Your candy shop sells a variety of confections, from chocolate, hard candy, and fudge to popcorn, nuts, and other treats. Your business is lucrative, and you take great pride in the joy that it brings to kids and adults alike.
But your store is not all fun and games. You need to carefully protect your livelihood from all of the little things—and big things—that can go wrong. With the right business insurance tailored for your candy shop, you can put your mind at ease and focus on what’s important.
Whether you own a single candy shop or a chain, an independent insurance agent in your city can help you find tailored coverage that protects your assets.
Why Do You Need Candy Shop Insurance?
Safety concerns, business interruptions, property damage, and lawsuits can have enormous consequences for any retail establishment.
A variety of unforeseen events can lead to devastating financial losses for your small business.
- Accidents, such as trips and falls in the store or parking lot
- Shopping carts or store fixtures causing injury or property damage in the store or parking lot
- Damage to your inventory due to some catastrophic or unexpected event (fire, smoke, weather, vandalism, etc.)
- Loss of income due to a catastrophic or unexpected event
- Employee theft of cash or inventory
- Selling faulty products, such as tainted or spoiled candy, improperly labeled allergens, or choking hazards
- Employee lawsuits related to discrimination or other claims
- Cyber breaches
If any one of these things goes wrong, you can be left with a hefty price tag to repair and replace damaged inventory or computers, or pay for an injured person’s medical bills. But a comprehensive set of candy shop insurance policies that address these risks, and more, can help you protect your business for the long term.
What Is Candy Shop Property Insurance?
Candy shops need property insurance that offers financial protection for physical damage to your building or property and everything that’s inside, including your inventory, store fixtures, computers, and more.
If your store is damaged by a fire, vandalism, or severe weather, your property insurance can help you pay for repairing and replacing damaged property so you can get back on your feet.
- Commercial property insurance protects your building and other business property in the event of a covered loss. It provides coverage for lost inventory, equipment and machinery, office space, office equipment, computers, store shelving, display cases, and more.
Often when you experience a property loss, you’ll also have a resulting loss of income if your inventory is damaged or destroyed, or if you cannot continue to operate while you make repairs to your building, computer systems, or other equipment.
- Business interruption coverage, or business income coverage, protects your earnings if your business is unable to operate because of damage caused by some type of covered disruption (fire, theft, tornado, etc.).
This coverage is invaluable if you are forced to close your doors for some time in order to make repairs. It helps you pay for fixed expenses like rent, employee salaries, lost income, relocation fees, and more.
What Is Candy Shop General Liability Insurance?
You need to protect your business, your employees, and the general public from the costs associated with injuries and property damage that are caused by coming into contact with your business or your products.
Most small businesses purchase commercial general liability (CGL) insurance for these types of situations. If a customer is injured in your store or an employee hits a car in the parking lot with a shopping cart, this policy pays for medical bills, repair costs, and other expenses related to the incident. It also pays for your defense and judgments or settlements if you are sued.
CGL policies typically protect you in two major areas:
- Premises liability coverage protects you when someone is injured in your store, or if you cause some type of property damage for a customer or anyone else. If a child gets his arm stuck inside a candy dispenser and sustains an injury, your CGL policy pays for any resulting medical expenses for the injured child. If the child has a serious injury and you are sued for additional damages, this coverage pays for your attorney fees, court costs, and any financial payouts to the injured party.
- Product liability coverage protects you if any product that you sell is faulty and leads to an injury or death. Imagine that you sell a candy that contains nuts, but it is not labeled as such. A customer who is allergic to nuts eats the candy, has a serious allergic reaction, and is hospitalized. Product liability insurance covers your financial responsibility to that person. It pays for medical bills and other related expenses, as well attorney fees, court costs, and additional damages if you are sued.
Do You Need Any Other Liability Coverage for Your Candy Shop?
Your CGL policy provides broad coverage for a wide range of liability claims. But some types of claims are excluded from coverage or are not sufficiently covered by general liability insurance. You’re likely to need some additional types of liability insurance, including:
- Commercial umbrella insurance provides excess liability protection to any of several other policies you might have. If a customer injury in your store leads to an expensive lawsuit that exceeds the limits of your CGL policy, your commercial umbrella policy kicks in with higher coverage limits.
- Commercial auto insurance ensures that you’ll be able to pay for any physical damage or injuries you cause if you are in an auto accident while driving for business purposes. If you deliver to customers using a business-owned vehicle, or you simply run business-related errands using a personal vehicle, you need commercial auto insurance.
- Employment practices liability insurance covers you if an employee sues you for discriminatory employment practices.
- Cyber liability insurance is important for any business that uses, transmits, or stores electronic data. If you sell candy online in addition to your brick-and-mortar store, this coverage becomes essential. It pays for any costs related to a cyber breach as well as any related legal costs if a customer or supplier who was harmed by the breach sues you.
Other Candy Shop Insurance to Consider
You might also want to consider endorsements to your basic candy shop insurance policies or additional stand-alone policies that provide the following types of coverage:
- Workers’ compensation insurance is typically required for any business that has employees, and pays for lost income and medical expenses for employees who are injured on the job. If a cashier, stock person, store manager, or any other type of employee is injured while lifting heavy boxes, slipping on a wet floor, or falling off a ladder, workers’ compensation insurance pays for related medical costs and compensates them for time away from work.
- Crime coverage protects your business if an employee or a group of employees engage in theft, forgery, or fraud that damages your business. Having a small business with high-turnover part-time employees makes your business susceptible to employee theft. This coverage also protects you from the costs associated with shoplifting and vandalism.
- Sign coverage pays for damage to outdoor signs that are not attached to your building that is caused by vandalism, theft, weather, or accidents.
- Utility interruption coverage provides income protection if you are unable to operate due to a covered utility (water, electrical) interruption.
How Much Does Candy Shop Insurance Cost?
A single-location candy shop might spend around $500 to $1,500 per year on general liability coverage alone.
But this is a broad estimate and does not include property coverage and any other types of policies or endorsements that you might need to fully cover your risks.
In addition, a variety of individual risk factors will influence how much you pay to cover your candy shop. These include the location of your store, the number of employees you have, and the coverage limits and deductibles that you choose.
Some small business owners can get the best rates by purchasing a business owners policy (BOP), which combines commercial liability insurance, commercial property insurance, and business interruption coverage into one affordable and efficient package policy. Other coverage can be added on to complete your comprehensive business insurance program.
Find and Compare Quotes
An independent insurance agent can work with you one-on-one to determine the types and amounts of coverage you need. Your agent can get quotes from multiple insurance companies so you can evaluate the cost and coverage options and make the best choice.
Benefits of an Independent Agent
Independent insurance agents simplify the search process for finding the right candy shop insurance. They’ll walk you through some handpicked policy options and explain the details and options.
Most importantly, they’ll be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
The Lowdown on Online Quotes
Online quotes can be tempting. They are fast and easy to get—but are they accurate? And are you getting quotes for the right coverage? For business owners, choosing speed over accuracy can cost you.
Online quotes can’t and don’t see the whole picture. They can leave out important coverage that will leave you devastated if something unexpected happens. And they can leave out cost-saving opportunities that an agent can help you take advantage of.
Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.