You got into the vitamin and supplement business to help provide healthy solutions for all sorts of people and lifestyles. But as the owner of a vitamin and supplement store, you need the right blend of healthy insurance coverage for yourself too. That means creating a comprehensive portfolio of business insurance policies.
A local independent insurance agent is the best place to start. By shopping multiple insurance companies, they can help you obtain and compare customized quotes for products that meet all of your store’s specific coverage needs and help you get it at the best price. But first, here's a bit of background on the average insurance needs of vitamin and supplement stores.
Common Risks for Vitamin and Supplement Stores
Regardless of what kind of business you own, it is important that you have the right insurance coverage in place just in case something wrong. Consider the following potential scenarios:
- An Injury: A customer slips on a wet floor in your store and suffers a serious back injury.
- Theft: You find out that one of your employees has been letting their friends take a lot of supplements from your store without paying for them.
- Injury or Illness: One of the supplements your store has been promoting and selling is found to cause serious health problems and your store is named in a class action lawsuit.
- Fire damage: A fire in a nearby store spreads to your own and causes significant damage. It is weeks before you can reopen for business.
These are just a few of the potential hazards you may face as the owner of a vitamin and supplement store. Local independent insurance agents can help you identify your various exposures and can recommend the right business insurance policies to cover against them. Talk to an insurance agent near you to learn more.
Important Property Coverages for Vitamin and Supplement Stores
Your inventory of merchandise is likely your store’s most valuable asset. It is therefore important that your property coverage limits are high enough to allow you appropriate compensation in the event of a total loss. The types of commercial property insurance you will want to consider include:
- Building insurance: This is only necessary if you own the building in which your vitamin and supplement store is located. It can pay to repair damages to the structure of your building if they are caused by covered hazards like lightning, hail, wind, fire, severe storms, or vandalism.
- Property insurance: This provides coverage for all the business-owned property you keep in your store including such things as inventory, shelving units, cash registers, and computers.
- Flood insurance: Standard business insurance policies do not cover damages caused by floods. If your vitamin and supplement store is at risk, an independent insurance agent can help you supplement your coverage with an affordable commercial flood insurance policy through the NFIP (National Flood Insurance Program).
- Earthquake insurance: Earthquake damage is also not covered by standard business insurance. If your store is located in an area with a high risk of earthquake damage, your agent can also help you secure a supplementary earthquake insurance policy.
A local independent agent can give you more information about your various property damage coverage options and can help you determine how high your coverage limits should be to keep your businesses adequately protected.
Important Liability Coverages for Vitamin and Supplement Stores
Liability lawsuits can happen to anyone, including your vitamin and supplement store. Even if the courts rule in your favor, you can end up spending a lot on your legal defense. That is why it is important that you have the right business liability insurance products in place.
Liability insurance can protect your business from large financial losses by covering court costs, legal fees, and financial damages related to covered lawsuits. The types of commercial liability insurance that may be of interest to you include:
- Commercial general liability insurance: Often referred to simply as CGL, this covers many of the risks that businesses commonly face. It includes:
- Premises liability insurance: This can cover third-party injuries or property damage sustained due to an accident that occurs in your store.
- Product liability insurance: This can cover third-party injuries or illnesses caused by products that your store sells or promotes.
- Advertising mishap insurance: This can cover against lawsuits related to various advertising problems such as perceived copyright infringement, libel, slander, misappropriation, and deceptive pricing.
- Employment practices liability insurance: Often referred to simply as EPLI, this covers your vitamin and supplement store against accusations of illegal employment practice such as wrongful termination, harassment, discrimination, breach of contract, or failure to pay overtime.
- Cyber liability insurance: This can cover damages for which your business may be liable if a hacker breaks into your store’s computer system or installs a skimmer on your credit card readers and steals your customers’ personal or financial data.
These are not the only commercial liability products that are available to you. A local independent insurance agent can help you determine whether these or any other liability insurance products are appropriate for your particular vitamin and supplement store.
Additional Insurance Coverages for Vitamin and Supplement Stores
There are additional business insurance products that may be a good fit for your vitamin and supplement store. These include:
- Business interruption insurance: This can provide your vitamin and supplement store with a continuation of income if it must shut down for an extended period due to damage caused by a covered event..
- Workers’ compensation insurance: This is required of employers in most states. It can cover medical treatments, lost wages, and other expenses associated with work-related injuries sustained by your employees.
- Fidelity bonds: Also referred to as employee dishonesty insurance, this can shield your vitamin and supplement store from financial losses incurred because of illegal and dishonest acts done by your employees, including such things as theft, embezzlement, and fraud.
- Insurance for employee benefits: You have several policy options if you want to include products like health insurance and life insurance in your employee benefits package.
Learn more about each of these insurance policies by setting up an appointment with an independent insurance agent near you.
How Much Does Vitamin and Supplement Store Insurance Cost?
As with any business, the cost of coverage for your vitamin and supplement store will depend on a number of factors. These include, but are not limited to:
- The size of your business
- The weather and crime risks in the ZIP code where your store is located
- The value of your inventory and other business property
- The number of workers you employ
- The types of business insurance coverage you are purchasing
- How high you need your coverage limits to be
- Your store’s claims history
A local independent insurance agent can obtain a variety of customized quotes on your behalf. That way, you can be sure that the policies you select are offered to you at a reasonable price.
Why Online Quotes Aren’t Always the Best Way to Shop
Getting your insurance quotes online can be tempting. Sure, it’s fast and easy, but are the quotes you are getting actually accurate? And are you getting quotes for all the different types of coverage your business needs?
Online quotes cannot give you the whole picture. They often omit important coverage, which may result in you being unable to get compensation if something disastrous happens. And they can leave out cost-saving opportunities such as discounts and bundling opportunities that an independent agent can help you take advantage of.
Instead of getting an online quote, find an independent insurance agent near you, and schedule a one-on-one consultation to discuss your options for the best coverage for your particular vitamin and supplement store.
Comparing Quotes with an Independent Insurance Agent
Independent insurance agents make it easy to find the best business insurance to cover your vitamin and supplement store. These agents can help you determine your store’s various exposures and can help you find the reliable and competitively priced products to cover against each of them.
Because they live and work in your community, these agents are not only aware of the particular risks faced by businesses in your area, they are also readily available if you have questions or need assistance such as if you need to file a claim or want to modify your coverage. Contact an independent insurance agent near you to learn more.