Coffee shop insurance could arguably be called one of the most important types of coverage, when you consider how essential coffee–and therefore, the shops that serve it–are to society.
All joking aside, while running a coffee shop can be lucrative, there’s also a big potential for failure, as there is with any new venture. Your risk management plan should be a big part of your overall business strategy, with your coffee shop insurance policy as the underpinning.
Whether you’re operating a mobile cart, kiosk, taking over an existing shop, starting your own shop from scratch, or simply trying to streamline costs by price shopping your current coffee shop insurance, understanding some of the types of coverages and why they’re important can help you get the best value for your money.
Here are some of the basic types of business insurance coverage and why they might need to be part of your coffee shop insurance plan…
- General Liability. Most businesses need to be covered for injuries and damages to third parties that can occur during operations. Your coffee shop insurance needs this basic coverage to protect you against claims for bodily injury and property damage by a third party.
- Business Interruption. Things happen. If an event or events should sideline your store’s operations, your coffee shop insurance policy should be part of the provision to keep things going. Employees and landlords still need to be paid, even when disaster strikes.
- Commercial Property. Your building, equipment, furniture, computer system, files…the actual coffee and cups are only part of what makes your coffee shop a business, and your coffee shop insurance policy needs to protect as much as it can.
Some other factors to consider when calling for a quote for your coffee shop insurance…
- Employees. You may or may not need Worker’s Compensation if you have part or full time employees.
- Vehicles and Transportation. Do you use vehicles for delivery? You might need Commercial Auto insurance.
- Food Spoilage Insurance. Do you need coverage in your coffee shop insurance policy in case there’s an incident resulting in a significant loss of inventory?
There’s no doubt that running a successful coffee shop is a challenge, but your contribution to helping the world wake up and get about the business of living is important. Your coffee shop insurance could make or break your effort to caffeinate lives…be sure it’s doing everything it should!
Call us today at 1-877-907-5267 to speak with a specialist about your coffee shop insurance, or click here to start your quick, free, competitive quote.