Convenience & Drug Store Insurance

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From property damage due to vandalism, robbery, and theft to selling customers the wrong type of drug - these are some of the risks convenience drug stores are exposed to on a daily basis.

And while some smaller accidents aren’t usually alarming - others can be financially devastating for the average convenience drug store in the United States. That’s why getting your convenience drug store insured is of utmost importance if you want to preserve its financial standing.

How Much Does Convenience Store Insurance Cost?

The cost you’ll be expected to pay for your convenience drug store insurance will vary quite a lot depending on the size of your business and the level of coverage that you’ve opted in for.

The average convenience drug store in the United States pays around $65 per month or $780 yearly for business owner’s insurance. This insurance makes use of both general liability insurance and commercial property insurance so that if your property is destroyed as a result of vandalism or poor weather conditions - your business will be fully protected.

On average, for convenience drug stores in the U.S., general liability insurance costs around $50 per month or $600 per year. This level of cover will provide financial coverage in case of property damage or third-party bodily injuries.

If your convenience drug store employs staff, then you’ll legally need to take out worker’s compensation insurance. This can cost you around $90 every month or $1,080 per year.

Lost wages, medical, and hospital fees are some of the costs such insurance will cover if your employees get sick or injured at work.

If your store sells any type of alcohol - then it will need liquor liability insurance. Such policy costs around $20 per month or $240 per year and will shield your business against losses related to liquor sales.

Convenience drug stores that own company cars need to take out commercial auto insurance. Such a policy will provide cover not only for your company vehicles but also for your staff and any third party involved if an accident were to occur. You can expect to pay around $250 per month or $3,000 per year for such insurance.

Why Do Convenience & Drug Stores Need Insurance?

Owning any kind of convenience store will make you the target of petty crimes such as robberies or vandalism. Even with a security system in place, the financial liabilities that may arise out of these situations will put your small business at risk of bankruptcy.

However, when your drug store is fully insured, it will be financially covered so no matter what accident takes place - the insurance company will cover all the costs.

For instance, if the physical property of your convenience drug store suffers damages caused by vandalism or is totally destroyed due to extreme weather conditions - without an adequate level of cover - your business will be the one that has to pay for resolving the issue.

In other cases, if your convenience drug store has company vehicles used for deliveries, and if one of them gets involved in a car accident - without insurance, your business will be in serious financial and legal trouble, which can destabilize the financial standing of your company.

For those reasons and many more - getting your convenience drug store insured is a great way of protecting it against costly accidents that may lead to claims or lawsuits.

What Types of Insurance Do Convenience Stores Need?

Convenience drug stores have several insurance policies available to them. The type of insurance your company should take out will depend on the location you operate out of, the size of your convenience drug store, the number of employees and company vehicles your business has, and various other similar factors.

Please take a moment to review the most recommended insurance policies for convenience drug stores in the United States below.

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