Michigan Pawn Shop License

Posted : admin On 8/23/2021

Applying for Your Pawn Shop License. Before you start buying or selling used or secondhand items, you must apply for your pawnbroker license. Start by contacting your city’s business licenses, permits & tax division to get a pawnbroker license or secondhand dealer license.

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(Redirected from Ashley Broad)
Hardcore Pawn
Starring
  • Seth Gold
  • Ashley Broad
  • Bobby Janiec
  • Karen Mitchell
Country of originUnited States
Original languageEnglish
No. of seasons9
No. of episodes162 (list of episodes)
Production
Running time30 minutes
Production companies
Release
Original networkTruTV
Original releaseAugust 16, 2010 –
April 6, 2015
External links
Website

Hardcore Pawn was an American reality television series produced by RDF USA (later Zodiak USA) and Richard Dominick Productions for truTV about the day-to-day operations of American Jewelry and Loan, a family-owned and operated pawn shop and broker in Detroit, Michigan's 8 Mile Road corridor.[1][2]

  •  Legislative Council, State of Michigan Courtesy of www.legislature.mi.gov official seal of his or her office, to any suitable person, corporation, or firm a license authorizing that person, corporation, or firm to conduct the business of a pawnbroker subject to the provisions of this act.
  • Address: 17037 Ecorse Rd Allen Park, Michigan 48101 Phone: 313-769-5145 Business Hours: Mon – Fri from 10:00am-6:00pm and Saturday 10:00am-4:00pm Email: [email protected]
  • Royal Oak — The city's planning commission rejected plans Tuesday night for a jewelry store and loan business on Woodward after hearing from dozens of residents who objected to the proposal.
  • Main street Pawnshop, located in the heart of downtown Pontiac, is your place for the best deals around on thousands of different items. We sell everything from jewelry to cars.

The series premiered on August 16, 2010,[3] delivering two million viewers, setting a record as truTV's most-watched series premiere ever.[4] Production was halted in 2014.[5]

Overview[edit]

American Jewelry and Loan is owned by Les Gold, a third generation pawnbroker and businessman, and the grandson of a pawnbroker who once owned Sam's Loans, a now-defunct pawnshop on Michigan Avenue in Detroit.[6] Les first opened American Jewelry at the Green Eight Shopping Center on 8 Mile Road in Oak Park in 1978, moving to its present location in 1993.[3]

In 2011, American Jewelry expanded to its second location when it acquired Premier Jewelry and Loan in Pontiac;[7][a] the new location was featured in the first few episodes of Hardcore Pawn's fifth season,[10] and in two episodes of the sixth season, where Les's son and co-owner/employee Seth attempts to sell the Pontiac location behind Les's back.[11][12]

Les's only son, Seth, is an alumnus of the University of Michigan and has been a co-owner of American Jewelry since graduating from school. Seth handles the store's marketing division and claims that if it was not for him, the shop's only marketing campaign would be 'an ad in the Yellow Pages'.[13] Les's daughter, Ashley, has a bachelor's degree in business administration from Michigan State University and earned her graduate diamond certification from the Gemological Institute of America. Ashley is a co-owner of American Jewelry and has been working there for more than fifteen years, although she took three years off at one point for maternity leave. Download the sims social game freefor pc free. The sibling rivalry between her and Seth is a common element of many episodes.[14]

Episodes[edit]

Over nine seasons, 162 episodes (including the pilots and specials) have aired.

SeasonEpisodesOriginally aired
First airedLast aired
Pilot episodes2December 21, 2009
18August 16, 2010September 27, 2010
28December 28, 2010February 8, 2011
313February 15, 2011May 24, 2011
413June 21, 2011October 4, 2011
526November 15, 2011June 19, 2012
626July 10, 2012February 5, 2013
726March 26, 2013November 5, 2013
827December 17, 2013August 20, 2014
913December 29, 2014April 6, 2015

Cast[edit]

