Pretzel Shop Insurance
The pretzel shop industry has grown by about 4% annually for the last five years. This growth is expected to continue, especially for the shops that regularly roll out alternatives to the traditional pretzel, such as different sizes, shapes, and flavors. But before you make any changes to your menu, make sure you have pretzel shop insurance for your business.
Pretzel shops are often located in busy areas with lots of people, such as shopping malls. Though this is great for business, it can also present lots of chances for lawsuits unless you have the proper business insurance. For instance, if a customer walks into your store and slips on some spilled water, breaking a bone, you will be held liable for the medical bills. The same goes if a customer gets burned by a hot pretzel. If you can’t afford to pay out of pocket for the medical treatment of every injured customer, you need general liability insurance.
This part of your pretzel shop insurance policy can also pay for any property damage caused by your store. For example, if an employee spills hot oil on a customer’s purse or clothes, general liability should pay for the repair or replacement as necessary. Another way liability can benefit you is if a competitor claims you committed slander or libel or even stole their ideas. The liability portion of your pretzel shop insurance policy can pay for your legal defense.
Business Owners (BOP)
Businesses of any kind can use a BOP, since it combines various types of coverage based on each company’s specific needs. When you own a pretzel shop, you will be glad to have a BOP if someone throws a brick through your window or vandalizes it with spray paint, since your policy will pay for the repairs. This coverage will also be useful if your shop is damaged by a fire or any other destructive event, since it will pay for repairs to the store and replacement of the items inside. The BOP you include in your pretzel shop insurance will also cover equipment breakdown, accounts receivable, and forgery.
Owning a pretzel shop usually requires you to have at least a few employees, and you need workers comp if you want to protect them. This way, if an employee gets burned when making pretzels, falls from a ladder while restocking the store, or is injured in any other way, workers comp will pay for the medical bills. Your employees should not have to worry about paying for their medical treatment when they are hurt at work, and neither should you. Workers comp not only pays for medical bills, but also rehabilitation and even lost wages when your employee has to miss work while recovering. In this way, this part of your pretzel shop insurance policy benefits both you and your workers.
General liability is an important part of business insurance, but sometimes the coverage is not enough to pay for expensive lawsuits. That’s where excess liability comes in. It is an extension of liability coverage and will kick in when your pretzel shop insurance policy limits are exhausted.