Chocolate stores like yours are primarily engaged in selling chocolate and other confections that are not made on the premises. Chocolate stores are common in shopping malls and strip malls, and offer the perfect treats for just about anyone during a busy day out. Customers also often visit your store to purchase gifts for various occasions.
You take great pride in your store, and in order to protect it for the long term you need to be aware of all of the little things—and big things—that can go wrong. With the right business insurance tailored for your chocolate store, you can put your mind at ease and focus on what’s important.
Whether you own a single store or a chain, an independent insurance agent in your city can help you find tailored coverage that protects your assets.
Your products might include chocolates and other confections, nuts, popcorn, gift boxes, and other specialty treats. The safety of the food products you sell is one of the biggest risks that you face as a chocolate store owner.
What’s more, accidents in the store, business interruptions, property damage, and lawsuits can have enormous consequences for any retail store owner.
Consider how the following types of events can lead to devastating financial losses for your chocolate store:
All of these risks come with a hefty price tag. You need a comprehensive set of chocolate store business insurance polices that address these risks, and more, depending on the unique needs of your business.
Chocolate stores need property insurance that offers financial protection when you experience physical damage to your building or property and everything that’s inside, including your inventory, store fixtures, computers, and more.
If you experience a fire, vandalism, or severe weather that damages your chocolate store, you need property insurance to help you pay for repairing and replacing damaged property.
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.
Chocolate stores may need special property coverage for product losses due to contamination or spoilage.
While you are not making any of your products on-site, there are still a variety of scenarios in which products can become contaminated (e.g., rodent activity) or spoiled (e.g., refrigeration failure).
Contamination and spoilage coverage pays for certain losses if food products are spoiled or contaminated due to refrigeration breakdown, utility interruption, or some other type of foreign substance contamination.
If your local board of health or another agency forces you to close because of food contamination, your contamination and spoilage insurance may cover you for lost income during the shutdown period, as well as costs related to cleaning contaminated equipment and disposing of and replacing spoiled food.
You can 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.
Your CGL policy includes product liability insurance for certain situations. Chocolate store owners need to be concerned about the safety of the products that they sell, even if they have purchased them from outside suppliers.
Product liability insurance covers your financial responsibility for losses or injuries to a user, buyer, or bystander caused by a defect or malfunction of a product.
It’s important to remember that any company that participated in bringing the faulty product to market can be included in a lawsuit and held liable for damages to the user. The resulting payouts for medical costs, compensatory damages, economic damage, attorney fees, court costs, and even punitive damages can be insurmountable for a small business.
Your CGL policy might cover some product liability claims, but that coverage may be limited and insufficient for your needs. An independent insurance agent who understands your unique risks can help you make sure you have appropriate product liability insurance.
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 coverage. You’re likely to need some additional types of liability insurance, including:
You might also want to consider endorsements (coverage add-ons) to your basic chocolate store insurance policies. Or you may need to purchase additional stand-alone policies that provide the following types of coverage:
A single-location chocolate store 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 chocolate store. 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.
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.
Independent insurance agents simplify the search process for finding the right chocolate store 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.
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.