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.
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.
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.