  • Leslie 'Les' Gold, owner
  • Seth Gold, Les' son, co-owner
  • Ashley Gold Broad, Les' daughter, co-owner, head of Jewelry department. Left the pawn shop after series concluded to start her own online jewelry business
  • Lili Gold, Les' wife and office manager. Appears occasionally in the background during the first season, but is never seen or mentioned thereafter
  • Karen Mitchell, Les' niece, co-manager—jewelry department (Seasons 8–9)
  • Bobby Janiec ('Bobby J'), store employee. Left pawn shop early in 2016 and has since posted in various social media accounts that he feels he was taken advantage of by owner Les Gold.
  • Byron, security (Season 6 then became head of security in Episode 1 of Season 7 after Joe was caught stealing)
  • Hook, security (Seasons 1–9)
  • Joe, head of security (Seasons 1–6) arrested then fired for getting caught on camera stealing scrap gold. Incident aired on season six finale.
  • Felix, security (Seasons 1–6). Known for long thick beard. Left for unknown reasons. Departure not addressed on show
  • Rich, Store Manager (Seasons 1–6). Store Manager for 25 years. Plays in a rock band on the side. Was sent home by Les in a controversial episode for an apparently a minor dispute. He returned to the store the next day and apologized, but he was eventually written out of the show and left the pawn shop altogether. It is believed by many of the shows fans[who?] that Rich was fired because he was becoming a more popular character on the show than the Gold family thus upstaging them.
  • Robo, Head of Security (Season 1) In series premiere, he was the long time head of security. However he was sent home for inappropriately kissing an employee. While he was brought back after his temporary suspension, he is only seen a couple of more times for the rest of season 1, and is not seen again from season 2 onwards.
  • Jeff, Jewelry technician. Responsible for setting diamonds, melting gold etc. it was his desk that former security guard Joe was caught stealing from.
  • Nikki, Amber, Christina- window clerks. Christina was caught stealing and arrested in a season 8 episode.
  • Darren McCarty, former NHL hockey player for Detroit Red Wings who appeared on the show initially to sell taxidermy animals but wound up being offered a job as an entry level pawnbroker. Initially makes the mistake of overpaying for a couple of Red Wing jerseys but makes up for it by signing them thereby increasing their value.
  • Bryan Cranston,[15] store manager, second in command after the Gold family members after the departure of Rich.

Series cancellation[edit]

During season 9, truTV decided not to order more episodes because of the network's new direction. truTV was concentrating on comedy programming and it was decided that Hardcore Pawn did not relate properly to other programs in the network's schedule. No other television networks showed interest in the series, and production was halted in 2014.[5]

Reception[edit]

Ratings response[edit]

The show averaged 2.6 million viewers during its sixth season.[16]

Comparison to Pawn Stars[edit]

The show has been largely compared to similar reality program Pawn Stars on History, but in the vein of similar programs also on truTV (Operation Repo and Lizard Lick Towing for example), where it differs however is the focus being mainly on the human aspects of drama and interaction, rather than the actual significance of the items being brought into the shop.[17]

Due to similarities to Pawn Stars, Hardcore Pawn has been described as simply being a knock-off and a capitalization on the breakout success of Pawn Stars.[18] Les Gold defends the show with claims that his show is a true representation of what a pawn shop does, focusing on the human element and showing that people are suffering tough times and need money for basic necessities like food and rent.[3][19]

According to Marc Juris of truTV, any similarities between the shows are coincidental. He also noted that Hardcore Pawn was in development for more than a year and two test episodes aired in December 2009. Regarding the initial identical time slot of Monday nights at 10 pm ET, opposite Pawn Stars at the time, Juris claimed the choice was made because Hardcore Pawn fit well with Operation Repo. The second season debuted in December 2010, in the Tuesday at 9 pm ET timeslot.[20]

Reality versus scripting[edit]

The first season put an emphasis on the sad stories of people pawning their possessions and on the Golds' need to arm and otherwise protect themselves in dangerous Detroit. This was deemed too dark for television, and from the second season all mention of danger was dropped and pawn stories downplayed in favor of people selling unusual things and Les bargaining them down in price. Owner Les Gold said at the launch of the show that there would be no staged antics, products or characters on the show.[3] However, New York Post writer Linda Stasi has opined that some situations in Hardcore Pawn are set up.[21] For example, every episode features moments when Les, who is not normally behind a counter, happens to be there when someone brings in something unusual to sell. The shows are also obviously edited to follow a regular format, with every episode featuring two unruly customers being thrown out, one trip to the parking lot for a car or truck for sale, and usually some argument between Ashley and Seth.

