In 2019, South Carolina had $5,928,911,000 in commercial insurance claims paid alone. When you own a business here, you'll want adequate protection for a loss. Grocery store insurance can cover a lot of risks for your operation.
An independent insurance agent will have access to several carriers so that you can get the best policies in town. They work on your behalf at no cost to you, saving you time and money. Connect with a local adviser for details and coverage options.
What Is Grocery Store Insurance?
Every business will have risks associated with day-to-day operations. While you can't control losses, for the most part, you can obtain the right coverage. Grocery store insurance will pay for liability, property, employee claims, and more. 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?
South Carolina has roughly 418,031 small businesses in existence. When you operate a grocery store here, there are select coverages you'll need to remain protected. 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 South Carolina?
The cost of insurance varies from entity to entity. Your pricing for grocery store insurance in South Carolina will be dependent on several risk factors. Unique premiums are given to everyone based on their level of risk. Take a look at the criteria companies use when quoting.
- Loss history
- Replacement cost values
- Insurance score
- Experience level
- Type of grocery store
- Local crime rate
- Local weather patterns
The best way to lower your insurance expenses off the bat is by bundling. When you bundle your commercial policies with the same carrier, you'll get a deep discount. Upwards of 30% in savings or more is typical.
Will My Location Impact My Rates?
Your South Carolina grocery store location will impact your insurance premiums. Carriers look for local crime, local weather, and more when rating your insurance. The safer your city is, the less you will pay in coverage.
FEMA assigns a flood zone to every property as well. This will affect your costs depending on how at risk you are for an occurrence. If you are in zone A or V, you will be expected to obtain flood insurance through a separate policy.
How an Independent Insurance Agent Can Help
The right protection for your South Carolina business is necessary to avoid financial ruin. There are several policies on the market, making it challenging to find coverage if you're not a licensed professional. Your grocery store insurance will have specific limits for your industry.
An independent insurance agent can help review your coverage for free. They have a network of carriers so that you get the best policy for a fair price. Connect with a local expert on TrustedChoice.com and start saving today.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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