Convenience Store Insurance

Everything you need to know about how coverage works and why it's necessary.

Convenience store angle of refrigeration display. Find Convenience Store Insurance.

Owning a convenience store can be quite rewarding, but it also comes with a number of serious risks from shoplifting and vandalism to fires and severe weather. Your business is also vulnerable to liability threats from the public. That's why having the right convenience store insurance is critical.

Fortunately, an independent insurance agent can help you find the proper convenience store policy for your unique business. They'll get you set up with coverage long before you need to file a claim. But first, here's a closer look at convenience store insurance. 

What Risks Do Convenience Stores Face?

Your convenience store is vulnerable to many risks on a daily basis, beyond the obvious. Just a few risks to consider are:

  • Your building: The store building itself is vulnerable to natural disasters, vandalism, fire, and more.
  • Your inventory: The store's inventory is also vulnerable to theft, fire, etc.
  • Your workers: A convenience store's team is vulnerable to injury, illness, or death on the job, or due to work-related activities.
  • Your equipment: The equipment used by the store could unexpectedly break down, leading to delays or closures.
  • Your reputation and finances: If a customer or other third party sues your convenience store, the lawsuit could damage your reputation as a business owner, not to mention cause bankruptcy without the right coverage.
  • Your products: The convenience store's perishables are vulnerable to spoilage, which could lead to a loss of income.

It's important to assess your specific business's risk factors before shopping for coverage. If you're uncertain of any areas of risk, your independent insurance agent can help you identify them.


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Convenience Store Insurance Coverage Options

Convenience store insurance is a collection of business insurance policies tailored to the unique needs of your business. You’ll likely need several policies to ensure that you have a comprehensive program that covers all of your risks. 

Here are a few common business insurance coverages for convenience stores:

  • General liability insurance: Covers third-party claims of bodily harm and property damage.
  • Commercial property insurance: Covers repairs to the store building itself, as well as repairs or replacements to any damaged physical assets inside of your store. 
  • Business interruption coverage: Reimburses you for lost income and ongoing expenses if you have to close your convenience store for repairs after a covered loss like a fire, storm, etc.
  • Liquor liability insurance: Pays for property damage and bodily injury that results from selling or serving alcohol, including if an impaired person who causes an incident already left your convenience store's premises. 
  • Workers’ compensation: Pays for lost income and medical expenses for employees who get injured or ill on the job, or due to job-related activities. 

An independent insurance agent will help ensure that your convenience store gets set up with all the coverages necessary to ensure continued smooth operations.

Additional Coverages to Consider for Convenience Stores

Your convenience store may require additional coverages beyond the basics included in many packages. These additional coverages can include:

  • Commercial auto insurance: Covers liability if one of your drivers is at fault for an accident, and protects company vehicles from many threats like vandalism. 
  • Non-owned auto liability insurance: Covers store employees who drive their own vehicles for company purposes and cause an accident or other incident. 
  • Crime coverage: Protects your business if an employee engages in theft, forgery, or fraud that damages your business, as well as general shoplifting and vandalism.
  • Cyber liability insurance: Protects your convenience store's electronic data records like credit card information from data breaches and other digital threats.

Your independent insurance agent will review all of your convenience store's specific risk factors with you and ensure that you get set up with all the additional coverages necessary.

Why Do I Need Convenience Store Insurance? 

As a convenience store owner, you face a lot of risks on a daily basis. If your business isn't properly protected by insurance, you'll potentially have to pay costs out of your own pocket. Basically, without convenience store insurance, you're vulnerable to bankruptcy in case of disasters like:

  • Lawsuits: Any third party who gets injured on your premises or gets their property damaged as a result of your business can press charges against you.
  • Property damage: Your convenience store's property like inventory and the actual building are vulnerable to damage from all kinds of hazards like storms, vandalism, and more.
  • Employee injuries: Your convenience store's team are vulnerable to work-related injuries and illnesses.
  • Store closures: Your convenience store might have to temporarily shut down due to any number of reasons including power outages and equipment malfunctions.

Convenience store insurance can help cover your losses in these circumstances and many other situations. An independent insurance agent can further explain how. 

Protect Your Convenience Store with Employment Practices Liability Insurance

Though you need protection for your team at your store, you also need protection against numerous situations that could arise because of your team. Employment practices liability insurance (EPLI) can be an important addition to your convenience store insurance policy because it protects against potential cases or accusations of:

  • Sexual harassment
  • Wrongful termination
  • Discrimination
  • Employee retaliation

EPLI can protect your business from lawsuits filed against it by its employees. Without this coverage, your business is vulnerable to internal threats that could be extremely costly. An independent insurance agent can advise on if EPLI coverage is right for your convenience store.

How Much Does Convenience Store Insurance Cost? 

The cost of convenience store insurance will vary depending on the coverage you need as well as your unique risks. Generally, any convenience store with more risk exposures can expect to pay more than a less risky operation. A store with a limited inventory and no employees will pay far less for business insurance than a store that sells alcohol, sells freshly made food, and has several employees. 

A few factors that influence the cost of your convenience store insurance are:

  • Your location
  • The number of employees
  • The size of your store 
  • What you sell
  • The age of your building
  • Your store's operations

Your insurance company will also evaluate how risky you are to insure based on whether you're open 24 hours, have appropriate security, etc. An independent insurance agent can help you find convenience store insurance quotes for your area.

How to Apply for Convenience Store Insurance

The easiest way to apply for convenience store insurance is through an independent insurance agent. Independent insurance agents can shop multiple insurance providers and compare prices and coverage options for you, and get you set up with the right convenience store insurance application. Not only that, they can help you secure coverage and give you all the details of the terms right away, which takes care of all the hard work.

Where to Find Convenience Store Insurance

Independent insurance agents know which insurance companies to recommend to meet your needs, and can provide informed suggestions based on company reliability, rates, and more. They'll help you find the right carrier to provide your convenience store insurance.

While many insurance companies could create a convenience store insurance policy for you, finding coverage could also depend on the area you live in. Here are a few of the top companies for convenience store coverage.

Top Companies for Convenience Store Coverage Star Rating
5 star rating
5 star rating
The Hartford
5 star rating
AmTrust Financial
Society Insurance
The Heritage Group

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Why Choose an Independent Agent?

It’s simple. Independent insurance agents simplify the process by shopping and comparing insurance quotes for you. Not only that, but they’ll also cut the jargon and clarify the fine print so you know exactly what you’re getting.

Independent insurance agents also have access to multiple insurance companies, ultimately finding you the best convenience store coverage, accessibility, and competitive pricing while working for you.

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