Owning a convenience store is an excellent way to guarantee yourself an income for many years to come. Convenience stores are daily stops for most people because they are so convenient. This constant stream of traffic supplies you with an excellent source of ongoing income, but it can also put your store at risk of financial ruin. By protecting your convenience store with the appropriate types of business insurance coverage, you can rest assured that you’re ready for whatever risks or hazards may come along.
General liability insurance is a broad level of coverage that ensures you haven’t overlooked any potential hazards or risks for your convenience store. This business insurance grows as your business grows, so it expands to protect new stores as you add them. General liability can protect you from everyday hazards with customers and surprise problems that aren’t always considered in advance, such as advertising liability.
General Liability Insurance Includes:
- Premises Liability – Premises liability is for those times when accidents happen on your business premises. If someone gets hurt inside your convenience store for example, then they may sue your company to cover the cost of their medical bills. If a customer’s property is damaged while at your store, they may sue you for those damages as well. Premises liability coverage will pay for the medical expenses when someone hurts themselves on your property. It also pays to have property repaired when it is damaged on your convenience store premises.
- Products Liability – Despite the utmost diligence in selecting products, manufacturers, distributers and suppliers, there is always the risk that a product causes harm in some way. Since your convenience stores sell products, your company can be sued when a product that is sold in your stores harms someone. Products liability coverage pays for the cost of medical care where applicable. It also pays for your legal defenses if necessary, and it can pay for settlements and related costs that arise.
- Completed Operations – Completed operations insurance pays for legal issues that arise due to previous services that were rendered in your convenience store. If an employee makes a mistake while issuing a money order for example, such as issuing a $10 money order that should have been $100, the customer may sue your store later if the mistake is not caught before the operation is completed. Mistakes can be made when an employee is activating a cell phone for example, or taking care of a money transfer.
Business Owners Policy
Business owners insurance is also known as a business owners policy, or BOP. This insurance coverage includes general liability insurance and adds a variety of other levels of protection for your physical and intangible business assets. A BOP can be tailored to meet the specific needs of your business. Coverage selections can include:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
Carrying business auto insurance for your convenience store is important, regardless of whether you drive for business purposes daily or occasionally. Business auto insurance can protect you from losses caused by auto accidents that you or one of your employees is involved in. It can pay for car repairs caused in an accident, pay for lost goods that you had in transport, and pay the associated medical bills and expenses of injured parties.
Workers comp insurance pays for an employee’s medical bills if they are injured on the job. This coverage is required by law so that the employee is not left with large bills if they are hurt in an on the job accident.
Commercial umbrella coverage provides you with additional business insurance protection above and beyond the maximum coverage amounts you carry on your other business policies.