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Variety Store Insurance
One detail that all variety stores have in common is that they offer a great assortment of products, from household goods and food to electronics and apparel. Another thing they tend to have in common is a low price point, which is why they are often called dollar stores. This is a $67 billion industry, probably because so many shoppers appreciate great deals (Source: IBISWorld). You already have this going for you as the owner of a variety store. Now it's time to find out what a great variety store insurance policy can do for your business.
Variety Stores Need the Following Insurance
$35 A Month
Business Liability Insurance (GL): Operating a variety store means you will see customers of all ages coming through your shop. Children and the elderly are particularly prone to injuries, and since they will make up a portion of your shoppers, it's likely that someone will get hurt on your business property once in a while. Any time this occurs, you're going to be expected to pay for the ensuing medical bills, such as the ambulance ride, emergency room visit, and rehabilitation expenses. That's why you need general liability when you get variety store insurance, since it will take care of these bills for you.
Business Personal Property Insurance: You need to keep your variety store in the best condition possible if you want to appeal to shoppers. If your store looks like it's falling apart or is generally unclean and unsafe, your competitors will have an edge and shoppers will choose them instead. Fortunately, your variety store insurance policy can include BPP, which will pay for building repairs and even replacement of products if they get broken or stolen. This is helpful for stores of all kinds, considering that burglary and vandalism are common issues. If your profits would be negatively affected by your building or products getting damaged or going missing, BPP is an essential part of your variety store insurance policy.
Workers Comp Protection: Most stores have anywhere from a few employees to a large staff of cashiers, stockers, security personnel, and more. If this sounds like your shop, you need workers compensation so you and your employees can rest assured that their medical bills be taken care of if they are ever hurt while working at your store. Not only will the workers comp portion of your variety store insurance policy pay for your employees' medical costs, but it will also usually pay for missed income, which they will surely appreciate if they have to miss work for weeks or months as they heal.
Umbrella/Excess Liability: Any time there is a possibility that people will get hurt on your business property, you should consider adding excess liability to your variety store insurance. For stores, this possibility always exists because of the number of people who visit the property. This means that increasing your general liability coverage with excess liability is always a good idea, since it will decrease the chance that you will have to pay out of pocket after an accident at your store.