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Convenience Store Insurance – More than a Business
A convenience store is a great business to own. It can help you generate income for you and your family for many years plus it offers the ability to grow equity in a business. Given their very nature – that of convenience – they become a regular stop for people in your community. This consistent amount of traffic provides you with plenty of income, sure, but it can also be a potential financial liability.
The way to overcome this liability is through the proper type of business insurance coverage. This coverage protects you from the obvious concerns (robbery, workers’ compensation claims, etc.) as well as those liabilities that are not readily apparent (such as environmental concerns).
Insurance – General Liability
General liability insurance is a type of coverage that serves as a broad base to guarantee that your business hasn’t missed the “unknown” risks. What this insurance does is start at a basic level when you are starting out and it expands along with your business. This helps you provide a security blanket from hazards that occur when operating a business on a daily basis. These risks could include such things as customer risks (robbery, harassment, discrimination) as well as those that occur from being a successful business.
General Liability Insurance has:
- Premises Liability – This type of insurance protects your business in case of an accident that occurs on your premises. A typical slip and fall scenario for someone that is hurt while inside the store would include such things as medical bills, legal fees and related damages. The premises liability coverage would help cover you for those bills, including legal fees. Further, if someone’s property is damaged while on your property (like at the gas pump), you could be facing potential legal fees and damages there as well. This liability coverage pays for the needed repairs and legal fees. A final benefit is that you won’t lose goodwill with your client base as they are protected through the insurance policy.
- Products Liability – This type of insurance protects against a product that causes harm to one of your customers. It doesn’t matter how much time you spend in vetting suppliers and vendors, there is always a risk that something that you sell will harm someone. Because your store actually sold the product to the person, you will necessarily be brought into any dispute. The products liability coverage provides you with all legal defenses, plus medical care for the customer, and all related costs and issues that arise along the way.
- Completed Operations – This type of coverage protects you after the fact. What happens, many times, is that one of your employees provides a service to a customer that is found out later to be improper (such as not issuing all of the funds from the lottery payout or wiring an incorrect amount of funds). The completed operations insurance covers your legal fees and the resulting damages from these mistakes/errors. In many cases, the lawsuit fees far exceed any damages, so the real benefit is the legal coverage.
Insurance for Grocery Stores – Grocers Insurance; Insurance Programs Supermarkets
A convenience store is really just a specialized type of grocery store. Our program tailors itself to your business, whether it be a traditional convenience store or contains all of the elements of a grocery store – to everything in between.
Insurance – Business Owners
A Business Owners’ Policy (BOP, for short) is the standard name for Business owners insurance. In addition to the general liability coverage it also contains several other sets of protection for your business. This protects not just your intangible assets, but also can include certain physical assets. We tailor this coverage to your business. We work with you to determine your specific business needs, goals and strategic plan. Using this guidance, we create a plan to cover you and your business at the best prices possible. Some of our selections for a BOP include:
- Electronic Data Coverage
- Employee Dishonesty Coverage
- Newly Acquired or Constructed Buildings
- Business Income and Extra Expense
- Buildings and Contents
Insurance – Cars and Trucks
One of the basic platforms for your business is to have automobile insurance. It is important because losses from an accident can be significant from both a property and injury standpoint. Given the substantial amount of damages that are involved, it is imperative to have the proper business auto policy to pay for those repairs and medical bills for you or your employees. These policies can be tailored for businesses that have intermittent usage.
Workers’ Compensation Insurance for Local Convenience Stores
This type of insurance covers an employee if they are injured while working. It pays for medical bills and related rehabilitation efforts. Because this is required by law, it has to meet certain requirements from the State.
Insurance – Umbrella Coverage
This type of insurance covers you in amounts greater than the basic policies. These types of policies are considered secondary policies as they pay out only after the primary policy pays out. Given that they are secondary insurance, they are generally fairly cheap to get. They are super beneficial for any successful convenience store owner as it protects all of the wealth that you have worked so hard to achieve.
Convenience Store Insurance Application
Gas Stations, Mini-Marts, Grocery Stores and Car Washes, oh my!
Look, owning and running a convenience store takes a lot of hard work. You have to do lots of strategic thinking, such as figuring out what types of products to stock and where to place them, to a lot of menial tasks, such as making sure that the stock is full (but not TOO full). Of course, there are your employees, which are both a blessing and curse. Finally, you have to make sure that your customers are both happy and safe – not always easy, to be sure.
Rely on our Convenience Store Insurance Experience
One of the things that we can do to help out your business is to create a comprehensive safety program and loss control program. These programs identify your biggest risks and mitigates them to the best of your ability while keeping in mind your basic goal of making money from your business.
Programs for Workplace Safety
There are lots of areas to focus on in a convenience store to keep people safe. These things include such things as ergonomics precautions, stock safety tips, injury prevention guidelines as well as slip and fall prevention.
OSHA Recordkeeping and Compliance
We have tools that can help you with OSHA regulations and compliance to help you provide the best environment possible.
We provide help to you in managing risks for your entire business. We help you find, at the best possible cost, the ways to keeping your shrinkage as low as possible, the best way to handle teenage employees, preventing employee theft and other basic tools to keep bad acts at bay.
So, just how do we provide the best information for local convenience stores?
Convenience Store Industry Experience
Look, we truly do understand what this industry needs. We didn’t just grab a basic insurance policy and try to force it on your business. Instead, we utilize our extensive experience to create a coverage that works FOR YOU and helps out your business. We know what it means to have damage to canopies and pumps and how it affects your daily operations. We use that experience to help you out in your time of need.
We are a Partner for your Convenience Store
Our focus is not to provide you with just a piece of paper. We work with you. We find out about your business and what your risks are and what you think is needed.
Stability is our Game – Insurance for your Convenience or Grocery Store
We only provide insurance from the absolutely best “A” rated (A.M. Best) global insurers. We don’t want to run around year after year trying to find another carrier. Instead, we do more work up front to find you the right carrier.