Gift shops in Florida are plentiful due to the year-round tourists who flock to the warm and beautiful state. Most gift shops sell a variety of goods, from greeting cards and stationary to holiday decorations, gifts, t-shirts, postcards, figurines, stuffed animals, coffee mugs, and even one-of-a-kind artwork, quilts, and other handmade items. 

Every gift shop is unique. Where they’re located, what they sell, and the types of people who frequent these shops vary wildly. 

Owning a gift shop in Florida is very rewarding, and it also presents many risks. Customers can get injured on your premises, products you sell can injure someone, and your building and inventory can be damaged by fire, severe weather, theft, or vandalism. 

The only way to ensure that you can repair, rebuild, and continue to operate in these situations is to purchase Florida gift shop insurance. For gift shop owners, that means a comprehensive set of business insurance policies and endorsements that directly address all of your unique risks. A Florida independent insurance agent can help you find the right coverage for you.

What is Gift Shop Insurance?

Gift shop insurance is a specific type of Florida business insurance that is designed to meet the unique needs of gift shops in Florida. It is typically a package of several policies that cover property damage and lawsuits, allowing you to focus on running your business and serving your customers.

Most gift shops in Florida need commercial property insurance and commercial liability insurance at a minimum. But not every risk you face is covered by these basic policies. You’ll likely need to purchase a variety of additional Florida business insurance policies to make sure that your gift shop is protected from the numerous property losses and claims of negligence that can arise as a result of your operations. 

What Does Gift Shop Insurance Cover in Florida?

Gift shop insurance should cover the unique risks you face in your store. This includes physical damage to your building or property, as well as your responsibility to financially compensate any customers or members of the public who get injured on your property or as a result of buying something from you.

With a few commercial insurance policies, you can begin to build a comprehensive Florida gift shop insurance program.  

Commercial Property Insurance for Florida Gift Shops

Property insurance helps you rebuild or make repairs when an unexpected event — like a fire, a flood, hail, lightning, or a tornado — destroys your merchandise and your physical space. It helps you replace, rebuild, or repair computers, cash registers, inventory, equipment, furniture, fixtures, and more after a covered event. 

If you own your building, commercial property insurance covers damage to the structure. If you rent your space, your landlord must purchase coverage for the structure. But you still need to purchase commercial property insurance to cover the contents of your store. 

Business Interruption Coverage for Florida Gift Shops

Business interruption coverage compensates you for lost business income and pays for operating expenses if you must temporarily close after a covered loss (e.g., a fire damages your stockroom and part of the sales floor, and you must close your store during the rebuilding process). It is usually included as part of your commercial property policy. 

Commercial General Liability (CGL) Coverage for Florida Gift Shops

General liability insurance covers claims brought against your business due to negligence on the part of you or your employees. If someone is injured on your premises (e.g., a t-shirt display shelf falls off of the wall onto a customer, causing a head injury) or as a result of your operations, your CGL policy pays for medical bills and other expenses for the injured party. If you are sued, it pays for your legal defense, court costs, and any settlements or judgments that you must pay. 

You may be able to bundle your basic property and liability coverage together into a packaged policy (business owners policy, or BOP) designed for small businesses owners. 

What Does Gift Shop Insurance Not Cover in Florida?

Your basic commercial property and commercial liability policies offer very broad coverage that protects you in a wide range of circumstances. But they don’t cover everything, and in fact, both exclude coverage in certain areas where you may have serious exposures. 

If, for example, you have business-owned autos, your general liability policy will not cover any injuries or damage caused by an auto accident involving one of your vehicles. You’ll also need to purchase additional coverage for worker injuries and employment-related lawsuits, as these are also both excluded from coverage under your CGL policy.

Fortunately you can purchase a wide range of additional stand-alone policies or policy endorsements (coverage add-ons) to make sure you get coverage for situations that are excluded from coverage or not sufficiently covered under your basic property and liability policies. 

Commercial Umbrella Insurance for Florida Gift Shops

Commercial umbrella insurance essentially increases the limits of several of your other liability policies, including your CGL policy and your commercial auto insurance policy. That way, if you experience a claim in which the financial payout exceeds the limits of your underlying policies, you won’t be forced to pay for the rest out of your own pocket. So if a customer injury in your store leads to an expensive lawsuit that exceeds the limits of your commercial general liability policy, your commercial umbrella policy kicks in with higher coverage limits. 

