Check Cashing Store Liability Insurance
Many people will probably always need access to a check cashing store to get them the money they need right away. That’s why this $11 billion industry is supposed to grow by about 1.8 percent annually in the coming years (Source: IBISWorld).
If you want to make sure you’re feeling prepared for the growth that is likely to come to your business, you should acquire a check cashing store liability insurance policy. You’ll see why when you realize how extensive the coverage is.
Liability Insurance Will Cover These Expenses
One of the best benefits of check cashing store liability insurance is that it can pay for your legal expenses as a business owner. These might include:
- The cost of any court settlements you owe
- The fees associated with hiring a lawyer, talking to witnesses, and gathering up all the documents you will need for your case
- Your bond, assuming a judge orders you to get one
- Any money you may have missed out on while dealing with your legal case
Who Is Covered?
Anyone who works for you or with you should be covered by your check cashing store liability insurance policy. So if you have a team of employees who help you maintain your store, they will get the coverage necessary to protect themselves and your business as a whole. And if you have a partner or stockholders, they can get the coverage, too.
Common General Liability Coverages
Bodily Injury: Among the most expensive parts of being a business owner is taking financial responsibility when someone hurts themselves on your business property. The medical costs can add up fast when someone trips in the doorway of your store or is otherwise injured. This is why you need the bodily injury portion of check cashing store liability insurance, since it will pay for the injured party’s medical bills.
Property Damage: Business owners are also responsible for fixing any property that is damaged at their store. That’s why you need property damage coverage when you get check cashing store liability insurance. This way, you will not personally have to pay to get an expensive item fixed or replaced when a customer alleges that it was destroyed or stolen from your property.
Products and Completed Ops: In some cases, the services you provide or the products you sell at your store can lead to injuries or illnesses in your customers. If this ever occurs, you will need products and completed ops to cover the medical treatment that might be necessary.
Medical Payments: If you ever have customers claim that they were injured at your store, but they do not end up bringing a lawsuit against you, the medical payments part of your check cashing store liability insurance can pay for the bills associated with the injury.
Personal and Advertising Injury: If you are ever blindsided by accusations of slander or libel, you will need to defend yourself legally. Fortunately, your check cashing store liability insurance can help by paying your legal fees.
Damage to Premises Rented to You: Any time you rent a building for your check cashing store, you are advised to have this type of coverage in case it is ever damaged while you are conducting business there.
If you have any questions about check cashing store liability insurance or are ready to get a quote, please call USA Business Insurance.