In Indiana, there are roughly 512,348 small businesses that are in operation. When you run a company, the right coverage could make or break your business. Grocery store insurance is necessary for adequate protection.
Fortunately, an independent insurance agent can help review your policies for free. They work with several markets so that you get the best insurance for an affordable price. Connect with a trained professional for details.
What Is Grocery Store Insurance?
Your grocery store will need to account for all the what-ifs life throws at it. Insurance for your property and liability is essential if you want to avoid a significant financial setback. 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?
Grocery store insurance will cover your primary exposures having to do with your property, liability, auto, and employees. No two policies are the same in Indiana, but some standard items could apply. Let's look at common grocery store coverages.
- 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
- Natural disasters
- Water damage (not from a direct flood loss)
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How Much Is Grocery Store Insurance in Indiana?
In 2019, Indiana had $6,780,466,000 in commercial insurance claims paid alone. The number of funds shelled out for business losses in an area will impact the costs. There are several factors that carriers use to rate your grocery store policies. Take a look at the criteria companies use when quoting.
- Loss history
- Replacement cost values
- Insurance score
- Experience level
- Type of retail store
- Local crime rate
- Local weather patterns
When you're looking to cut costs instantly, there are things you can do. One way to save is by bundling all of your business policies with the same carrier. Companies give a 30% discount or more across the board.
Will My Location Impact My Rates?
Carriers in Indiana will consider the local crime, weather, past claims paid out, and more to determine your costs. Where your grocery store is located will affect your premiums. The safer and more established the area, the better your rates are.
Every property will be assigned a flood zone according to FEMA guidelines. Flood insurance is necessary no matter where you operate. If you're in zone A or V, you'll be at the highest risk for damage and required to carry flood insurance.
How an Independent Insurance Agent Can Help
Protection for your grocery store in Indiana is essential. It could mean the difference between you thriving or having to close your doors for good. Fortunately, a licensed adviser can help review your policies for free.
An independent insurance agent has access to multiple markets so that you get the best rates in town. They will do the shopping and save you time and premium dollars. Connect with a local expert on TrustedChoice.com for custom quotes today.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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