Convenience Store Insurance
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What Insurance Do Convenience Store Need?
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Business crime insurance, also known as commercial crime insurance, protects against organization-related crime and the resulting losses for your small business. When someone defrauds, embezzles, forges documents, or commits theft, you're covered for the losses.
Product Liability insurance covers your business if you need to recall one of your products. It covers your costs for retrieving the defective product from the manufacturer or seller to prevent any further bodily injury or property damage.
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
Frequently Asked Questions
Why do Convenience Stores need insurance?
If you own a convenience store, you may want to shield it from financially damaging risks. Without insurance, your business is likely to pay for all property damage, personal injury, and lawsuits from your own pocket. This means that coughing up a huge amount of money before, during and after an incident. Any business won't be able to survive this huge expense, not without insurance.
What risks do Convenience Stores face?
The building your convenience store is at whether rented or owned can be at risk of property damage due to fire, theft, vandalism, flood, storm and other natural disasters. The contents of your store can be at risk too since those that were damaged by the fire or storm can no longer be sold. Everything would need to be replaced.
The equipment you use in your convenience store like the coffee maker, sandwich maker, the refrigerator could malfunction. Because convenience stores frequently sell food, a malfunctioned freezer can make your food to go bad. In either of these situations, the complete replacement would be expensive.
How much does Convenience Store Insurance cost?
The cost of insurance varies based on a lot of factors. The most influential factors are the business type, the number of employees and the coverage needs. Without taking these factors into account, these are the usual average costs:
- General Liability costs around $500/year.
- Business Owners Policy costs around $900/year.
- Commercial Property is around $400/year.
To know the exact cost of your insurance policies, simply apply for a quote online or contact our customer service representatives.
What are Convenience Stores all about?
This industry is made up of convenience stores and food marts, excluding those with fuel pumps. These businesses retail goods such as milk, bread, soda and snacks.