Sweet Protection: Types of Insurance Coverage for Candy Stores
Most people love indulging in a sweet treat every now and then. Candy plays a huge part in our culture and is a central element in many holidays. The average person eats a decent amount of candy each year.
If you run a candy store, you likely know how important it can be to help protect yourself, your employees, and your customers. Candy store insurance can be essential for safeguarding your business from potential losses. Insurance policies are designed to help address the unique challenges candy stores can face.
This blog will discuss the different types of coverages that you might want to explore for your candy store. Having coverage could help you keep sweets in the hands of your customers if you encounter a problem. It can also help you feel confident knowing you may have adequate small business insurance in place to help protect your business.
Business Owners Policy
Another term for the Business Owners Policy is BOP. A BOP combines more than one type of coverage in a convenient business insurance package. Purchasing a BOP tends to be less time consuming than purchasing and managing each type of coverage individually.
Most BOPs include the following key coverages:
- Cyber risk insurance
- Property insurance
- General liability insurance
Cyber Risk Insurance
Cyber liability or cyber risk insurance is intended to help safeguard your business from cyber-related crimes. This can encompass a wide range of things, such as:
- Network security attacks
- Data breaches
Small businesses, even candy stores, could be targeted by hackers attempting to steal their sensitive data. These types of organizations tend to be more at risk than larger corporations. That's because small businesses might not have the resources to help protect themselves against cyber threats.
Your business could be held responsible for costs incurred as a result of a cyber-attack. A cyber risk insurance policy could provide you with the coverage you might need. Some of the items this type of policy can cover include:
- Customer notification costs
- Expenses to investigate the cause and extent of an attack
Your candy store can respond quickly to cyber security threats with the help of a cyber insurance policy. If your business stores sensitive customer data, like bank or credit card information, you could be at risk. You can help prevent your business from being hit hard financially by purchasing a cyber liability insurance policy.
Property Insurance
Commercial property insurance is designed to help protect your candy store's physical assets. This includes items that are rented or owned by your company. Examples of items that are typically covered under a business's property insurance policy include:
- Inventory
- Equipment
- Furniture
- Business records
- Supplies
Property insurance is considered to be crucial for candy stores due to the large amount of inventory. You might otherwise have to pay for the cost of replacing items out of your own pocket if anything were to happen. Business property insurance can help in the following ways:
- Providing you with payroll and/or operating expenses
- Replacing or repairing destroyed, damaged, or stolen items
You should consider if you can afford to supplement the above costs after a disastrous event. If not, you might want to think about obtaining property insurance.
General Liability Insurance
Other names for general liability insurance are commercial general liability or business liability insurance. This type of coverage can help protect candy store owners from many types of third-party claims. These claims can include:
- Advertising injuries
- Accusations of slander or libel
- Third-party property damage
- Reputational harm
- Third-party bodily injury
Your general liability coverage could cover third-party medical costs if your company is deemed responsible for another person's injuries. Here are some things that general liability doesn't cover:
- Employee injuries
- Employee illnesses
- Business property damage
As we mentioned earlier, business property damage is covered by a property insurance policy. You might want to consider a Workers' Compensation policy to help cover expenses related to employee injuries or illnesses.
Workers' Compensation
Workers' Comp can provide candy store business owners with coverage for costs related to a workplace accident. There's no predicting when you'll encounter an accident at your candy shop.
This insurance policy can offer you and your employees a safety net in the event of an unforeseen circumstance. It could help cover lost wages and medical costs for injured employees. Some other things a Workers' Compensation policy can cover include:
- Ongoing support
- State law compliance
Workers' Compensation doesn't cover injuries that were caused intentionally. It also won't provide funding for injuries that occur outside of work.
Get a Free Quote for Candy Store Insurance
Purchasing candy store insurance can provide you with the confidence, and help you achieve the “peace of mind,” you might need for running a business. With insurance coverage, you may not have to worry about an injury or minor cyber-attack derailing your business financially. Help keep your business running smoothly with business insurance.
PolicySweet can provide comprehensive insurance for candy stores throughout the United States. Get in touch with us to request a free quote. We'll let you know what types of insurance policies could benefit your business.