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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.
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.
Employment Practice Liability Insurance, or EPLI, protects you from employment-related claims. If you're accused wrongful termination, discrimination in hiring or firing or workplace harassment, EPLI covers your defense and settlement costs.
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 Interruption Insurance protects your small business if impacted by a covered risk. It'll cover the costs in replacing lost income and paying for additional expenditures. Also known as Business Interruption Coverage, this policy is usually part of your BOP (Business Owners Policy).
What are risks a tobacco store could face?
More than tobacco sales, people socialize in tobacco stores much like a cafe. Whenever customers spend time in your store, the liability risk increases because they are more likely to get hurt or damage your property. Also, if you sell flammable substances like lighters and refills, or allow smoking inside your retail space, the risk of your property catching fire is high. Tobacco products are a health hazard, so your store is always at risk of being sued. For these reasons it can be hard to get insurance for a tobacco store.
Why is Product Liability insurance important for a tobacco store?
When your customer becomes sick or injured from using the tobacco products you sell, Product Liability insurance protects your store's profits. Say a customer files a lawsuit against your store claiming that the product you sold exploded on his face, causing physical damage. If the court rules in favor of the customer, you'll pay for the injuries, the defense costs and any additional settlement costs. Product Liability insurance will manage the finances to that lawsuit while you continue to manage your store.
Do I need Workers Compensation for my tobacco store?
Yes. It is required in most states and it covers the medical and/or rehabilitation costs in the event that an employee got sick or injured while working on your tobacco store.
Does my Commercial Property insurance cover damage in my tobacco store caused by flood?
No. You will need to purchase additional protection that will supplement your insurance policy. You'll need a flood insurance policy through the National Flood Insurance Program (NFIP).