Spinoffs[edit]

Hardcore Pawn has generated two spinoffs:

  • Combat Pawn, a series about the employees and customers at Guns Plus, a gun shop located near the Fort Bragg military installation in North Carolina. Originally developed under the title 'Hardcore Pawn: Fort Bragg', Combat Pawn debuted on truTV on Sunday July 15, 2012 at 10:30 p.m. ET/PT.[22]
  • Hardcore Pawn: Chicago, which features Chicago's Royal Pawn Shop, a pawn shop owned by two brothers, Randy and Wayne Cohen, whose family has been in the business for over 100 years. The series debuted January 1, 2013[23] and is produced for truTV by Bischoff-Hervey Entertainment, with Eric Bischoff and Jason Hervey as executive producers.[24]

In addition, Rich Pyle, one of the American Jewelry clerks who was featured in many episodes of Hardcore Pawn, has since left the show and became host of another television series for the National Geographic Channel, Meltdown, a series focusing on the recycling of precious metals. That series debuted on National Geographic on October 31, 2013.[25]

See also[edit]

  • Pawn Stars – a reality television program based in a pawn shop in Las Vegas
  • Pawn Queens – a similar series with female pawn shop operators, airing on TLC

Notes[edit]

  1. ^Name of pawn shop acquired revealed in the episode 'Aftermath',[8] with its address matched between American Jewelry's website[7] and Premiere Jewelry's Yelp listing.[9]

References[edit]

  1. ^Bauder, David (August 11, 2010). ''Hardcore Pawn' Follows in Wake of 'Pawn Stars''. boston.com. The New York Times Company. Associated Press. Retrieved August 16, 2010.
  2. ^''Hardcore Thaw Charity Feb 8th 2013''. Retrieved February 10, 2013.Location verified with Google MapsStreet View.
  3. ^ abcdHammerstein, B.J. (August 15, 2010). 'Masters of pawn get a reality check'. Detroit Free Press. Archived from the original on January 8, 2011. Retrieved August 18, 2010.
  4. ^Cassell, Karen (August 17, 2010). ''Hardcore Pawn' Delivers 2 Million Viewers, Setting New Record as truTV's Most-Watched Series Premiere Ever' (Press release). Time Warner. Retrieved August 18, 2010.
  5. ^ ab'TV Q&A'. Community Voices.
  6. ^'Gold at Gunpoint'. Hardcore Pawn. September 27, 2010. truTV.
  7. ^ ab'Pawn Detroit'. American Jewelry and Loan.
  8. ^'Aftermath'. Hardcore Pawn. November 15, 2011. truTV.
  9. ^'Premier Jewelry & Loan'. Yelp.
  10. ^'Total Meltdown End Days'. Hardcore Pawn. October 4, 2011. truTV. At the end of this episode, Les tells Seth and Ashley that he plans on opening a second location, with one of them running it.
  11. ^'Oh No He Didn't'. Hardcore Pawn. September 25, 2012. truTV.
  12. ^'Oh Yes He Did'. Hardcore Pawn. October 2, 2012. truTV.
  13. ^'Pilot #1'. Hardcore Pawn. December 21, 2009. truTV.
  14. ^Hardcore Pawn: Biographies
  15. ^'Bryan Cranston'. American Jewelry and Loan As Seen on Hardcore Pawn Pawn Detroit. Retrieved November 26, 2020.
  16. ^Pennington, Gail (January 25, 2013). 'Hardcore Pawn picked up for Season 7'. St. Louis Post-Dispatch via website. Retrieved January 25, 2013.
  17. ^AJ Marechal; Carole Horst (April 10, 2013). 'Family drama and thousands of clients draw millions of eyeballs and a ratings hit for niche net'. Variety. Retrieved July 7, 2013.
  18. ^Hibberd, James (August 17, 2010). 'TruTV's 'Pawn Stars' knock-off scores big ratings'. The Hollywood Reporter. Archived from the original on August 19, 2010. Retrieved August 24, 2010.
  19. ^Harrison, Stacey (July 3, 2012). '7 Questions With Les Gold of 'Hardcore Pawn'. Channel Guide Magazine.
  20. ^'Hardcore Pawn'. Zap2it. Archived from the original on March 31, 2013. Retrieved August 13, 2012.
  21. ^Stasi, Linda (August 16, 2010). ''Pawn' spawn: New shop on the block feels the same'. New York Post. Retrieved August 24, 2010.
  22. ^TV News Desk (July 9, 2012). 'truTV to Premiere 'Combat Pawn', 7/15'. BWWTVWorld. Retrieved June 21, 2014.
  23. ^Bibel, Sara (October 2, 2012). 'TruTV to Premiere 'Killer Karaoke', 'Hardcore Pawn: Chicago', 'Impractical Jokers', 'Black Gold', '& 'Full Throttle Saloon''. TV by the Numbers. Archived from the original on October 7, 2012. Retrieved October 14, 2012.
  24. ^Kondolojy, Amanda (August 15, 2012). 'truTV Greenlights 'Hardcore Pawn: Chicago' – Ratings'. TV by the Numbers. Archived from the original on August 19, 2012. Retrieved November 19, 2012.
  25. ^'Meltdown'. National Geographic Channel. August 5, 2013. Archived from the original on July 1, 2014. Retrieved June 21, 2014.

Coordinates: 42°26′37″N83°11′58″W / 42.44361°N 83.19944°W

External links[edit]

  • Hardcore Pawn on IMDb
Retrieved from 'https://en.wikipedia.org/w/index.php?title=Hardcore_Pawn&oldid=999256674#Ashley_Broad'

Pawn Shop Insurance Michigan Policy Information

Pawn Shop Insurance Michigan. Being the owner and operator of a pawn shop can be an exciting endeavor. You have the opportunity to work with a diverse clientele, sell unique items, and even provide your customers with the extra cash they may need to get them out of a financial bind.

Pawn shops offer secured loans to clients, accepting items of value, such as cameras, collectibles, coins, electronics, jewelry, musical instruments, power tools, sporting goods, or watches, as collateral. A receipt or ticket is given to the client for the item being used as collateral.

The pawn shop retains the customer's item until the loan is repaid. If the loan is not repaid within a specified period of time, the item is sold, and the pawn shop retains the proceeds. The loan agreement must spell out who is responsible for insuring the items held as collateral.

Pawn shops may purchase items directly from clients for resale, or trade existing inventory for other items. Many are licensed to receive and resell firearms and ammunition. Procedures must be in place to verify the identity of the client and the ownership of items purchased or used as collateral as thieves may attempt to use the pawn shop to fence stolen goods.

Some pawn shops may repair or recondition items for sale. Pawn shops must be licensed at a state and/or local level. The licensing requirements enable law enforcement agencies to review the items held to make sure the shop is operating in a legal manner.

Regardless of how exciting your business may be, there are risks associated with owning and operating a MI pawn shop. If something does go wrong, you are liable. In order to protect yourself from the possible financial repercussions that could be associated with problems that may arise, you need to make sure you have the right pawn shop insurance Michigan.

What kind of commercial insurance do pawn shop owners need? Read on to find out how to properly protect your business, yourself, and the people you serve.

Pawn shop insurance Michigan protects your store from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.

Why Do Pawn Shops Need Insurance?

MI pawn shop owners and operators are exposed to many of the same risks that business owners in all industries face; a customer could be injured while visiting your shop or your pawn shop could be damaged in a fire, for example. You also face risks that are unique to your specific industry.

For instance, someone could file a lawsuit against you claiming that you sold them a defective product or that the amount of money you offered for an item you bought was significantly lower than the actual value of the item.

If something does go wrong, as the owner and operator of your pawn shop, you are legally liable for all of the associated expenses. Imagine how much money you could potentially end up having to pay out if a client were to file a lawsuit against you or your shop were to be damaged in a storm?

To protect yourself from serious monetary losses, investing in the right type of pawn shop insurance Michigan coverage is vital. If you're insured, instead of having to pay the expenses out of your own pocket, your carrier will cover them for you.

Furthermore, insurance is compulsory for MI pawn shops; if you aren't properly insured, you could be looking at serious fines and may even lose your business.

What Type Of Insurance Do Pawn Shops Need?

The specific kinds of pawn shop insurance Michigan coverage that you'll need depend on several factors; where you're operation is located, the size of your shop, and the specific products you handle, for example.

