Key financial coverage for preventing customer slip-and-falls, accidental property damage, and unanticipated liability suits on your premises.
General liability insurance for convenience stores offers the protection needed for your retail store if third-party property damage, personal injury, or bodily injury occurs from retail actions. It serves as the main form of cover for store traffic on a daily basis, to bear the cost of legal defense and medical expenses which would otherwise be very high. Most Business Owner's Policies (BOP) are based on general liability.
When reviewing general liability insurance for convenience store policies, the coverage is geared toward typical store-related incidents that involve non-employees:
Know what general liability does not cover to prevent any gaps from creating serious problems:
All retail businesses that ask themselves, does a convenience store need general liability should understand the exposure from customers remains continuous. The most common lawsuits your store is likely to face are caused by slip and falls and accidental damage to your property.
General liability coverage is not required by state law in most cases, but a commercial landlord will require proof of general liability coverage with minimum coverage limits before signing a building lease. The coverage requirements imposed by mortgage lenders and franchise systems are comparable to one another.
General liability cost convenience store rates vary based on factors such as: Store Square Footage, Store Gross Sales, Volume of Foot Traffic, Physical Location, etc. In general, stores in areas with a high concentration of customers tend to have a higher turnover than those in rural areas.
Standalone general liability is typically purchased by most convenience store owners for $42 to $72 per month ($500 to $900 a year). This cost can be reduced by incorporating general liability coverage into a business owner's policy that includes property protection. See our full guide to convenience store insurance rates.
A customer enters your store during a rainstorm, slips on a wet floor, and fractures their wrist. This results in emergency room visits, physical therapy, and lost work time, which equals total damages of $18,000. General liability ensures your business maintains its cash flow while also covering the entire medical settlement of the customer, with a portion going to your legal costs.
The General Liability insurance policy is one half of a comprehensive retail insurance policy. General liability and commercial property coverage are typically bundled together in a Business Owner's Policy (BOP) by most store owners, who want to reduce their overall insurance premium.
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No. General liability is rarely mandated by state statutes. In general, however, a commercial landlord, mortgage bank, or a franchisor will almost always insist on evidence of general liability prior to granting a lease or contract.
No. General liability will only apply to third-party non-employees such as customers and delivery personnel. If an employee gets injured at work, only workers' compensation will cover the expense.
Get your retail business covered against expensive claims for customer injuries and property damage in minutes. Call our commercial insurance experts to get the best general liability insurance quotes from Insure C-Store.
