New York Convenience Store Insurance
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Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
New York Convenience Store Insurance
New York Convenience Store Insurance. Convenience stores are all around us, making our lives easier by offering products we need on the go. If you own a convenience store, you know just how lucrative the convenience store business can be. However, with business ownership comes responsibilities, including the need to have insurance that covers you and your business in the event that you are sued.
You must protect yourself and your business interests with the right levels of liability and property insurance as well as other New York convenience store insurance types that are specific for your business.
New York convenience store insurance protects your shop from lawsuits with rates as low as $57/mo. Get a fast quote and your certificate of insurance now.
Why Do Convenience Stores Need Business Insurance?
Around 40,000 convenience stores are operating in the U.S. as of 2014. Approximately 138,000 people work in convenience stores. Revenue from convenience stores amounts to around $35 billion each year. Because convenience stores are such diverse businesses, no two policies are alike, but many share the same bundle of different coverage types.
Your commercial broker can help you understand the nuances of the industry from a risk perspective, so you can be assured that you are fully protected, based on your individual risks and your tolerance to risk. Your broker will look at what you need to protect, your assets and your liabilities, when helping you choose the right New York convenience store insurance coverage for your needs.
Commercial Property Insurance
Protecting your business against property damage is a big part of being a responsible business owner. Other than your building or storefront, the inventory inside your store is one of your biggest assets. Building insurance is an important part of you New York convenience store insurance policy. It covers the damage that might occur to your actual store, the building, its canopies, and gas pumps, assuming you are the owner of the store and premises. If you rent your store, then you may be required by your landlord to purchase this coverage. Consult with your insurance agent to review your lease agreement and determine if you need to buy the coverage or if the landlord provides it for you.
The contents of your business should be covered by contents or business personal property insurance. This coverage provides protection for your inventory, shelving, fixtures, computers, and any equipment. Also consider boiler and machinery insurance. This New York convenience store insurance covers the rental, repair, or replacement expense should your machinery necessary for operating your business go on the fritz. Perhaps your store sells food products that must be operational in order for you to do business. If your freezers or refrigerators break down, then your inventory goes bad. Spoilage insurance can be part of your boilers and machinery coverage, compensating you for this loss.
Commercial crime insurance is a good idea for all NY convenience stores, since they are oftentimes the target of robberies and burglaries. If your store is targeted, this insurance mitigates any financial losses that may result. This insurance is recommended in addition to risk management practices like installing cameras to monitor customer activity; this can reduce the rates you pay for your coverage.
Business Liability Insurance
General liability insurance should be a cornerstone of your coverage. This protects you in the event of slips and falls or other injuries to customers, vendors, and others on your property. It can also pay for defense costs if you find yourself faced with a liability claim in court. Premises liability coverage protects you from third-party claims for damage to property or bodily injury. This covers you from claims that may result from activity in your store, in its parking lot, gas area, and other locations around your business.
If you sell liquor, you may be required by the state in which you live to purchase NY liquor liability insurance. If an intoxicated person causes harm after buying liquor from you, this coverage handles any claims or awards up to the limits spelled out in your New York convenience store insurance policy.
Cyber liability coverage is becoming more important for convenience stores, especially for those that sell gasoline. This is due to skimming devices that are sometimes planted on pumps in order to steal patrons' info. If this happens at your store, cyber liability policies can help to reduce the financial fallout for you.
Other Types Of Convenience Store Coverage
You may also need other types of New York convenience store insurance coverage to fully protect your business and personal interests. Worker's compensation, for example, is required in most states. You may also need business income insurance to provide an income stream if your business is forced to halt for a covered peril. Employment practices liability coverage can provide protection for suits that may arise if someone feels as if you discriminated against them.
NY Convenience Store Insurance
The bottom line is that you need to review your coverage needs with a professional to ensure that you get the protection your store needs.
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