However, regardless of the specifics of your business, there are certain types of coverages that all pawn shop owners should invest in. Examples include:

  • General Liability - This policy covers any third-party accident or injury claims that may be filed against you. Should a customer trip on something while browsing your inventory, hit their head, suffer a concussion, and file a lawsuit against you for the medical care they require, as well as damages for pain and suffering. Premises liability insurance would help to cover the costs that are associated with this type of situation.
  • Product Liability - If a product you sell injures or sickens a customer, they may be liable for their medical care and any other related damages. Product liability insurance will help to pay for your legal defense fees, as well as any expenses and compensation that you a court may find you responsible for.
  • Completed Operations - Part of a general liability policy, if you offer temporary loans to your clients - you hold their valuables in exchange for providing them with a monetary loan until they can repay it or sell their items if they fail to repay the loan within a specified timeframe - and the clients file a claim stating that you sold their property before the agreed upon timeframe was over, completed operations insurance would help to pay for the related expenses.
  • Workers' Compensation -If you employ a staff, you'll also need to carry workers' compensation insurance. In the event that an employee is injured on the job, workers' comp would pay for any medical care that they may need. It would also compensate them for any lost wages if they are unable to work as a result of said injury.
  • Commercial Property - This policy protects the physical structure of your pawn shop and the items it contains from acts of nature, theft, and vandalism. If someone breaks into your pawn shop and steals merchandise, this policy would help to pay for the necessary repairs, as well as compensate you for the stolen merchandise.

These are just a few examples of the pawn shop insurance Michigan coverage available.

MI Pawn Shop's Risks & Exposures

Premises liability exposure is high due to the number of visitors to the store. To prevent slips and falls, there should be good lighting and adequate aisle space. All goods should be kept on easily reached shelves, so customers do not pull items down on themselves. The stock dropped on floors by customers must be retrieved promptly.

Floor coverings must be in good condition with no frayed or worn spots on carpet and no cracks or holes in flooring. Steps and uneven floor surfaces should be prominently marked. Enough exits must be provided and be well marked, with backup lighting systems in case of power failure.

PawnMichigan pawn shop license locations

Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls.

If the business is open after dark, there should be adequate lighting and appropriate security for the area. There should be a disaster plan in place for unexpected emergencies.

Personal injury exposures include allegations of discrimination, invasion of privacy should confidential financial information be revealed to others, and from apprehending and detaining shoplifters and handling of unruly customers, which may result in claims of assault and battery, false arrest or detention, unauthorized or intrusive searches, or wrongful ejection from the premises. All employees must be trained in dealing with these issues appropriately.

Products liability exposure depends upon the type of product, its age, condition, and use. The dealer should attach labels warning of possible lead exposure to cloisonne jewelry, ceramics, or pewter or silver-plated items. If the pawn shop repairs or reconditions items, the exposure increases.

Workers compensation exposures are moderate due to employees standing for long hours, the use of computers, and stocking which requires lifting and placing items on floors or shelves for display. Continual standing can result in musculoskeletal disorders of the back, legs, or feet. Trips, slips, and falls are common.

When work is done on computers, employees are exposed to eyestrain, neck strain, and repetitive motion injuries including carpal tunnel syndrome. Lifting can cause back injury, hernias, sprains, and strains. Shelves should be easily accessible for storage. Stepladders should be available.

Employees should be provided with safety equipment, trained on proper handling techniques, and have conveying devices available to assist with heavy lifting. Cleaning workers can develop respiratory ailments or contact dermatitis from working with chemicals.

Due to the cash-oriented nature of the business and the value of items handled, all employees should be trained to deal appropriately with hold-ups and unruly customers. Security may be required to protect employees.

Property exposure is moderate as ignition sources are limited to electrical wiring and heating and cooling systems. These should be maintained and meet current codes for the occupancy. Malfunctioning wiring on used electrical equipment may short or spark when tested by customers. Should a fire occur, substantial fire and water damage may result to stock.

Goods held as collateral should be kept separated from goods held for sale. Ammunition should be stored away from combustibles. Theft and crime can be very high as many of the items are small but expensive, such as coins, jewelry, or watches. Smaller items should be kept in locked showcases inaccessible to customers to prevent shoplifting. High-value items may be stolen in larger quantities after hours.

