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The Key Insurance Coverages for Grocery Stores

Grocery stores can present many different liabilities and risks, making them vulnerable to property damage and liability lawsuits. A customer trips over a box left in an aisle; an employee claims harassment by a supervisor; another employee injures themselves lifting bulky cases of food; a power outage knocks out POS terminals or refrigerators. The list goes on and on.

But with the right level of coverage, like with a Grocers Advantage Insurance plan from Irving Weber, stores can have the appropriate protection in place to keep things running smoothly. Here are some key types of coverage that grocery stores might want to consider.

Business Property Coverage

This critical piece of coverage helps protect both the grocery store’s physical structure and its contents inside if they are destroyed or damaged by a covered peril. Covered grocery store contents might include retail products, shelving, cash registers, and more. This particular policy lets clients choose defined covered hazards, but common examples include fire, theft, and vandalism. This coverage helps protect clients if the grocery store is robbed or a vandal breaks one of the store’s windows.

General Liability Coverage

This kind of grocery store coverage helps protect a business if they are found legally responsible for injuries or accidents at the store or negligence claims. If a product rack topples over and injures a customer, this coverage could help clients pay for their medical expenses if the store is found liable. Also, if a supplier slips on wet flooring in the produce section, they can sue for millions of dollars. This coverage kicks in helps pay for legal costs up to a policy’s limits.

Equipment Breakdown Coverage

This coverage helps to repair critical equipment in grocery stores, such as refrigeration units or cash registers, and provide rental replacements. Equipment breakdown coverage could be an essential consideration for a store since the business income could take a severe hit if the refrigerators shorted out during a significant storm or heat wave.

Business Interruption Coverage

Suppose an unexpected event like a fire forces grocery stores to close. In that case, this insurance coverage helps replace business income, including employee payroll costs, for an amount of time specified in a policy. Clients should be sure to read their policy carefully as some coverages won’t kick in until certain lapses. A store’s records of past profits and their policy’s specific limits determine the insurance payouts.

About Irving Weber Associates Inc.

From shoplifting to power failure and food spoilage to customer slips and falls, Grocers’ Advantage provides total insurance solutions for businesses. Our customized insurance program is strengthened by the risk management services we provide to protect against losses and mitigate risk. We not only provide the coverages needed in the event of a loss, but also help implement accident prevention measures designed to increase store safety and reduce claims. In addition, in the event of an accident or loss, clients rely on IWA to serve as their claims advocate, helping to get operations up and running and your employees back to work.