Insurance for convenience stores

When you own a  store, you need small business insurance. You can’t plan for the unexpected, but insurance definitely comes in handy if something happens. Not only will you be protected, the welfare of your business will be covered, as well.

What type of insurance will best protect your assets? We’ll help you choose the best coverage options for your store.

Types of insurance for convenience stores

Today’s insurance policies are more focused on creating customized policies for small businesses vs  one-size-fits-all. Important convenience store insurance coverages include general liability, workers’ comp, and commercial property insurance.

Convenience store general liability

General liability insurance is the most common type of insurance policy small business owners choose to invest in. Why? Because operating a business without it is extremely risky! Essentially, general liability is a “catchall” policy that covers many of the things that can go wrong while owning a business.

GL insurance covers:

  • Property damage
  • Third-party bodily injury
  • Personal and advertising injury, including slander and libel
  • Medical payments
  • Court costs and legal fees

If a customer slips and falls while shopping in your store, a general liability policy would cover both medical costs and legal costs, saving you potentially thousands of dollars out-of-pocket.

A convenience store might pay around $35/month for general liability coverage. This amounts to $420/year.

The average cost of a slip and fall accident.
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Workers’ comp for convenience stores

Does your state require workers’ compensation insurance? Most states do, as this type of insurance policy helps to protect your employees if they suffer an injury or illness while working.

WC covers:

  • Claim costs
  • Medical treatment costs
  • Lost wages
  • Death benefits to the employee’s dependents if they die

Let’s say one of your employees accidentally trips on a cord. Workers’ compensation will pay the cost of treating the employee’s injury, as well as wages for the time the employee couldn’t work due to being injured.

Because the cost of workers’ comp depends on payroll, your number of employees will dictate your policy premium. If you’re an owner-operator with no employees, you could pay as little as $63/month for workers’ compensation insurance.

Learn more about workers’ comp costs.

Commercial property insurance for convenience stores

Property insurance is what covers your physical property in case anything were to go wrong. This can include the actual building, equipment, and/or inventory.

Property insurance covers damages due to:

  • Fire
  • Theft
  • Vandalism
  • Extreme weather

Let’s say your freezer stops working, resulting in a large amount of food loss. A property insurance policy will reimburse you for your loss, which could save you thousands of dollars.

The average cost of property insurance for convenience stores is $87/month, or $1,044/year.

Convenience store business owner’s policy (BOP)

A business owner’s policy combines general liability with property insurance, and makes for one easy and cost-effective policy. It can also be customized.

BOP insurance covers:

  • Third-party bodily injury
  • Property damage
  • Business interruption incidents

BOPs cost about $150/month for a convenience store. That’s about $1,800 a year.

Learn about the cost of a business owner’s policy.

Convenience store auto insurance

Most states require you to have >business auto insurance for business-owned vehicles. Auto insurance covers the cost of accidents and injuries made while using the vehicle for work-related purposes.

Business auto insurance covers:

  • Physical damage
  • Collision coverage
  • Injuries made to another person

Umbrella insurance for convenience stores

Buying an umbrella insurance policy increases your overall coverage. Also known as excess liability insurance, umbrella insurance gives you more coverage on top of one of your existing insurance policies. This is helpful in the event a claim maxes out the policy limits. With added coverage, it may eliminate the need to pay out-of-pocket.

Additional insurance policies for convenience stores

Employment practices liability insurance (EPLI) is an additional coverage option that protects you from the following types of liability claims – wrongful termination, employee retaliation, employee harassment, and employee discrimination.

Business interruption insurance helps protect your business against lost income due to theft, fire, wind, falling trees, lightning, and other disasters.

Crime insurance covers financial losses due to business-related crimes – employee theft, forgery, robbery, computer fraud, etc.

Liquor liability insurance is required for stores that sell alcohol.

These are all things we can build into your policy.

Convenience store insurance cost

When it comes to business insurance costs, it really depends on how risky your business is to insure.

Cost factors:

  • Location
  • Size of the business
  • How many employees you have
  • History
  • Deductibles

We can help you save money by comparing insurance companies with just one form. And at no extra cost.

We compare convenience store insurance quotes

What type of insurance plan will best cover your convenience store? To get the best rates, you need to figure out the types of insurance you need. Once you figure out your insurance coverage so it perfectly meets your exact needs, all you need to do is fill out this form now to start the process.

Not ready to get started? Learn more about how to save on business insurance.