Cigarette stands are often found in large, heavily populated urban areas. Most operate out of kiosks or seasonally, while permanent cigarette stands operate much like any other retail establishment or convenience store.
Many cigarette stands are single-proprietor establishments with only a few employees. Products are often limited to a selection of cigarettes and other smoking materials, and perhaps items like candy, chewing gum, snacks, or beverages.
Cigarette stand owners face many unique risks including theft, vandalism, and property damage caused by severe weather, fire, or other unexpected events. Cigarette stand insurance helps you mitigate your risks and protect your livelihood.
Why Do You Need Cigarette Stand Insurance?
Cigarette stands typically sell a large selection of cigarettes, pipes, tobacco, e-cigarettes, and accessories, as well as candy or snacks and a few other items.
At any time, your inventory can be damaged by fire, theft, or vandalism. With an inventory that is highly flammable and easily damaged by smoke or water, there is no such thing as a small fire in a cigarette stand.
You also need to protect your building and all of its other contents, your customers, and your employees from mishaps, injuries, and property damage that can occur during the normal course of operating your business.
What Does Cigarette Stand Insurance Cover?
Cigarette stand owners face several unique risks. You need a package of tailored business insurance policies to ensure that you are fully protected.
The basic building blocks of any business insurance program are property insurance and liability insurance.
- Commercial property insurance helps you rebuild or make repairs when an unexpected event—like a fire, a flood, hail, lightning, or a tornado—destroys your merchandise and your physical space (structure), whether it is permanent or temporary. It helps you replace, rebuild, or repair computers, cash registers, inventory, equipment, furniture, fixtures, and more after a covered event.
- Business interruption coverage reimburses you if you sustain a substantial loss of revenue or you must close your doors temporarily after some type of covered loss. This coverage pays for lost income, salaries, and other expenses during that time. It may also help to pay for relocation expenses if you must set up a temporary space.
- Commercial general liability (CGL) insurance offers financial protection if a person is injured on your premises or if someone (vendor, delivery person, customer) sustains some type of property damage as a result of your operations. If a customer slips on a slippery floor on a rainy day, this policy would cover the medical bills or other expenses related to the accident. And it would pay for your legal expenses and any financial payouts if you were sued for additional damages.
Other Cigarette Stand Insurance Policies You May Need
In addition to commercial property and liability insurance for your cigarette stand, you may need a variety of additional stand-alone policies or policy endorsements, depending on whether you operate a permanent or temporary cigarette stand, have employees, and other factors unique to your business.
Talk with your independent insurance agent to determine if you need:
- Commercial umbrella insurance: This provides excess liability protection beyond the limits of several other policies you might have, including commercial general liability or employer’s liability.
- Employer’s liability insurance: This covers you if a current of former employee sues you for discriminatory employment practices.
- Worker’s compensation insurance: This pays for lost income and medical expenses for employees that are injured on the job.
- Commercial auto insurance: This covers medical expenses and property damage if you cause a car accident while driving for business purposes.
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Crime Coverage Is Important for Your Cigarette Stand
Cigarette stands are particularly vulnerable to crimes such as burglary, shoplifting, vandalism, and even employee theft. You sell small items that may be easier to steal, and you frequently have only one employee on-site, making your inventory vulnerable to thieves and shoplifters.
If you accept frequent cash purchases or keep a lot of cash on hand, you’re more likely to be a victim of theft as well. Unfortunately, the cash thieves are often your own employees.
Crime coverage can be purchased as a stand-alone policy or as an endorsement on other business insurance policies. It protects your business if an employee or a group of employees engage in theft, forgery, or fraud that damages your business. It also includes coverage for theft of money in the cash register or safe, shoplifting, and vandalism.
How Much Does Cigarette Stand Insurance Cost?
The cost of cigarette stand insurance will vary depending on the coverage that you need as well as your unique risks. Your location, number of employees, size of your store, and the value of your inventory all play a role in how much it will cost to insure your cigarette stand.
The more risk exposures you have (more employees, more than one location, more valuable inventory, more dangerous location, several business-owned vehicles, etc.), the more you can expect to pay.
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
Our agents simplify the search process for finding the right cigarette stand insurance. They’ll walk you through the 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 omit important coverage that will leave you devastated if something unexpected happens. And they can leave out cost savings 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.
TrustedChoice.com Article | Reviewed by Paul Martin
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