1 million per occurrence and $2 million in aggregate. Higher limits are available depending on the policy and the insurer.
It will help you recover financially from physical damage to your storefront and property contained within. Coverage examples may include:
Commercial property insurance will protect around $60,000 in damage to your building and contents.
| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
| Building coverage limit (minimum) | $50,000 | $320,000 | $25,000/$500,000 | $75,000 | $25,000 |
| Contents coverage limit (minimum) | $50,000 | $35,000 | $25,000/$500,000 | $75,000 | $15,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Included |
| Accounts receivable | Excluded | Excluded | $5,000/$10,000 | Excluded | Included |
| Money and securities | Excluded | $2,500 | $1,000 | Excluded | Included |
| Lock and keys | Excluded | $2,500 | Excluded | Excluded | Included |
| Business interruption floater | Excluded | Included | Included | Excluded | Included |
| Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Included |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Excluded | Excluded |
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A business owner’s policy is an insurance package that combines general liability coverage and commercial property coverage. Policyholders also have the option to add additional coverages as well. Examples include:
A thrift store’s business owner’s policy will have around $1 million in general liability and $50,000 in commercial property protection.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
| General liability aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
| Commercial property coverage limit | $50,000 | $320,000 | $25,000/$500,000 | $75,000 | $75,000 |
| Optional policies can be added? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds for free? | Yes | Yes | Yes | Yes | Yes |
| BOP discount? | Yes | Yes | Yes | Yes | Yes |
Yes, according to the Consumer Product Safety Commission, resale thrift shops still have to follow guidelines for their products.This includes recalls and ensuring the inventory is safe for the general consumer and compliant with relevant federal laws.Acquiring used clothing store insurance is also beneficial to the business.
Protects business vehicles when they are used in service of your thrift store. It provides three primary sources of protection, which include:
Commercial auto insurance for thrift shops has an auto liability coverage limit of $25,000 per injury, $50,000 per accident, and $15,000 per property damage. This is just the minimum.
Protects your employees from the costs of getting injured or sick while at work. Example situations to use this coverage include:
The average thrift shop insurance cost is $32 per month or $384 per year for a $1 million general liability insurance. Factors that affect the cost of premiums are claims history, business history, policy limits, deductibles, and number of employees.
| Cost per Month | Cost per Year | Deductible | |
| General liability insurance | $32 | $384 | $0-$500 |
| Commercial property insurance | $50 | $600 | $1,000-$2,000 |
| Business owner’s policy | $82 | $984 | $1,500 |
| Commercial auto insurance | $45 | $540 | $500-$1,000 |
| Tools and equipment insurance | $36 | $432 | $500-$1,000 |
| Workers compensation insurance | $72 | $864 | $2,000-$5,000 |
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Here are the companies to consider for the best thrift shop insurance.
NEXT
NEXT is an online insurer that offers customized policies and affordable coverage for thrift stores. They offer important policies like general liability, commercial property, and workers’ compensation. Next has an A- from AM Best and is accredited with a B+ with the Better Business Bureau.
Average cost: $18 per month
Our rating: 10/10
Pros
Cons
It serves over one million small businesses with excellent business policies. Thrift store owners will find options like workers comp, commercial auto, and business owner’s policy. Hartford maintains a strong A- from AM Best for its financial strength.
Average cost: $20 per month
Our rating: 10/10
CoverWallet partners with Hiscox, Progressive, Markel, and more to deliver important thrift stores policies like business interruption, workers comp, crime insurance, and business owner’s policy. You can easily manage policies through this company’s MyCoverWallet dashboard.
Average cost: $22 per month
Rating: 10/10
Pros
It is an online insurance platform with over 200 partners to pick out your thrift store insurance components from. They offer various options like general liability, workers’ compensation, and commercial property insurance.
Average cost: $24 per month
Rating: 10/10
Pros
Cons
Thimble is a fast-growing insurance company that offers you quick quotes and ways to get coverage fast. Their website has resources for first-time buyers. Commercial auto insurance is available, but you’ll be referred to partners.
Average cost: $26 per month
Our rating: 10/10
Pros
Cons
It offers customizable business insurance that is specialized for small business customers. Hiscox have experience with hundreds of professions. We recommend working with this company in the long run because it automatically renews your coverage.
Average cost: $29 per month
Our rating: 10/10
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