What is Convenience Store Insurance?
Convenience stores require significant investments, and the resources that are poured into them should be safeguarded if possible. Convenience store insurance helps protect Vermont convenience stores and the investments made in them from a variety of risks.
Convenience store insurance policies are specialized commercial policies that have been uniquely designed to meet the needs of convenience stores and similar businesses. Most policies are written as package policies, offering multiple insurance coverages, so they can offer protection from multiple potential risks.
What Vermont Businesses is a Convenience Store Policy Right For?
This type of insurance may be right for many smaller stores in Vermont. Some specific businesses that might want a convenience store policy include:
- Convenience stores
- Smaller general stores
- Corner stores
- Stands
- Bodegas
- Mom-and-pop shops
Not only do these businesses usually need insurance, but they typically find that a convenience store best meets their coverages needs.
What Coverages Do Convenience Store Policies Provide?
Most of the coverages made available by convenience store policies can be categorized as either property or liability coverages. The former typically protects physical property from certain causes of damage or loss, and the latter normally protects businesses from potential liability claims and lawsuits related to covered incidents. (The exact coverages and protections offered sometimes vary.)
A convenience store policy might offer some of the following property coverages:
- Building Coverage, which may insure company-owned buildings
- Tenants Betterment Coverage, which may insure company-made improvements to a leased space
- Property Coverage, which may insure owned equipment, fixtures and inventory
- Spoilage Coverage, which may insure owned perishable items against spoilage following a covered disaster
- Equipment Breakdown Coverage, which may insure vital equipment against unexpected malfunctions
Some of the liability coverages offered may be:
- General Liability Coverage, which may insure against common accidents on company property
- Product Liability Coverage, which may insure against product-caused injury and property damage
- Employment Practice Liability Coverage, which may insure against certain employment discrimination claims
- Cyber Liability Coverage, which may insure against online risks and data breaches
- Liquor Liability Coverage, which may be necessary if alcohol is sold
- Pollution Liability Coverage, which may be necessary if fuel is sold
- Umbrella Liability Coverage, which usually serves as a supplemental liability protection
In addition to coverages, some convenience stores may also need protections like business interruption coverage, commercial auto coverage or other coverages.
An insurance agent who specializes in convenience store policies can help stores identify the coverages they need and find a policy that provides those protections.
Do Convenience Store Policies Cover Flood Damage?
Generally speaking, convenience store policies normally don’t cover flood damage. Stores that need or want coverage for this risk typically must purchase a separate flood policy. Agents who specialize in convenience store policies likely can assist with finding a commercial flood policy.
How Are Convenience Store Policies’ Premiums Calculated?
Insurance companies usually base convenience store policies’ premiums on several different factors. A store’s size, location, annual sales and products sold, as well as other items, often all influence how much coverage costs.
How Long Does Purchasing a Convenience Store Policy Take?
While purchasing convenience store policies tends to be a fairly straightforward process, insurance companies often request specific information and sometimes have follow-up questions during the underwriting process. As a result, underwriting time frames vary. Working with an experienced agent can help ensure that the application and underwriting processes go as smoothly and quickly as possible.
How Can Stores in Vermont Get Convenience Store Insurance?
For help insuring a convenience store or similar business, contact the independent insurance agents at T.S. Peck Insurance. Our agents have worked with many stores in Vermont and have the expertise necessary to find a convenience store insurance policy with the right coverages for your store.
