Insurance for Vitamin Shops
Vitamin shops are an excellent business to own because you get to help your customers remain healthy while also making a nice profit. Some areas of the country have people much more interested in their health than others, but the trend is growing in all areas of the nation. In addition to your normal business tasks and daily activities, you need to make sure you’ve protected your company and your customers to the fullest extent. You can do that by carrying the appropriate types of business insurance.
General liability insurance is a broad level of coverage that helps protect you from accidents, risks and unexpected hazards. This coverage protects you from most problems that might arise as long as they are not specifically excluded on your insurance policy. General liability may be required if you lease or rent the retail space your vitamin shop operates from, because the building owner must be assured there is the financial capability of dealing with accidents or emergencies if they arise.
General Liability Insurance Includes:
- Premises Liability – Premises liability protects the people who visit your vitamin shop. When you have customers driving in and out of the parking lot, there is a risk that their personal property will sustain damages on your premises. The people themselves may be physically harmed at your store if they have a personal accident as well. Premises liability will pay for the medical bills that arise to treat the injuries, and it will pay for the needed repairs of the customer’s personal property.
- Products Liability – Vitamin shops sell healthy products but that does not make them immune to potential problems with the products. Bad batches happen and things can spoil in transit. If you sell a product that causes a customer to become ill or suffer physical injuries, they may sue your vitamin shop. Products liability coverage can pay your legal defense fees, the customers medical bills and other damages.
- Completed Operations – If you provide services to your customers, there is a small chance that the customer may make a legal claim against your vitamin shop after the services were rendered. Completed operations coverage can help pay your legal defense fees when these types of issues arise, and it pays for settlements, judgments or awards as applicable.
Business Owners Policy
General liability is included in another form of business insurance that is an excellent source of coverage for small businesses. A business owners policy, or BOP, provides you with protection against potential losses of vitamin shop assets. Coverage options are customizable, and can provide protection for both tangible and intangible assets. Examples include:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
Business auto insurance protects your vitamin shop from financial ruin when auto accidents occur. This insurance can pay for the medical bills of injured parties, property damages caused in an accident and more. Additional levels of coverage can protect you from damage or loss to cargo your vehicle may have been hauling, and it can protect you from other hazards such as storm damage, fire or theft.
Workers comp insurance is required by law when you have employees. This insurance pays for their medical bills and expenses related to the recovery process if they are every injured on the job.
A commercial umbrella policy provides you with additional business insurance protection. If your other policies reach their maximum limits, the umbrella can provide extra coverage.