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Candy shops can be both fun and lucrative as a business. Candy shops are popular places for families to take their kids for a treat. Adults without families enjoy candy shops as well, as a personal treat to themselves. Just about everyone loves good candy. Whether your shop makes its own candy from scratch or you buy it to sell to your customers, there are a number of ways you need to make sure your company is protected. Carry the right types of business insurance for the best peace of mind.
General liability is a broad level of business insurance that works to protect your company at the same time it is protecting your customers. If you rent or lease your retail space, this insurance is probably required by your landlord to ensure you’re financially capable of handling emergencies when they arise. General liability provides protection for most things as long as they are not specifically excluded on your insurance policy. It also grows with your company, to automatically provide coverage for new candy shop locations and products.
General Liability Insurance Includes:
- Premises Liability - Premises liability provides you and your customers with protection when accidents happen. This can be particularly useful for candy shops that have a lot of customers who bring in children. If a customer or their child is in an accident at your store, they may injure themselves. Your premises liability pays for the bills that arise for their medical care to treat their injuries.
- Products Liability - Whether you create your own candy or you simply sell candy that is manufactured elsewhere, there is a small chance that one or more products will have problems at some point. Ingredients may be recalled for example, or the finished candy may have been exposed to hazardous materials. When your customers suffer physical injuries or illnesses due to products they bought at your candy shop, your products liability can pay for their medical care bills. It can also provide you with the funds for legal defenses and settlements.
- Completed Operations - Completed operations also have the potential to be problematic in the future. Even if the services you render are not at fault for a customer’s injuries or damages, the cost of their claim can be quite extensive. Your completed operations coverage can pay for your litigation expenses, and it pays for the customer’s injuries or damages when applicable.
Business Owners Policy
A business owners policy includes general liability along with other types of important business insurance. The BOP provides you with protection against the loss of your candy store assets, such as the inventory or your company payroll. You can select only the types of coverage you need for your store, so that the coverage is customized for you. BOP coverage options include:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
Business auto insurance pays the bills when auto accidents happen. This insurance pays the medical bills when people are injured in the accident, and it can pay for the cost of repairs to property that was damaged.
Workers comp insurance pays the medical and recovery bills for your employees if they are ever injured on the job.
Commercial umbrella coverage provides you with additional business insurance protection above and beyond the limits of your other policies.