While thrift stores have always been an important part of American commerce, the recession of 2008 brought them to new prominence – even hipness. And while this popularity is good news for secondhand stores and consignment shops financially, it also means that these hubs of bargain shopping face more risk exposure than ever.
Fortunately, that risk doesn’t need to be a source of worry for thrift shop owners. Investing in liability insurance is an excellent way to reduce the overall risks threatening the health of your store. In the event of a lawsuit against you, liability insurance can cover the legal costs (including attorneys’ fees, court costs, and any settlements or judgments). That means your defense funds don’t have to come out of your till.
For in-depth explanations of how various types of insurance can protect thrift stores, consignment shops, and other secondhand stores, read about some of our most popular coverages below.