Why You Should Get Your Convenience Store Insured

Why You Should Get Your Convenience Store Insured

If you own a convenience store, you know all about working long hours, keeping your business afloat, doing the books and keeping track of inventory. But do you understand why you should get convenience store insurance? If not, this article will guide you.

You first need to be sure that you have your liquor license, which is mandatory in most American States. There are nine classes of liquor license, so procure the proper one for your store (Packaged Goods License.) Your license is issued by the city. Proper insurance will protect your business and guard against personal injury claims and lawsuits. Over the past decade lawsuits have increased tenfold. People are suing over seemingly minuscule events, costing millions of dollars in lost revenue, legal costs and more.

There are, of course, other legitimate claims against your business that will have you closing your doors if you are not covered. Trying to save a few dollars in a monthly premium will cost you dearly in the long run. Consider these scenarios:

Someone trips outside of your store and breaks their leg

Your store is robbed at gunpoint and there is a personal injury

Your roof leaks and someone slips on the wet floor

Someone breaks in after hours and steals inventory and other valuables

Your store is damaged by a natural disaster

Without insurance you could incur a significant amount of debt taking care of these things yourself. Legal and medical costs could become insurmountable. You could lose not only just your business but your home and other assets.

Insurance coverage will ensure that you are protected if any of the above unfortunate events happen. Legal costs, medical costs and replacement costs will not come out of your own pocket. Your personal assets will be protected against loss and seizure.

When looking for quality coverage, the best place to start is online. Choose a company that has a special department for business. A simple online search will deliver dozens of local companies. Call them and explain your business and your needs. Your insurance company will take several things into consideration when giving you a quote, such as the rate of crime in the area. Ask if you can secure the store at a low cost against the threat of burglary. They will also consider whether you own the building or you are renting; if you are renting, you will not pay the full price; that will be worked out with your landlord.

Gettingconvenience stores insurance is one of the most important things you can do for yourself and your business. You will have peace of mind knowing that all of your needs are taken care of.

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