Article provided by: First Class Insurance

Pawnbroker Insurance

In different places all over the world, one renown business is that of pawn shops.  As a pawn broker, you are a way out for your customers in two very unique ways. Firstly, you may choose to afford a person some more money when they are going through tough periods. 

Also, you provide the opportunity for people to access quality goods at economical rates. Meanwhile, according to your interests and choice, you could find pleasure in collecting precious gems or vintage materials. 

Therefore, as a pawn broker, you do not want to suffer loss or damage of any kind and be found without backup; it can be disastrous. That is why you need to protect the profitability and bliss of your business with business insurance designed for pawn shops. 

When you choose to insure your Pawn Shop business you are entitled to different coverages in case of any unforeseen and inevitable perils.

Things you are open to when you insure your pawn shop, include:

  • General Liability
  • Property Coverage
  • Workers Compensation

General Liability For Pawn Brokers

General liability proves to be very vital business insurance in combating the adverse effects that can be caused by sudden unforeseen dangers. The viability and wide scope of this insurance type affords you security for regular and uncommon risks. 

Also, unlike other insurances, general liability will only list what it will not cover on your policy declaration page. This implies that every other thing not stated in exclusion, but you added, like places, services or products, are provided security by the existing coverage.  

There are some particular ways through which general liability insurance secures your pawn shop company. These are in other words, the components of general liability insurance.

General Liability Insurance comprises:

Premises Liability

The orderliness and spaciousness of a pawn shop does not make it immune to accommodating accidents. Meanwhile, the disorganised fashion and stuffiness of the pawn shop surely makes it highly probable for accidents.  

This is to say that regardless of the care and caution you observe in the arrangement of your pawn shop, customers or even you could get hurt. Something can fall off a shelf on a customer’s head and cause bleeding.

 A customer could hit their foot on a metallic object placed on the floor etc. Anything can happen. However, should an accident occur in your pawn shop with a customer involved, premises liability insurance can foot their medical treatment bills. 

Products Liability

There are times when buyers tend to hold you legally responsible for any injury or illness caused them, by your product. However, with products liability insurance, you are secured against the financial implications of such legal charges; because they pay for all legal proceedings that may ensue. It is also likely that product liability settles the bill for the customer’s claim, if it is found valid by the court.

Completed Operations 

This part of general liability is that which sees to the services you offer.For instance, should your pawn shop provide short term loan principle, then it is possible for issues like a customer suing you breach in contract as to how long his/her belonging should be held in to. However, completed operations protect you in such cases, standing in for you especially for financial demands. 

Apart from these mentioned protections offered by general liability for pawn brokers, there are still others like business owners policy, building and content, and also workers compromise protection. Thus, you should now understand how important it is to have your pawn business insured. To insure your pawn shop today with the best pawn shop insurance, contact us today! 

Pawnbroker Insurance

First Class Insurance


Pawnbroker Insurance

15800 Pines Blvd Suite 3167

Pembroke Pines

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