What Are the Different Types of Convenience Store Insurance?

There are many options for convenience store insurance policies. Your Hawsey Insurance agent can help you choose the coverage that makes the most sense for your location and industry. You can secure your convenience store insurance in Mississippi and the surrounding states through our experienced commercial insurance agents.

Most Important Coverage for Your Convenience Store

When you choose the right coverage for your business, you can prevent catastrophic financial loss for your company. Here are the major types of convenience store insurance to discuss with your agent:

• General Liability Insurance. General liability insurance protects you against property damage and bodily injury claims. This is particularly important if you receive heavy foot traffic. If you sell food or medication, your convenience store may carry even greater liability risks. This insurance covers you for wrongful ejection, discrimination, false arrest, and invasion of privacy claims.
  • Bodily injury: If your employee forgets to put the wet floor sign in front of the restrooms after mopping, and a customer slips on the way out, this could result in a general liability lawsuit.
  • Product liability: If a customer claims to have food poisoning after eating food that you sell, the product liability portion of your insurance may help cover the legal cost associated with the lawsuit.
  • Personal injury: If you hold someone for suspicion of shoplifting, and later realize they are innocent, the customer could sue you for personal injury. Your general liability insurance may be able to step in and cover your legal costs in this case.
• Workers’ Compensation Insurance. This insurance covers the cost of illness or injury experienced by employees on the job. The policy could include restocking items on shelves, injury during a robbery, or pain after lifting heavy items.
  • Example: If your employee misses a step while climbing down a ladder and falls, breaking a leg, workers compensation insurance would cover medical costs and lost wages, among other related expenses.
• Commercial Property Insurance. Commercial property insurance covers a wide swath of your business assets. It includes product inventory, refrigerators, computers, and even the building where your business is located.
  • Example: If you have an electric fire due to faulty wiring, it could destroy your equipment and inventory. Commercial property insurance may help reimburse you for the loss and help you repair the building so that you can reopen sooner.
• Commercial Crime Insurance. This is particularly important for 24-hour convenience stores. If you do business near a freeway, it’s easy for thieves to rob you in the dead of night. Therefore, it’s critical to have commercial crime insurance to help recover your losses from the stolen money and goods. This coverage can also protect you from forgery and employee theft.
• Business Income Insurance. If damage to your building, equipment, or other property prevents you from doing business, your business income insurance covers the cost of your overhead expenses and lost revenue. Covered events may include vandalism, lightning, a fire, an explosion, or a windstorm.

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Additional Convenience Store Insurance Options

Additional coverage will vary depending on the nature of your business and the risk that you face. Here are additional coverage items to consider:

• Professional Liability Insurance. This insurance covers negligence due to inaccurate advice and work errors. It may impact your business if you have a pharmacy in your convenience store, for example. Speak with your agent to see if this insurance coverage would benefit your business.
• Cyber liability insurance. Severe financial loss often accompanies a data breach due to viruses, hacking, or denial of service attacks.
• Commercial auto insurance. Commercial auto insurance has higher limits and broader coverage than personal auto insurance.

For additional insurance coverage that could help keep your convenience store afloat in case of a covered event, speak with your knowledgeable Hawsey Insurance agent today.

Call Hawsey Insurance at (601) 856-7707 for more information on convenience store insurance. Feel free to contact us online or stop by our offices in Madison, Jackson, and Southaven, MS.