Owning a thrift store is a rewarding way to run your own business while making a positive impact on your community. However, thrift stores have many of the same insurance needs as other businesses. It’s important to plan ahead and secure the necessary coverage before opening your thrift store in Broomfield, CO.
Workers’ Compensation
Colorado law requires businesses with at least one employee to carry workers’ compensation insurance. This coverage typically doesn’t apply to self-employed individuals, so if you’re the only employee, you may not need it. However, if you plan to hire staff, workers’ compensation is essential to protect your employees and your business.
Auto Insurance
Vehicles used for business purposes must have commercial auto insurance that complies with state regulations. This includes trucks used for deliveries or cars used to pick up items for your thrift store. If you use your personal vehicle for business purposes, it’s important to speak with an agent at a company like Aspen Gold Insurance Brokers to ensure your policy provides adequate coverage while the vehicle is being used for business activities.
Liability Insurance
While liability insurance isn’t legally required for businesses in Colorado, it’s highly recommended. Accidents, such as a customer slipping and falling on your store’s floor, can result in lawsuits. Liability insurance can help cover the costs of legal fees and settlements, preventing financial strain that could jeopardize your business.
Commercial Property Insurance
Commercial property insurance is similar to homeowner’s insurance but tailored for businesses. It covers the building structure and often includes coverage for inventory. This policy protects against natural disasters and other covered perils, such as fires. If your building is located in a high-risk area, additional coverage options may be available.
We understand that running a business requires multiple types of insurance, which can feel overwhelming for first-time business owners. At Aspen Gold Insurance Brokers, we’re here to help. Contact us today to speak with an agent and learn more about the coverage options available for your thrift store. We proudly serve the Broomfield, CO area.
