convenience store Insurance in Vermont

What is Convenience Store Insurance?

Keeping a convenience store running requires a sizeable upfront investment and ongoing reinvestment. The many resources that are poured into these stores should be protected when possible, and that’s what convenience store insurance policies help Vermont store owners do.

Convenience store insurance is a specialized form of commercial insurance that’s uniquely developed for convenience stores. Policies are generally written as package policies, combining several coverages together so that they offer multiple protections, and owners can usually adjust the coverages in a particular policy to suit their store’s needs.

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What Businesses in Vermont Need a Convenience Store Policy?

The protections found in convenience store policies are helpful to a variety of businesses in Vermont, and many smaller stores may want this type of policy. Specifically, the following businesses might be interested in a convenience store policy:

  • General stores
  • Convenience stores
  • Corner stores
  • Mom-and-pop stores
  • Bodegas
  • Newsstands

In certain situations, businesses like these that finance the purchase of a building may be compelled by the terms of their loan to purchase a minimum amount of insurance. Such requirements are common in loans, and they’re normally used to help make sure the financial institution’s investment in a building is protected.

Regardless of whether insurance is compulsory, however, purchasing a policy that provides robust protection is normally wise. The cost is typically affordable, and suffering a major claim with no coverage in place can be financially devastating.

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What Protections Are Included in Convenience Store Policies?

Since businesses can frequently adjust the particular protections in their policy, there isn’t one set of protections that’s found in every convenience store policy. There are, however, many protections that are made widely available as either property or liability coverages. The former typically protect a business’ physical assets while the latter usually protect a business against liability suits.

Some of the more common property coverages that stores may need include:

  • Building Coverage, which usually insures owned buildings
  • Tenants Betterment Coverage, which usually insures improvements made to a leased space
  • Contents Coverage, which usually insures inventory, fixtures and equipment
  • Equipment Breakdown Coverage, which usually insures vital equipment against breakdowns
  • Spoilage Coverage, which usually insures perishable goods against spoilage following a disaster

 

A few of the liability coverages that stores might need are:

In addition to these, some stores might also want employee dishonesty coverage, crime coverage, business interruption coverage or other protections. An insurance agent who specializes in these policies will be able to help store owners select the coverages that make sense for their stores, and then the agent can find a policy that includes those coverages.

Do Convenience Stores Need Workers Compensation Coverage?

Many convenience stores have employees and need workers compensation coverage. Insurance agents who assist with convenience store policies can also help find workers compensation coverage.

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How Can Stores in Vermont Get Convenience Store Insurance?

For help finding convenience store insurance, contact the independent insurance agents at Paige & Campbell Insurance. Our agents have assisted many Vermont convenience stores, and we’re ready to help you find coverage for your store.

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