Insurance for Convenience Stores

Insurance for Convenience Stores image
Owning a convenience store can be both a rewarding and demanding experience. Due to easy access, convenience stores are a daily stop for many commuters. This constant stream of traffic can position you with a great source of ongoing income, and put your small business at a variety of financial risks. Fortunately, it's possible to help protect your store from the unexpected with convenience store insurance solutions available from AmTrust Financial.

Convenience Store Insurance Coverage Options

Convenience store owners run their small businesses in very unique ways. Perhaps you keep your doors open on a 24/7 basis, and maybe you sell liquor, cigarettes, and fast food products. Regardless of how your shop is set up, it's important to protect your assets with the right convenience store insurance options. While individual insurance packages can be tailored, convenience store insurance coverage typically includes the following solutions:
  • Businessowner's Policy (BOP)
  • Workers' Compensation
  • Employment Practices Liability

In addition to the common insurance staples, you might need supplementary coverage, depending on your setup. For example, you may be required by your state to carry liquor liability insurance if you sell liquor.

Businessowners Policy for Convenience Stores

If you have to shut your doors temporarily due to a catastrophic event like property damage or fire, business interruption coverage may help you recover some of the revenue you lose as a result. This type of coverage is often included in a businessowners policy (BOP), alongside general liability and commercial property insurance.

  • Commercial property insurance is the part of a BOP that may cover damages to the structure of the building you own as well as inventory, equipment, and other property. In many cases, the BOP can also provide coverage for acts of theft or vandalism.
  • General liability insurance may cover property damage or injuries suffered by third parties while they're visiting your convenience store. This type of policy can protect your business from a variety of third-party liability claims.
  • Business income insurance is another benefit of a businessowners policy. With this coverage, if a disastrous event, such as a fire, forces you to close your convenience store while you're repairing the damage, you could receive financial assistance to help recoup some of your lost income.

Protecting Your Convenience Store Staff with Workers' Compensation Insurance

Workers' compensation insurance, which is required in most states, can provide coverage for employee accidents and illnesses that are work-related. This coverage can pay for medical treatment, job retraining, disability payments, and partial lost income. In addition to covering accident-related claim costs, workers' comp benefits may provide your business with a defense to any claims from employees arising out of the work-place related injury or illness, depending on the situation.

If an incident occurs, workers' comp coverage helps to protect your business and your employees by:
  • Covering the costs of medical treatment, including x-rays, prescription drugs, hospital stays, and surgeries
  • Paying a portion of the employee's regular wages until he or she can return to work
  • Covering the employer's costs for a claim

What Is Employment Practices Liability Insurance?

As hard as you try to keep your employees happy and taken care of, an adverse situation could arise without warning and lead to a costly lawsuit. A single claim from an employee of harassment, wrongful termination, retaliation, or discrimination can result in extensive legal fees, even if the accusation isn't true. Employment Practices Liability Insurance (EPLI) coverage can buffer you from liability claims stemming from a current or former employee's accusation of harassment, discrimination, wrongful termination, or retaliation. If your business is threatened by a lawsuit, EPLI can help you pay for legal fees.

How to Get Convenience Store Insurance

Purchasing convenience store insurance can give you peace of mind and confidence in knowing you're getting coverage against a variety of hazards and risks. AmTrust is here to help you discover tailored insurance solutions to keep your small business safeguarded whenever unfortunate situations arise. We work alongside you to find an insurance package suited to your store’s specific needs. To learn more about convenience store workers' compensation packages and other top-rated insurance products that are available through AmTrust contact us today.

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