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.
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.
Why do Supermarkets need insurance?
Your insurance covers your supermarket from the risks that your business could face. Insurance will cover the huge expenses that could otherwise force your business to close.
What risks do Grocery Stores face?
Below are the risks businesses such as commissaries, delicatessens, grocery stores, and supermarkets can face:
A customer complains that the product they bought from your supermarket made most of their family sick, and the customer sues your supermarket.
While cleaning a mess in the aisle of your supermarket, a customer slips on a can that rolled away that your employee didn't see. This causes your customer to slip and break their ankle. You're able to provide medical expenses, but your customer still sues your business for the slip and fall.
How much does Grocery Store insurance cost?
Irrespective of the size of your supermarket or the coverage required below is the average cost of insurance for supermarkets: