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Stationary Art Supplies

Important Considerations in Choosing an Agent to Service Your Stationary Store

Knowledge of the Industry

Experienced Staff

Fast Certificate Processing

Claims Representation

Billing & Finance Options

Support Backup

Access to Multiple Markets

Insurance Essentials for Gift Shops & Stationary Stores

By William F. Schaake, CIC, CRM

Stationary stores typically derive a great percentage of their revenues from walk in traffic.  In order to facilitate the needs of the customers, store owners generally keep a large inventory of greeting cards, holiday items, and other gift ware.  Due to the seasonal nature of many gift shops, the inventory can fluctuate to a great degree during the holiday season.  Because of these changes certain exposures need to be considered for insurance purposes.  

Business Owners Policies - BOP’s

Unless the size of the shoe store or foot ware outlet is very large, most commercial general liability insurance is packaged with commercial property coverage. Often times these policies are written on a Business Owners Policy form or for short - BOP.  Most BOP’s include loss of business income, monies and securities, hired and non-owned auto, valuable papers & records, food spoilage, mechanical breakdown, etc. Usually BOP’s are defined by it’s limitations and exclusions as opposed to the named perils.  Another advantage of writing a shoe store on a BOP form is that there is usually no annual audit.  This can save time and aggravation for all parties involved, but most important it allows the owner to budget their insurance expense.  

How is the cost of these policies determined?

Business Owners Policies (BOP’s) are usually rated based on the contents limit.  Other factors may include location, type of establishment, the building construction, and building area.

Statutory or Compulsory Coverage Requirements

Most states have requirements for employers to provide workers’ compensation benefits for their employees no matter what size the business.  Workers’ comp provides coverage to reimburse medical expenses and provide compensation benefits to employees as a result of a job related loss.  It also provides employers liability to cover third party claims of those financially affected by the injured employee, such as a dependent spouse of the employee or the children.  Read more on comp >>  

Some states require employers to provide disability benefits to provide ‘off the job’ payments for injuries and illnesses to the employee.  Unlike workers comp, the cost of state disability can be shared between the employer and the employee.  Read more on DBL, SDI, TDI >>

By William F. Schaake, CIC, CRM © 2012 All rights reserved

  Stationary Stores, Greeting Cards, and Gift Shops

What types of coverage are important to consider?

Stationary Stores & Gift Shops

Cyber Liability

Products Liability

Inland & Ocean Marine

Loss of Business Income

Electronic Data Processing

Employer Practices Liability

Hired & Non-Owned Auto Liability

Personal & Advertising Injury

Monies & Securities

 Tenants Fire Legal                   

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Commercial Property

Workers Comp & DBL

Unemployment Insurance

Loss of Business Income

Personal & Advertising

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