Appropriate security measures should be in place including physical barriers to prevent entrance to the premises after hours and an alarm system that reports directly to a central station or the police department. If there is more than $2,500 in jewels, a jewelers block policy should be purchased due to most property policy theft limitations.

Valuation can be a problem due to the age and rarity of some items held as collateral. The shop should keep accurate records of the description and cost of each item to verify the actual cash value of missing, damaged, or destroyed items after a loss.

Business interruption exposures are moderate. While backup facilities are readily available, replacement stock will be difficult to obtain quickly.

Crime exposures are from employee dishonesty and loss of money and securities either from holdup or safe burglary. Background checks should be conducted on all employees handling money. There must be a separation of duties between persons handling deposits and disbursements and reconciling bank statements.

Pawn shops conduct much of their business in cash. Money should be regularly collected from cash drawers and moved away from the collection area, preferably to a safe on premises. Bank drops should be made throughout the day to prevent a buildup of cash on the premises.

Inland marine exposures are from accounts receivable if the store offers credit, bailees customers for pawned items, computers to transact sales and monitor inventory, jewelers block if there is more than $2,500 in jewels, and valuable papers and records for vendors' and customers' information.

Backup copies of all records, including computer files, should be made and stored off premises. Fine arts coverage should be considered if the store stocks particularly valuable items. If the shop picks up or delivers items, there will be goods in transit.

Commercial auto exposure is generally limited to hired or non-owned liability for employees running errands. If the shop picks up or delivers items, all drivers must have a valid license and acceptable MVR. Vehicles should have regular maintenance with records kept.

Pawn Shop Insurance - The Bottom Line

Michigan Pawn Shop Laws Stolen Property

For more information on pawn shop insurance Michigan, speak with an experienced broker who specializes in commercial insurance and understands the unique risks that MI pawn shops face.

Michigan Economic Data And Business Insurance Requirements

Business owners who are interested in establishing operations Michigan must have a thorough understanding of the state's economy. They should also familiarize themselves with any regulations and limits that state may have in place for commercial insurance.

Any entrepreneur who is thinking about starting a business in the Great Lake State first needs to determine if it's a feasible location for business operations. As such, it's important to have a keen understanding of pertinent details regarding the economy of Michigan, in addition to the types of insurance coverage that are mandatory for corporations that operate within the state.

Economic Trends for Businesses In Michigan

After a long period of stagnant job growth in the early part of the 21st century, MI has been experiencing a steady increase in employment gains. Between 2009 and 2018, the state has enjoyed a period of uninterrupted job growth; the longest stretch of job growth since World War II. According to economists at the University of Michigan. While there has been a slight decline in the rate of job growth, job creation continues and forecasters say will continue for the next two years, into 2021.

In 2018, an estimated 55,200 jobs were created; in 2019, it's expected that 35,800 jobs will be created, and in 2020, economists believe that there will be a total of 39,300 jobs created in Michigan. While that rate of growth is 1.9 percent slower than the job growth rate between 2011 and 2016, it is still a steady increase overall. In total, approximate 683,200 jobs will be created in MI between 2099 and 2020; almost four out of the five jobs that were lost during the early part of the 21st century will be recovered.

While the unemployment rate has steadily improved, it is still above the national average. In March of 2019, the national unemployment rate was 3.8 percent, while in the state of Michigan, it was 4.0 percent. Mid-Michigan has experienced the largest growth rate in the state, and according to forecasters, it looks like that trend will continue, moving forward. Industries that are expected to see the most growth include:

  • Energy, due largely to research and development in clean energy
  • Food and agriculture
  • Water
  • Transportation and mobility
  • Healthcare industry
  • Information and technology

In the state of MI, business owners are not legally required to carry liability insurance; but most entrepreneurs opt to invest in a General Liability or Business Owner's Policy (BOP). A commercial auto insurance policy is also required for any businesses that use motor vehicles to conduct any aspect of their business operations. Workers' compensation insurance is also required for any businesses with non-owner employees. While the following forms of coverage are not required, depending on the type of business you operate, they are recommended:

  • Data breach insurance
  • Business income insurance
  • Commercial Umbrella insurance

Additional Resources For Retail Insurance

Read valuable small business retail insurance policy information. In a retail business, you need to have the right type of commercial insurance coverage so that your store, employees, and inventory are protected.


