Grocery stores are woven into the fabric of residential communities all over the US. When opening a grocery store you will be required to make a sizable initial investment, which means you’ll want to be able to protect your investment. This is accomplished with a sound Grocery store insurance package that covers a range of exposures and concerns.
An independent agent can help you build a supermarket insurance program that meets the coverage needs of your particular grocery store. Since people are constantly entering and leaving the store, a lot of things can happen that could impact your operations. Most owners start off with insurance policies for property, liability, workers comp, and even business interruption.
You need to have policies that cover business contents like furniture, fixtures, inventory, equipment and other supplies stored at your facility and even off-premises. It is a lot to consider and you can save money by bundling certain policies together in a business owners policy, or BOP.
Liability insurance coverage and other coverage considerations
Liability insurance is designed to insure the business against losses when they are due to negligence, liabilities for any damage sustained, or injury or loss to another’s property, reputation, or health. With insurance, you merely file a claim and your insurer pays damages, legal fees and settlement amounts when a claim is filed against your business. Bodily injury liability will resolve issues in the event a customer suffers an injury while in the store or on the premises.
Your policy for property damage is needed in the event your business causes damage to someone else’s property, and coverage will pay for the value of any physical damage to the property or if the item is deemed a total loss. Products and completed operations will provide coverage for your company’s products or services. If an injury occurs due to the use of your products the policy will pay for any resulting damages as well as legal expenses up to the policy limits.
Auto coverage for businesses is typically added as an endorsement on your Grocery store insurance policy. You’ll need it to cover any liability exposure of vehicles not owned, but being used in the course of your business. Speak to an agent about any questions you have with regards to Grocery store insurance.