Convenience Store Insurance
As a convenience store owner, you provide an essential service to your community. You make our lives easier 24/7 by selling necessities like gasoline, snacks, beverages, medicine, money orders, newspapers, toiletries, alcohol, tobacco, and other items we happen to run out of at all hours of the day. However, your shop also faces many severe risk exposures that could jeopardize the business. Convenience Store Insurance offers financial protection for your property, products, employees, or customers in the face of the unexpected.
The Unique Risks of Owning a Convenience Store
Owning a convenience store is a rewarding and lucrative opportunity. At the same time, your shop is at high-risk for all kinds of industry issues.
Convenience Store Business Insurance can help you recover from these financial losses with a variety of different situations. Let’s look at some potential examples that could happen in real life.
Fires
A fire breaks out at a neighborhood convenience store. Fortunately, the building’s sprinklers extinguish most of the fire, and there are no injuries. However, the shop had to throw away all of its food and beverages. In this case, the store’s Property Insurance could help pay for the lost goods and repairs to the building’s structure.
Dishonest Employees
A convenience store worker steals merchandise and cash from her employer. Employee Dishonesty Coverage can help minimize these risks, which are more common than you might think.
Armed Robbery
The police arrest three men for armed robbery at a convenience store. Luckily, there were no injuries. Commercial Crime Insurance can mitigate such losses, helping stores continue business as usual.
Convenience Store Business Insurance Coverage
Each convenience store is different and requires multiple forms of protection. Let’s look at the types of Convenience Store Insurance in more detail and learn how each policy can protect your store.
Convenience Store General Liability Coverage
General Liability Insurance is critical for convenience store owners. Typically, this coverage will help pay for legal fees, attorneys, and other expenses arising from bodily injury or property damage claims. For example, you could be responsible if a customer slips and falls in your shop.
Convenience Store Commercial Auto Insurance
Most convenience store owners have a commercial vehicle to drop off bank deposits or purchase supplies. If you use your personal vehicle, you’ll still need Commercial Auto Insurance. Private Car Insurance policies typically do not cover claims that occur when you’re driving for business reasons.
Convenience Store Property Insurance
Commercial Property Insurance can cover repairs to the structure of your store if you own the property. If you rent from the building owner, you should only need Contents Coverage. Typically, this policy covers damages resulting from fire, natural disasters, vandalism, and theft. A convenience store owner also needs to cover his or her store from losses such as that as well. This coverage should also consider gas canopies, pumps, and car washes.
In addition to physical damage to the store itself, the business owner needs to consider insuring the following:
- Dining tables and chairs
- Fixtures
- Equipment including refrigerators and freezers
- Inventory & Stock
- All other personal property owned by the insured and used for business
Business Owners’ Policy (BOP) for Convenience Stores
Getting a Business Owners’ Policy (BOP) for your convenience store allows you to combine different coverages into a package policy. The coverages available can include Buildings and Contents, Business Income, Employee Dishonesty, Newly Acquired Building, and Extra Expense protection.
Business Interruption Insurance
If your convenience store has to close for repairs due to a fire, storm, or other covered peril, Business Interruption Insurance can offer reimbursement. The coverage can pay for rent, utilities, salaries, and additional operating costs.
Liquor Liability Coverage
Stores that sell alcoholic beverages need Liquor Liability Insurance. Even if a customer consumes the drink outside of your property, you could still be liable for any property damage, bodily injuries, or legal defense fees caused by that customer. If one of your employees accidentally sells liquor to a minor, for example, you could face an expensive negligence lawsuit.
Convenience Store Workers’ Compensation
Every business with employees needs Workers’ Compensation coverage, and convenience stores are no exception. If an employee suffers from an injury on the job, you could be liable for their medical expenses and lost income.
Commercial Crime Insurance
Commercial Property Insurance can protect you in the event of a robbery but usually doesn’t cover theft by employees. In these cases, we could help you review an Employers Practice Liability Insurance (EPLI) policy. The Commercial Crime Insurance policy also typically covers the manipulation of computer systems, forgery, and instances of counterfeit currency.
Convenience Store Umbrella Policies
If you want to increase the maximum coverage amount for any of your Business Insurance policies, you’ll need Umbrella coverage. An Umbrella Policy raises your liability limits when you need more protection.
What Does Convenience Store Insurance Cost?
A wide range of factors contributes to the rate of your Business Insurance premiums. Ultimately, the benefits of Convenience Store Business Insurance far outweigh the costs. Below are some of the factors your insurer will consider when preparing your quote.
- Your convenience store’s location
- How many employees you have
- Store size
- Type of products you sell
- Opening hours
- Security features
Your convenience store may need additional protection, depending on the type of services you provide. Stores that sell alcohol, freshly prepared food, or have a car wash, for example, will need extra coverage.
Areas We Serve
The Cordova Insurance Agency is located in beautiful Merrill, Wisconsin. We serve Merrill, Wausau, Tomahawk, Minocqua, Woodruff, Wausau and surrounding areas. We know that picking the right insurance company is incredibly essential for Convenience Store Owners, no matter where in the state you operate.
We work to give our customers the insurance products that meet their needs through our highly qualified insurance agents and numerous partner organizations. We offer customized insurance quotes as well as consultations, claims processing, policy recommendations, and more.
Final Thoughts
Cordova Insurance understands the needs of small business owners and the particular risks of owning a convenience store.
Allow us to work as your advocate when it comes to finding the right Convenience Store Insurance coverage for your shop. We take the time to customize a comprehensive and affordable insurance package that’s right for you.
Connect with us today at the Cordova Agency at (715) 536-9576. We look forward to answering any questions you may have.
