New York Grocery Store Insurance

If you own and operate a grocery store, it is vital that you have the right insurance coverage in place from the very beginning. Obtaining proper grocery store insurance is the best way to protect you as the owner, your employees, your inventory as well as your customers. In order to purchase the coverage that will best meet your needs as a grocer, you need to consult with a qualified insurance agent like Brooks-Waterburn, who will help you determine the best insurance options for your store.

Property Insurance

You will need to include property insurance as a part of your supermarket insurance plan in order to make certain that the buildings that you own, your business property and your inventory are adequately protected against physical damage or loss.

If the building that houses your grocery store is not owned by you, you will still need proper insurance to cover the contents of the building. With most grocery store policies, the property insurance for contents will include fixtures, furniture, inventory, equipment in the office and any other supplies that you keep stored at the facility or even off the premises.

You have the option to obtain insurance that will pay the cost of replacement, or you can choose to insure your property for actual cash value. Keep in mind that actual cash value will only pay you for the depreciated value of your property.

If you choose to insure your property for the replacement cost, you can expect your premium costs to be higher. However, with this option, you will be able to recover your business from a loss much quicker. The reason for this is that you will be able to replace your damaged or lost property with all new items. If some of the equipment that you use for your business is leased, it is likely that the company that holds the lease will require you to obtain a property insurance policy that pays replacement value.

Loss of Use or Business Income

When you have loss of use or business income coverage included as part of your supermarket insurance policy, your revenue stream will be protected if covered damages of loss strikes your store. For example, if a fire breaks out, there is water damage or a structure collapse or some other covered loss forces you to close the store doors, you could be left without you primary source of income.

With business income coverage, you will be protected against lost income while your store is being repaired or rebuilt. If the building belongs to you have you have other tenants, you will also be covered for the rent that is lost during the period of rehabilitation.

Liability Insurance

One of the most important aspects of grocery store insurance is liability coverage. This is the type of insurance you need to protect your business against loss when you are found liable for injury, negligence or the loss of another party’s health, reputation or property. In most cases, the cost of damages as well as legal fees and judgements awarded are covered by the liability policy.

Example Coverages:

  • Bodily injury – Your liability insurance policy will cover the cost of the affected person or organization’s medical care or loss of services. If the injury sustained leads to death, your policy will also cover the cost of restitution to the deceased family.

  • Property damage – If your business is found to be responsible for loss of use or damage to another’s property, the value of the damaged property or loss of use of such property will be paid for by your policy.

  • While bodily injury and property damage are the most important types of liability coverage that you need to include as part of your grocery store insurance policy from Brooks Waterburn, there are several other types of liability coverage that you may want to consider, such as:

  • Advertising injury – protection against damages or injuries that occur during the adverting process for your store or goods

  • Completed operations and products – protection against injuries or damages that happen due to the use of the products or services that you provide

  • Contractual liability – protection that extends to a variety of contract in which you may enter

  • Medical payments – covers the medical expense or funeral expenses for someone injured on your business site

  • Non-owned and hired automobiles – protection against damages and loss that may occur when a rented vehicle or a vehicle owned by an employee is involved in an accident while conducting business for your grocery store

  • Personal injury – covers the cost of personal injury when you are accused of slander, libel, etc.

These are only a few of the coverage types that you should consider adding to your grocery store insurance policy. When you click on the quote request button, you will be well on your way to obtaining the protection of the business you have built and the peace of mind that you need to run it efficiently.