When operating a pawn shop, getting business insurance coverage to protect your shop should be top priority.
General liability insurance protects your business from financial strife of customer's legal or medical costs for injuries while on your business’s property. This will cover your legal defense and the costs associated with the loss if you are found liable, up to your policy limits.
Property damage, whether it is from fire, extreme weather conditions, or natural disasters, flood from severe rainstorm, property insurance would cover the cost of repairing or replacing your business-related property including structural damage to your building and the business materials you store there.
Workers compensation insurance is required by law in most states of the US. If an employee is injured in a work related accident, workers compensation will pay for their medical care and recovery expenses. Your business will also not be responsible for the damages or sued by your employee.
To keep track of the loans you currently offer and which merchandise is ready to be returned, you keep a clear database on your shop’s computer. If it gets hacked, the security of your customer’s personal information could be compromised. With this coverage, you can protect your business from related lawsuits.
If there is a fire or other accident that causes you to close your doors for an extended period of time, you could be left trying to cover various expenses out of your own pocket. To help avoid this issue, this coverage works to cover some of your lost revenue until you’re ready to open your doors again.
You may drive frequently to inspect and purchase merchandise for your pawn shop. Your employees may drive trucks to pick up or deliver larger loads or items. Business auto insurance provides coverage against accidents, theft, or vandalism while using your vehicle for business purposes.
Owning a pawn shop means that you can provide services to your customers in two different ways. You may help someone out by providing them with extra money when times are difficult. And you help other people out by providing quality goods at reasonable prices. Protect it from unexpected events by including the right types of coverages in your business insurance plan, to help protect your shop against unforeseen events.
Pawn shops are in the business of lending money for items of value. One must accurately assess an item’s worth and the market demand for resale should the owner default on the loan. As a result, pawn shops face numerous financial risks, including the loss of product market value, inability to resell items, theft, and property damage. Having the right insurance coverage can also help your business grow and thrive.
Running a pawn shop without insurance is taking a mighty huge risk. Our broad, tailored coverage options and enhancements are based on our deep knowledge and experience in the pawn shop insurances, and specifically designed to meet the needs of our customers.
At Business Insurance Agency, we will take the time to get to know your business and assess the risks involved in your business, and can assist you with the right coverage options you need at an affordable price.
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