Commercial Auto Insurance for Gift Shops in Florida

Commercial auto insurance ensures that you’ll be able to pay for any physical damage or injuries you cause if you are in an auto accident while driving for business purposes. If you have a business-owned vehicle that you use for running errands, making deliveries, or for other business purposes, you will be covered by your commercial auto policy if you cause an accident. 

If you drive your personal vehicle for business purposes, you need hired and non-owned auto liability insurance, because your Florida personal auto insurance policy likely won’t cover you if you cause an accident while driving for business purposes. 

Florida Workers’ Compensation Coverage for Gift Shops

Workers’ compensation insurance makes it possible for workers to pay their medical bills and be compensated for lost wages if they are injured at work. Florida’s workers’ compensation law requires all non-construction employers who have four or more employees to purchase workers’ compensation insurance. 

If a cashier, stock person, store manager, or any other type of employee is injured while lifting heavy boxes, slipping on a wet floor, or falling off of a ladder, workers’ compensation insurance pays for related medical costs and compensates the employee for time away from work. 

Crime Coverage for Florida Gift Shops

Crime coverage can be added to your commercial property policy. It protects your business from any number of crimes that could be committed in your gift shop, including vandalism, shoplifting, and employee theft or embezzlement. 

Employment Practices Liability Coverage for Florida Gift Shops

Employment practices liability insurance covers you if an employee sues you for discriminatory employment practices. Employment related claims are typically excluded from CGL policies. 

Florida Flood Insurance for Gift Shops

Flood damage is not covered by any of your Florida gift shop insurance policies. But you can purchase special flood insurance from the National Flood Insurance Program (NFIP). If your gift shop is located in an area that is prone to flooding (including flooding caused by hurricanes), it's important to discuss with your agent purchasing this coverage. If you do not have flood insurance and your gift shop is damaged by a flood, you'd have no coverage to help you pay for repairing and replacing damaged property. 

What Are the Benefits of Insuring a Gift Shop in Florida?

Purchasing gift shop insurance in Florida offers a variety of essential benefits for any gift shop owner. It helps you avoid financial devastation after an unexpected event or a lawsuit creates significant financial losses for your business. 

Gift shop insurance benefits you by covering: 

• Accidents, such as slips, trips, and falls in the store or parking lot
• Damage to your inventory (often clothing, paper products, stuffed animals, artwork, and collectibles that are particularly susceptible to fire, smoke, and water) due to some catastrophic or unexpected event (fire, smoke, weather, vandalism, etc.)
• Inventory damage due to careless shoppers (a customer knocks down a display case full of collectibles), or vandalism (intentional destruction of inventory by an individual or group)
• Damage to your building, computer systems, fixtures, and furniture due to fire, smoke, water, or weather
• Loss of income due to a catastrophic or unexpected event (a fire damages part of your store, forcing you to close while repairs are made)
• Shoplifting and employee theft of cash or inventory 
• Selling faulty products (improperly labeled products that present a child choking hazard or allergy hazard)
• Employee injuries (falling off a ladder, back injury due to heavy lifting)
• Employee lawsuits related to discrimination or other claims

Can I Afford Gift Shop Insurance in Florida?

The cost to cover your Florida gift shop with a comprehensive business insurance program will vary depending on: 

• The size of your store
• Your store’s location 
• The number of employees you have
• The types of products you sell 
• The value of your inventory 
• The types of coverage and the coverage limits that you require
• The crime and weather risk in your city

Whether or not you consider it to be affordable depends on the number of options you’re able to select from, and the value you find in the coverage. An independent insurance agent can help you find the right mix of coverage and value for your unique needs and budget. 

Do I Need an Agent to Purchase Gift Shop Insurance in Florida?

A Florida independent insurance agent can work with you one-on-one to determine the types and amounts of coverage you need for your Florida gift shop. Your agent can get quotes from multiple insurance companies so you can evaluate the cost and coverage options and make the best choice. 

Isn’t that better than going it alone or shopping online? Our independent insurance agents simplify the search process for finding the right coverage for your Florida gift shop. They’ll walk you through the handpicked policy options and explain the details and options.

Most importantly, they’ll be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.