Opening a thrift store in Medford, NJ, is an exciting opportunity to combine your love for thrifting with your business acumen, all while supporting the community. However, it’s essential to understand the insurance coverage you’ll need in the Tri-State area.
Legal Requirements for Business Owners
Businesses with employees are required to carry workers’ compensation and unemployment insurance. Additionally, you’ll need temporary disability insurance. If you use vehicles for business purposes, such as picking up donations, you must obtain a commercial auto policy to cover those vehicles.
Additional Coverage to Consider
While the state mandates coverage to protect employees and others, it’s equally important to secure policies that protect your business and personal assets. Business interruption coverage, for example, can help cover lost income if you need to close your store due to a covered event temporarily.
Property Insurance
Property insurance is vital if you own the building where your thrift store operates. This coverage can help pay for damage to the structure caused by covered perils. Many policies include protection against natural disasters, but it’s vital to confirm what events are covered. Additionally, ask whether inventory is included in the coverage. A company like Rock Insurance Services can provide clarity on these details.
General Liability Insurance
Although not legally required, general liability insurance is highly recommended. This type of policy protects your assets in the event that your business is sued. For instance, if someone slips and falls on an icy sidewalk outside your store, they could file a lawsuit. General liability insurance can cover settlements up to the policy’s coverage limit.
At Rock Insurance Services, our agents are here to help you understand the various types of coverage every business owner needs. Contact us today to learn more. We proudly serve Medford, NJ, and the surrounding Tri-State area.