Finding the Right Convenience Store Insurance

Owning a convenience store can be quite rewarding, but it also comes with a number of serious risks, ranging from shoplifting and vandalism to fires and severe weather. Your business is also vulnerable to liability threats from the public. That's why having the right convenience store insurance is essential for maintaining smooth operations.

Fortunately, an independent insurance agent can help you find the proper convenience store policy for your unique business. They'll get you set up with coverage long before you need to file a claim. But first, here's a closer look at convenience store insurance.

What Risks Do Convenience Stores Face?

Your convenience store is vulnerable to many risks on a daily basis beyond the obvious. Just a few risks to consider are:

Your building: The store building itself is vulnerable to natural disasters, vandalism, fire, and more.
Your inventory: The store's inventory is also vulnerable to theft, fire, etc.
Your workers: A convenience store's team is vulnerable to injury, illness, or death on the job or due to work-related activities.
Your equipment: The equipment used by the store could unexpectedly break down, leading to delays or closures.
Your reputation and finances: If a customer or other third party sues your convenience store, the lawsuit could damage your reputation as a business owner, not to mention cause bankruptcy without the right coverage.
Your products: The convenience store's perishables are vulnerable to spoilage, which could lead to a loss of income.

It's helpful to assess your specific business's risk factors before shopping for coverage. If you're uncertain of any areas of risk, your independent insurance agent can help you identify them.

Convenience Store Insurance Coverage Options

Convenience store insurance is a collection of business insurance policies tailored to the unique needs of your business and niche. You’ll likely need several policies to ensure that you have a comprehensive program that covers all of your risks. Here are a few common types of business insurance for convenience stores:

General liability insurance: Covers third-party claims of bodily harm and personal property damage.
Commercial property insurance: Covers repairs to the store building itself, as well as repairs or replacements to any damaged physical assets inside of your store.
Business interruption coverage: Reimburses you for lost income, employee wages, and ongoing expenses if you have to close your convenience store for repairs after a covered loss like a fire, storm, etc.
Liquor liability insurance: Pays for property damage and bodily injury that results from selling or serving alcohol, including if an impaired person who causes an incident already left your convenience store's premises.
Workers’ compensation: Pays for lost income and medical expenses for employees who get injured or ill on the job or due to job-related activities.

An independent insurance agent will help ensure your convenience store gets set up with all the coverages necessary to anticipate all these risks and more.

Additional Coverages to Consider for Convenience Stores

Your convenience store may require additional coverages beyond the basics included in many packages. These additional coverages can include:

Commercial auto insurance: Covers liability if one of your drivers is at fault for an accident and protects company vehicles from many threats like vandalism.
Non-owned auto liability insurance: Covers store employees who drive their own vehicles for company purposes and cause an accident or other incident.
Crime insurance: Protects your business if an employee engages in theft, forgery, or fraud that damages your business, as well as general shoplifting and vandalism.
Cyber liability insurance: Protects your convenience store's electronic data records, like credit card information, from data breaches and other digital threats.

Your independent insurance agent will review all of your convenience store's specific risk factors with you and ensure you get set up with all the additional coverages needed.

Why Do I Need Convenience Store Insurance?

As a convenience store owner, you face a lot of potential risks on a daily basis. If your business isn't properly protected by insurance, you could possibly have to pay costs out of your own pocket after a disaster. Basically, without convenience store insurance, you're at risk of serious financial losses, including bankruptcy, in case of disasters like:

Lawsuits: Any third party who gets injured on your premises or gets their property damaged as a result of your business can press charges against you.
Property damage: Your convenience store's property, like inventory and the actual building, is vulnerable to damage from all kinds of hazards like storms, vandalism, and more.
Employee injuries: Your convenience store's team is vulnerable to work-related injuries and illnesses.
Store closures: Your convenience store might have to temporarily shut down due to any number of reasons, including power outages and equipment malfunctions.

Convenience store insurance can help cover your losses in these circumstances and many other situations. An independent insurance agent can further explain how.

Protect Your Convenience Store with Employment Practices Liability Insurance

Though you need protection for your team at your store, you also need protection against numerous situations that could arise because of your team. Employment practices liability insurance (EPLI) can be a key addition to your convenience store insurance policy because it protects against potential cases or accusations of:

Sexual harassment
Wrongful termination
Discrimination
Employee retaliation

EPLI can protect your business from lawsuits filed against it by its employees. Without this coverage, your business can just as easily suffer from internal threats that could be extremely costly. An independent insurance agent can advise if EPLI coverage is right for your convenience store.

How Much Does Convenience Store Insurance Cost?

Convenience store insurance costs can be difficult to predict without knowing more information about your specific shop. The cost of convenience store insurance varies depending on the coverage you need as well as your unique risks.

Generally, any convenience store with more risk exposures can expect to pay more than a less risky operation. A store with a limited inventory and no employees will pay far less for business insurance than a store that sells alcohol, sells freshly made food, and has several employees.

A few factors that influence the cost of convenience store insurance are:

Your location
The number of employees you have
The size of your store
What you sell
The age of your building
Your store's operations
The coverage types and limits you select

Your insurance company will also evaluate how risky you are to insure based on whether you're open 24 hours, have appropriate security, etc. The same goes if you run a gas station. Gas station insurance costs vary depending on all the above factors, too. An independent insurance agent can help provide exact convenience store insurance quotes for your area.

How to Apply for Convenience Store Insurance

The easiest way to apply for convenience store insurance is through an independent insurance agent. Independent insurance agents can price shop insurance providers and compare coverage options for you, and get you set up with the right convenience store insurance application. Not only that, they can also help you secure coverage and outline the details of the terms right away, which takes care of the hard work.

Where to Find Convenience Store Insurance

Independent insurance agents know which insurance companies to recommend to meet your needs and can provide informed suggestions based on company reliability, rates, and more. They'll help you find the right carrier to provide your convenience store insurance.

While many insurance companies could create a convenience store insurance policy for you, finding coverage could also depend on the area you live in. Here are a few of the top companies for convenience store coverage.

Top Companies for Convenience Store Coverage	Overall Carrier Rating
Nationwide
Travelers
The Hartford
AmTrust Insurance
Society Insurance
The Heritage Group

Why Choose an Independent Insurance Agent?

Independent insurance agents simplify the process by shopping and comparing insurance quotes for you. Not only that, but they’ll also clarify the fine print so you know exactly what you’re getting. They'll get you set up with the policy that offers the best blend of coverage and cost. Independent insurance agents have access to multiple insurance companies, ultimately finding you the right convenience store coverage, accessibility, and competitive pricing while working for you.

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