If you ever doubt that your grocery store needs coverage, think again. While you may live in an area that's generally safe from theft and floods, there are always unexpected dangers that sweep in and catch small businesses unaware.
No matter where your grocery store is, you are open to liability dangers. Coverages to combat these dangers include:
- General Liability Insurance: This is the most common type of insurance for all businesses. It provides compensation if a customer is injured or their property is damaged due to every day work operations. For example, it will provide compensation if a guest slips on a wet floor and twists their ankle.
- Workers Compensation Insurance: In most states, businesses are required to carry workers compensation insurance. Workers compensation coverage helps if an employee is injured on the job.
- Spoilage Insurance: Spoilage insurance can compensate your grocery store when food is spoiled from instances such as the store losing power or a fridge breaking down. It can also cover liability costs if someone purchases food from one of these broken fridges and becomes ill from the spoiled food.
Liability isn't the only issue, however. You'll want to protect the grocery store and all its assets. Certain areas suffer more from environmental damage, such as floods and earthquakes. But other dangers — such as fires, smoke, lightning and wind — are common dangers throughout the United States. This is why it's crucial to have property insurance. Commercial property insurance protects your grocery store and its contents from fire, explosions, burst pipes, wind, hail, lightning, theft and vandalism.
Both general liability and property insurance can be bundled into one cheaper, comprehensive package called a business owners policy (BOP).
Grocery stores also often require trucks to deliver goods back and forth. If your business owns commercial vehicles, you'll need commercial auto insurance. This can even apply to employees who frequently use personal vehicles to deliver goods.
Commercial auto insurance comes with a range of protection similar to that of personal auto insurance. It includes:
- Liability Insurance: This coverage helps if the driver causes someone else bodily injury or property damage while operating the insured vehicle.
- Collision Coverage: This coverage provides compensation if the vehicle is damaged due to a collision with another vehicle or object.
- Uninsured/Underinsured Motorist Coverage: This coverage helps pay for damages if the driver crashes with a motorist who doesn't carry insurance.
To learn more about your coverage options, get in touch with Exceed Insurance today.
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