Convenience Store Insurance in New Hampshire
What is Convenience Store Insurance?
Operating a convenience store requires a lot of time and capital, and the investments made in a store ought to be protected. Without adequate insurance in place, everything that’s been poured into a convenience store could be lost in a single incident. Convenience store insurance helps protect convenience stores in New Hampshire and through out New England from a range of covered risks.
Convenience store insurance policies are usually written as package policies that combine several coverages together. The coverages included in policies can normally be adjusted to suit a specific convenience store’s situation. Most policies include a combination of property, liability and other coverages.
What Property Coverages Do Convenience Stores Need?
The coverage requirements for a convenience store depend partly on what the store sells and where it’s located, and precise needs frequently vary. Nevertheless, there are a number of property coverages that many convenience stores obtain through an insurance policy. A few of these are:
Building Coverage, which may protect buildings that a convenience store owns
Property Coverage, which may protect fixtures, equipment, and inventory that a store owns
Spoilage Coverage, which may protect perishable goods that a store sells
Equipment Breakdown Coverage, which may help pay for covered repairs of broken equipment
What Liability Coverages Do Convenience Stores Need?
Most convenience stores also have multiple liability coverage needs, although exact liability coverages vary just as property coverages can. Some of the liability coverages that a convenience store policy might offer include:
General Liability Coverage, which may protect against common accidents and false advertising claims
Product Liability Coverage, which may protect against injuries and damage caused by products
Cyber Liability Coverage, which may protect against data breaches and online attacks
Liquor Liability Coverage, for stores that sell alcohol
Pollution Liability Coverage, for stores that sell fuel
Umbrella Liability Coverage, which may offer additional liability protection
Convenience store businesses that have multiple stores and drive between them using company cars also usually need some form of commercial auto coverage.
What Other Coverages Do Convenience Stores Need?
There are still many more coverage options available to convenience stores. Business interruption coverage and employment practices liability insurance (EPLI) are just a couple of the other protections that stores sometimes need.
What New Hampshire Businesses Need a Convenience Store Policy?
Any New Hampshire business that can benefit from many of the above-listed coverages may want to purchase a convenience store policy. This generally includes:
Small general stores
Store owners who are unsure whether their business is better suited for a convenience store policy or some other type of policy (e.g. a supermarket insurance policy) should talk with an insurance agent who specializes in this form of coverage. A knowledgeable agent will be able to recommend the most appropriate policy based on a business’ particular situation.
How Much Do Convenience Store Policies Cost?
As is true with most insurance policies, convenience store policies’ premiums encompass a wide price range. Rates often depend on a store’s location, size, annual sales and many other factors.
An independent insurance agent can help owners determine how much insuring their specific store might cost. Independent agents are able to compare policies from multiple insurance companies, providing an accurate view of the market rates for coverage.
How Can Convenience Stores in New Hampshire Get Convenience Store Insurance?
For help finding the right insurance for your New Hampshire convenience store, contact the independent and experienced agents at HPM Insurance. Our team has helped many stores in the state find convenience store insurance policies that suit them, and we’re here to assist you as well.