Convenience stores, whether they also act as gas stations or not, are the life's blood of the economy. However, there are many risks involved in running a convenience store, and the best way to help your store be successful is by appropriately insuring it against potential risks.
Being prepared for any risk associated with your business is going to save you money in the long run. If a customer slips and falls in your store and you have general liability in place you will be covered. If you do not have general liability then this one incident could cost you thousands out of pocket.
There are many different types of insurance coverage out there. We recommend buying the most insurance you can afford and understanding the risks associated with your convenience store will assist in purchasing the right insurance.
Here is a list of insurance coverages for a convenient store and an example of the protection these coverages provide:
General Liability- Every business runs the risk of a third party getting injured on their property. Convenience stations that offer gas particularly present hazards to customers, such as gasoline damaging a car's paint job. This type of insurance covers the cost of being sued over such occurrences.
Property Insurance- If you own the building that houses your convenience store, you will want protection against damage to it. What type of hazards you will want to insure against will depend on your store's location. In some places, you have to worry about storms ruining your roof and in other places you worry about vandalism.
Business Owner's Policy- This policy includes the benefits of general liability and property insurance. It is common to purchase this policy at a cheaper rate than purchasing each policy individually.
Contents Insurance- The shelves, inventory, and equipment inside the store can be damaged, and replacing them can cost a lot. Contents insurance will cover such eventualities as cash registers breaking down, shelves caving in, and ice cream melting in a malfunctioning refrigerator.
Equipment Breakdown- Gas stations have expensive pumps, boilers, and other equipment that are hazardous and expensive when they break. If this equipment is not already covered in your general liability or property insurance, you will want to get them specifically covered.
Flood and Earthquake Insurance- Damage from flooding and earthquakes are often excluded from property insurance, and you sometimes have to get these separately. These generally require you to pay a deductible that is the equivalent of a certain percentage of your property's worth.
Liquor Liability- Every state and municipality has its own rules involving alcohol. You can protect yourself from the legal trouble of one of your employees making a mistake by buying liquor liability insurance.
Electronic Data Insurance-These days, hackers are after everyone's information and all businesses generate a great deal of it. Losing this data can be expensive, but there are policies that cover your losses.
Employee Dishonesty- No one likes to think that their employees would steal from them, but sometimes you hire someone who is ethically challenged. In the event of one of your employees takes a tank of gas or swipes money from the register, you should have insurance covering your losses.
Workers' Compensation- Coves the medical costs of an employee recovering from an injury that they receive while on the job. A convenience store clerk runs the risk of shelves falling on them or slipping on a wet floor, and a gas station attendant can face any number of hazards involved in maintaining gas pumps.
Getting your convenient store properly insured can be time-consuming, and that is why CommercialInsurance.net is here to keep your mind at ease. At CommercialInsurance.Net, our goal is to help you find the best protection for your business as efficiently as possible. To get a competitive insurance quote it is fast and easy, enter your zip code and click “Get Quote”. One of our specialists will contact you right away.