16 Jul Here’s What You Need to Know About Grocery Store Insurance
Regardless of whether you operate a chain supermarket or a small, single independent grocery store, your exposures are the same, and in order to protect yourself and your business, you need the right insurance. When looking for the best policy, it’s important to work with an agent that’s knowledgeable and capable of finding adequate coverages at a reasonable price. That’s why, at Byars|Wright, we customize our policies to the person and the industry before seeking out carriers that have that same philosophy, a true understanding of the business, and a willingness to tailor their policies to suit your individual needs.
What’s Generally Has Coverage Under A Grocery Store Insurance Policy?
Liability Coverage – Your liability coverage is going to protect you financially if anyone files a claim or lawsuit against your business. Included in your liability coverage is general liability that’s basically your slip-fall type of liability, as well as Products and Completed Operation Liability that comes into play with the items you sell. Also included are Personal Injury and Advertising Liability that protects you if your advertising results in the injury or financial loss of a third party. Other coverage commonly included with General Liability is Liquor Liability, Employee Benefits Liability, and Auto Liability.
Property Coverage – This coverage is going to protect your building, contents, and equipment. Along with Building Coverage that ensures your building, Contents Coverage, also known as Business Personal Property, is extremely important. This is going to include your inventory at cost, fixtures, some equipment, check stands, computers, and anything else it takes to operate the store that’s not really considered part of the building. Since the equipment used to keep items frozen or cold is one of the most important parts of any grocery store, Equipment Breakdown Coverage is essential. While this isn’t a wear-and-tear warranty type coverage, it does protect you in case your equipment suddenly breaks down.
Your Business Income Coverage is part of Property Coverage as well, and this is the income that it would take to keep you paying your bills, paying your employees and paying your debts if an incident were to happen. Other important Property Coverage Policies include Food Spoilage Coverage, Specialized Computer Coverage, and Utility Services Interruption Coverage among others.
Crime Coverage – Grocery stores handle a lot of cash and make large deposits every day, making it necessary to have some type of coverage if a crime was to occur. For example, your Money and Securities Coverage is going to come into play if there’s a robbery at the store, or if an employee is robbed while making a deposit. With Employee Dishonesty, you’ll be covered if an employee steals cash from your business.
Why Buy Your Grocery Store Insurance Policy Through Byars|Wright?
I’ve worked primarily with grocery stores throughout my career and have twenty years of experience in the industry. I have a deep understanding of grocery store operators’ needs, I know the potential claims, and I’m aware of the exposures that are out there. Through this knowledge and experience, I’m able to tailor a policy for you that’s going to be affordable while meeting the needs of your business.
Since I currently work with others in the grocery industry, I know what carrier is doing the best right now and will handle claims and provide the best coverages for a fair premium. Plus, we have our own claims department that’s keeping the pressure on those adjusters to ensure they’re getting everything resolved as quickly as possible.
Schedule Your Grocery Insurance Consultation
If you’d like for me to review your current grocery store insurance policy, don’t hesitate to reach out. I’d be happy to come out and meet with you to take a look at where you are. While I’ll let you know if I see instances where you’re missing important coverage or areas you should increase coverage, I’m not afraid to tell you that you’re in a really good place. The bottom line is, I’m in the business of helping the independent grocer, not just trying to sell a policy.
Byars|Wright has developed into a major provider of commercial insurance that delivers a wide range of insurance products with quality coverage at competitive prices. As an independent insurance agency, we represent numerous companies, all with a history of excellent service. Through these companies, we will find the best pricing and coverage available for our customers. We hope you’ll connect or contact us today online, or give us a call at (205) 694-0088.
By: Paul Burnett
