Grocery Store Insurance

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Grocery stores should consider industry-specific insurance.

With your store serving as a central hub for people to buy the essentials, there are many risks to consider protecting against and proactively preventing. These exposures should be considered when building your grocery store insurance policy.

Protect the property your store is on.

Your grocery store relies on shoppers visiting your store and making purchases. Because of the high volume of foot traffic and the number of products you have in your store, having coverage for the building itself and what’s inside is vital. Commercial property insurance may cover items and equipment such as food, products, shopping carts, registers, refrigerators, freezers, and the like. Also, equipment breakdown insurance offers coverage if your freezer or refrigeration systems malfunction. In some cases, this may also include spoilage coverage, which covers the costs of products that go bad due to faulty equipment. Also, the building needs its own coverage from damage caused by wind, fire, or vandalism. Building insurance offers coverage for the structure if damaged by covered events.

Enhance your liability coverage options.

There are a number of risks your grocery store faces and high atop the list are liability claims. For example, if you have a pharmacy or sell alcohol at your store, you would need to cover your store in the event that a pharmacist makes a mistake or a customer consumes alcohol bought at your store and causes damage or injuries. Therefore, to protect your store in these cases, druggist liability and liquor liability insurance would be needed. Additionally, the products you sell could spoil and sicken a customer. Whether or not it’s your fault, they could file a lawsuit. Having product liability insurance may offer protection for these types of claims. And with more and more customers using credit cards or mobile payment methods, your store runs the risk of being attacked by data hackers. Cyber liability insurance may cover costs associated with lawsuits related to a data breach.

What does a grocery store insurance policy typically cover?

Usually, insurance for grocery stores might include building, commercial property, spoilage, and boiler and machinery insurance. Additional coverage options may need to be added to your policy for further coverage.

What are the risks of operating a grocery store?

If an employee cleans up aisle five but forgets to put a wet floor sign out, resulting in a customer slip-and-fall incident, your store could have a lawsuit on its hands. Also, if your store offers delivery service, you’ll need either business auto insurance or hired and non-owned auto insurance, depending on who owns the vehicles used. These offer protection in the event one of your employees is involved in an auto accident, which could result in your store being held responsible for damages.

Other insurance solutions to safeguard your store.

As the owner of a grocery store, you know the smooth operation of your business relies on many moving parts. And just like any other type of business, there are certain general business insurance coverages that apply to your needs. For example, if your store were to be closed unexpectedly for repairs or equipment failure, business interruption insurance could help provide lost revenue. If you have employees that work at your store, workers’ compensation and employment practice liability insurance may help protect your business from internal claims.

Are you interested in grocery store insurance? Contact us to discuss your insurance options.