Insurance for Food Stores
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What Insurance Do Food Stores 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 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.
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 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.
Frequently Asked Questions
Why do Food Stores need insurance?
Businesses that fall under this industry, retail goods such as packaged coffee and tea, spices, bottled water, candies, nuts, popcorn, herbal supplements, and vitamins.
Food stores need insurance because it helps with many unforeseen risks without fear of bankruptcy. This is because the insurance will cover the cost of the risks, saving your business from paying these as out-of-pocket expenses.
What risks do Food Stores face?
Below are some common risks food stores can face:
- The food that you sold has caused someone to suffer food poisoning.
- Your employee abandoned your food store and took all the money with him.
- Your employee got sick on the job. As the employer, you are responsible for the employee's medical expenses.
How much does Food Store insurance cost?
The cost of insurance for food stores depends on the size of your business, the number of employees you have and the coverage needed. If you want to know the cost of insurance for your business fast, simply answer a few questions in our online application, and we'll send you a quote in as fast as five minutes.