Retail stores are susceptible to premises liability claims because of customer traffic, but large department and specialty stores are more susceptible than most.

All retail stores have significant property exposures. The on-hand stock represents a considerable investment, but the amount on hand fluctuates seasonally. For this reason, physical damage insurance on this property must be arranged carefully. When the insured occupies a non-owned building, insurance coverage must be arranged for the insured's interest in extensive improvements and betterments made to the premises.

Crime insurance, in the form of employee theft and money and securities coverage, is also very important.

The businessowners policy was designed with retail exposures and operations in mind. For this reason alone, it should always be the first type of package coverage to consider. However, for those risks not eligible for the business owners policy program, the commercial package policy (CPP) is a practical and convenient way to combine a number of coverages into one policy.

Retail businesses generate income through interaction with customers. This interaction is also how a customer can sustain an injury and then sue the retailer for damages. Hazards, exposures and operations both on premises and off are important and must be covered, but liability the retailer may incur because of the merchandise sold must also be considered and insurance protection arranged.

Inventory or stock is the major property exposure for most retail operations. Because stock values tend to fluctuate or have significant peaks at certain times of the year, value reporting or peak season valuation options should be considered. Business income coverage, including business income from dependent properties coverage, may mean the difference between a retail operation staying in business or being forced into bankruptcy following a loss.

Michigan Pawn Shop License Locations

When the insured occupies a non-owned building, insurance coverage must be arranged for the insured’s interest in extensive improvements and betterments made to the premises.

Most retail businesses offer endless opportunities for a variety of criminal activities. For this reason, the coverages needed must be carefully evaluated. Holdup and robbery losses may be the most obvious concerns but employee theft, fraud and counterfeit money losses are also serious issues that cannot be dismissed.

Retail businesses are gaining greater exposure to international issues because of the growth in sales via the internet. As these sales increase, the added exposures faced by these retailers must be evaluated. While their operating horizons are expanding so are their potential loss exposures.

Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Equipment Breakdown, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits, Umbrella, Hired and Non-owned Auto & Workers Compensation.

Other commercial insurance policies to consider: Building, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Computer Fraud, Forgery, Bailees Customers, Goods in Transit, Jewelers Block, Cyber Liability, Employment-related Practices, Business Auto Liability and Physical Damage and Stop Gap Liability.

Request a free Pawn Shop Insurance Michigan quote in Adrian, Allen Park, Allendale, Ann Arbor, Auburn Hills, Battle Creek, Bay City, Berkley, Beverly Hills, Big Rapids, Birmingham, Burton, Cadillac, Clawson, Coldwater, Cutlerville, Dearborn, Dearborn Heights, Detroit, East Grand Rapids, East Lansing, Eastpointe, Escanaba, Farmington, Farmington Hills, Fenton, Ferndale, Flint, Forest Hills, Fraser, Garden City, Grand Haven, Grand Rapids, Grandville, Grosse Pointe Park, Grosse Pointe Woods, Hamtramck, Harper Woods, Haslett, Hazel Park, Highland Park, Holland, Holt, Inkster, Ionia, Jackson, Jenison, Kalamazoo, Kentwood, Lansing, Lincoln Park, Livonia, Madison Heights, Marquette, Melvindale, Midland, Monroe, Mount Clemens, Mount Pleasant, Muskegon, Muskegon Heights, New Baltimore, Niles, Northview, Norton Shores, Novi, Oak Park, Okemos, Owosso, Pontiac, Port Huron, Portage, Riverview, Rochester, Rochester Hills, Romulus, Roseville, Royal Oak, Saginaw, Sault Ste. Marie, South Lyon, Southfield, Southgate, St. Clair Shores, Sterling Heights, Sturgis, Taylor, Traverse City, Trenton, Troy, Walker, Warren, Waverly, Wayne, Westland, Wixom, Woodhaven, Wyandotte, Wyoming, Ypsilanti and all other cities near me in MI - The Great Lakes State.

Northern Michigan Pawn Shops

Also find Michigan insurance agents & brokers and learn about Michigan small business insurance requirements for general liability, business property, commercial auto & workers compensation including MI business insurance costs. Call us (313) 344-7177.