No matter the length of your lease, any pop-up shop needs insurance. We’re here to make sure you cover the necessary checklist before signing the dotted line.
- Be transparent
As a renter, it’s important to discuss everything that’s on the table with your landlord. You need to know the scale of your business plans as well as any potential liabilities before deciding on anything. Are you planning to install any fixtures in the space? Is there a chance that you will want to extend the pop-up’s duration? What are your staffing goals? What will the hours of the operation be?
2. Be specific
Since you are dealing with a temporary shop, a standard business owner’s coverage policy will not be applicable. Some traditional retail insurance providers, however, will offer coverage on a month-to-month basis. The key is to assess the scale of your pop-up and the amount of parties involved.
A couple important things your plan should cover include business premises insurance, business contents insurance, employer’s liability insurance, and public liability insurance.
When it comes to pop-ups, things can get a bit more complicated. Are you traveling with your inventory off-site? You’ll probably need inland marine insurance. Is your complex under partial construction? You may want to look into builder’s risk insurance.
Consider injuries, employee liabilities, product liabilities, and business income. Your product or company is likely in its beginning stages, and one false step can cause business to plummet. Insurance is vital.
3. Use independent agents
According to Walt Capell, President and owner of Worker’s Compensation Shop, your best bet is to work with an independent agent who can help you shop around according to your pop-up’s needs. Since a pop-up shop involves many variables, an independent agent can help devise more structure for your plan.
“They can shop your policy around to multiple carriers, and they also have the knowledge about which carriers are actively looking to quote the coverages you’re looking for,” says Capell. “This can help you get bigger discounts.”
Here are a couple recommendations to explore when it comes to securing the best insurance for your pop-up:
Artists, Crafters, & Tradesman Insurance
Written By: Rebecca Robin
