Stores that sell groceries and other food items to consumers provide a much-needed service. While dining out is nice, it can be very expensive and most families prefer to cook as way to stay on budget. These storeowners not only provide food to families and individuals, they also give an enormous amount of business to wholesalers. Another thing that they must be certain to do is to follow stringent food safety regulations.
This can create a lot of exposures and like most businesses this also comes with the risk of fines and possible lawsuits. This is where Grocery store insurance is so vital to success. Aside from food recalls and food spoilage, another concern has to do with employees becoming injured while on the job, as well as theft and other issues that can result in serious losses.
These types of problems require different types of insurance to address different issues. For example, in case of a financial loss, claim, or lawsuit, owners should have commercial insurance coverage they can depend upon to keep their operations and assets covered, as well as keeping staff safe from any personal liability issues.
An agent can help determine the different types of coverage needed
A commercial insurance agent, one familiar with the type of business insurance policies required, can answer your questions about what is the appropriate coverage to have in place, as well as guide you through the process.
You are definitely going to need the basics, which includes commercial general liability (CGL) coverage, business property insurance, business personal property insurance, along with liability coverage, in the event of harm or damage caused by a store employee, product, or the building and its contents.
Statutory guidelines on workers’ compensation insurance is also a requirement, since you cannot run this type of operation without employees, along with crime insurance, and inland marine coverage, depending on the shipping and receiving practices of your grocery store. There are other Grocery store insurance options to consider as well.
You may see the value in purchasing a policy to cover employee theft or forgery. An agent can fill you in on any exclusion or limitations in your commercial insurance policy, giving you better knowledge as to what types of incidents may not be covered by your current policies.