Food Store Insurance
Small businesses that sell food in a retail store environment have many responsibilities. Once you have created your business plan and selected the ideal environment for your food store, then the real work begins. You must hire employees, select the appropriate inventory that will appeal to your target market, and attract new customers to your store. To fully prepare for running your food store, you will need to ensure you have your business assets protected from any potential trouble in the future. Talk with a licensed agent to select small business insurance policies that are specifically designed for your business type.
General Liability Coverage For Food Stores
General liability insurance is a basic commercial insurance policy that helps protect your food store from unexpected problems. General liability is specifically designed to cover accidents that might arise with customers inside your store. If someone is injured while shopping, the general liability policy will cover their medical bills and related expenses.
General liability can be purchased as standalone small business insurance coverage, or it can be included with a Business Owners Policy.
Business Owners Policy (Bop) For Food Stores
A business owners insurance policy, or BOP, is designed to protect your physical store assets such as the building and the inventory inside. BOP covers a wide range of business specific needs. For instance, if the building your food store is in gets flooded due to a broken water main, BOP will cover the expense of repairs and replacement. BOP also provides for lost income that you may experience from the loss of your structure or business inventory.
BOP absorbs losses and liability from valuable papers and electronic media as well. As a modern day food store owner you may have special computerized inventory machines or software on your business computers for example. If a power outage or virus damages the software and important business files, the business owners policy will pay for the cost of replacing those critical business tools.
Commercial Auto Insurance For Food Marts
If your food store offers delivery services to customers you will need commercial auto insurance. Business auto coverage protects your store delivery vans from losses due to auto accidents. It may also protect personal vehicles that are being used for business purposes. Commercial auto coverage may pay for repairs to damaged vehicles, and it may reimburse you for lost goods. Some business auto insurance protects you against losses from theft, vandalism, or other types of non-collision impact damages.
Workers Comp Insurance For Food Stores
Food marts generally have several employees in order to keep the business operational. When you have employees you are required by law to carry workers comp insurance. Workers comp will protect your business from lawsuits if an employee is injured while performing his job. Workers comp will also pay the employee’s medical bills and provide for lost wages if necessary.
Running your own business is both exciting and scary. By covering yourself with the appropriate types of small business insurance however, you can rest easy knowing that all of your hard work is as protected as it can be.