Pawn Shops Insurance
Most pawn shops need a business owner's policy (BOP) and general liability. Expect to pay about $1,500–$8,000 a year for a business with $200K–$2M in revenue.
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Recommended Coverages
BOP
essentialBundles general liability, commercial property, and business income/extra expense into one policy. For Pawn Shops businesses, key exposures include customer property in custody. Common claims include damage to pawned item in custody.
$1M GL per occurrence / $2M aggregate; Property limits vary by business personal property and building values
$500 - $3,500/year for low-risk small businesses; $3,000 - $10,000+ for higher-revenue or higher-risk classes
GL
essentialThird-party bodily injury, property damage, personal and advertising injury arising from business operations. For Pawn Shops businesses, key exposures include customer property in custody. Common claims include damage to pawned item in custody.
$1M per occurrence / $2M aggregate
$400 - $3,000/year for small businesses; $3,000 - $15,000+ for contractors and higher-risk classes
Workers Comp
recommendedMedical expenses, lost wages, rehabilitation costs, and death benefits for employees injured on the job.
Statutory limits per state law; Employers Liability typically $500K/$500K/$500K
Based on payroll × class code rate × experience mod. Ranges from $0.50 to $30+ per $100 of payroll depending on classification
Crime Insurance
recommendedProtects Pawn Shops businesses against losses from employee theft, robbery, forgery, and other criminal acts. Common claims include robbery/theft of inventory.
Varies by carrier and state
Varies by business size and risk profile
Bailee Coverage
situationalBailee Coverage provides specialized coverage tailored to the risks Pawn Shops businesses face.
Varies by carrier and state
Varies by business size and risk profile
Risk Profile
Physical
Liability
Professional
Property
Top Risks
- Robbery and theft
- Customer property in custody
- Stolen goods liability
- Firearm handling (if applicable)
- Regulatory compliance
Carriers That Write Pawn Shops
Known for competitive commercial auto rates and fast online quoting. Strong appetite for businesses with vehicle fleets and a growing BOP book.
Berkshire Hathaway-backed (AM Best A++) with competitive pricing for standard small business classes. Fully online quoting and binding process.
Digital-first carrier optimized for micro-to-small businesses. Fast quoting process with broad class appetite and competitive pricing for straightforward risks.
Workers compensation specialist with fast online quoting and competitive rates for small businesses. Simplified underwriting process designed for speed.
Cost Estimate
$1,500 - $8,000 for businesses with $200K - $2M revenue
Key Pricing Factors
- Annual revenue ($200K - $2M is typical for this class)
- Employee count (2-8 is typical)
- Inventory value
- Firearm sales (yes/no)
- Security measures
- Location