Illinois Grocery Store Insurance
When you need a local independent agent
Written by
Candace Jenkins is a licensed insurance advisor with over a decade of experience. She is also a writer and loves to write on all things insurance. Candace writes for TrustedChoice.com on a continuous basis and is here with the facts about all your insurance inquiries.
Reviewed by
Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
The right protection for a loss could make all the difference in the world. In Illinois, there are approximately 1,200,000 small businesses in existence. When you own and operate a grocery store, insurance is essential.
An independent insurance agent can help you find a policy for an affordable price. They have a whole network of carriers so that you can relax. Connect with a trusted adviser for tailored quotes.
What Is Grocery Store Insurance?
Grocery store insurance in Illinois will provide protection for all the what-ifs. From property damage to liability claims, these policies could save you thousands of dollars. Check out some common coverage choices for grocery stores below.
- General liability
- Business property
- Business inventory
- Business equipment breakdown
- Commercial umbrella liability
- Workers' compensation
- Business auto
- Employment practices liability
What Does Grocery Store Insurance Cover?
Your Illinois grocery store insurance will be specific to your operation. While you will have your own set of coverages, various policy options come standard for your industry. Let's look at common grocery store coverages in Illinois.
- Coverage for bodily injury or property damage claim
- Coverage for food and inventory spoilage
- Coverage for your business property that is damaged due to a covered loss
- Coverage for delivery of food under your commercial auto
- Coverage for your business inventory such as products
- Coverage for business equipment that breaks down due to a covered loss
- Coverage for employees who are injured or ill on the job
- Coverage for commercial vehicles used to operate the business
- Coverage for disgruntled employees that sue due to discrimination or harassment
Common perils covered under your grocery store insurance policies
- Fire
- Natural disasters
- Theft
- Vandalism
- Water damage (not from a direct flood loss)
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How Much Is Grocery Store Insurance in Illinois?
Like any other commercial insurance policy, the price will vary. Since your Illinois grocery store is unique, so are your premiums. There are several risk factors that carriers review when rating your insurance coverage. Take a look at the criteria companies use when quoting.
- Loss history
- Replacement cost values
- Insurance score
- Experience level
- Type of retail store
- Location
- Local crime rate
- Local weather patterns
You won't be able to know the actual premium of your grocery store insurance without a quote. One way to save money during the process is by bundling your business policies with the same carriers. Companies give a 30% discount or more when you bundle.
Will My Location Impact My Rates?
In 2019, Illinois had $16,998,439,000 in commercial insurance claims paid alone. Where your grocery store is located will affect your costs, along with prior losses reported in the area. The crime rate, weather patterns, and more will impact how much your policy will run.
Your physical location will have a flood zone assigned by FEMA. This zone will determine how at risk you are for a flood. If you're in an A or V zoning, you'll be required to carry flood insurance which costs more money in premiums.
How an Independent Insurance Agent Can Help
Illinois grocery store insurance can be easy to obtain if you know where to look. There are multiple policy options that you could acquire for adequate protection. To ensure you are fully covered for a loss, consider using a trained professional.
An independent insurance agent will review your policies at no cost, giving you peace of mind. They work with several markets so that you can save big time. Connect with a local expert on TrustedChoice.com for custom quotes today.