If you own and operate a candy store, you most likely provide your customers with a variety of scrumptious confections. This may be chocolate, hard candy, popcorn, taffy, fudge, nuts and many varieties of candy and snacks. Unfortunately, you are also exposed to a number of risks, such as illness caused by spoiled candy, theft and other crimes. Business insurance is the only way to fully protect your candy shop from the different risks.
Types of Candy Store Business Insurance
Rather than one insurance policy, you should purchase a variety of different business insurance policies for the best protection.
General liability insurance includes premises liability, products liability and completed operations. If you make custom candy creations for your customers that later cause damage or illness, the claims are covered by general liability. Likewise, premises liability will cover any claims and associated costs if a customer is injured while in your store.
Products liability is most often included in a general liability policy. Products liability is in place to protect you against legal claims if a customer becomes ill due to the products you sell. This is often due to candy made with a product not on the label, like peanuts, that the customer might be allergic to. You are responsible for medical and legal costs associated with a claim, and products liability helps cover those costs.
If you make your own candy and snacks inside your shop, then the equipment being used is vital for your business. Unfortunately, equipment could break down at the most inopportune moments. This would cause loss of business income until the equipment is repaired. To get help with these repairs or replacing broken-down equipment, purchase an equipment breakdown insurance policy as part of your candy store insurance coverage.
If you or any employees use their own vehicle for business-related trips, be sure to have coverage from a business auto insurance policy. This policy offer coverage in the event of a collision, which will cover property damage, vehicle damage and bodily injury for other drivers and whomever is in your vehicle at the time. Add additional coverage for theft and vandalism for more protection.
Unexpected events like fire and natural disasters are unfortunately something you may need to deal with. The smallest event could cause significant damage to your candy and other goods. While you can’t always prevent or be warned of these events, you can at least protect your business assets with a business property insurance policy.
If you run an online candy shop, you should have protection from Internet-related crimes, also known as cyber crimes. These might include causing a virus on your website, stealing financial or customer information, or performing other types of fraudulent activity. To protect your candy store business from cyber crimes, be sure to have a cyber liability insurance policy.
Workers’ compensation is required in most states and provides coverage for work-related illnesses and injuries. While it may seem your workers have little risk, they could still get a back or wrist injury from lifting boxes, cut their hands on box cutters or slip and fall and break a leg. Medical costs, recovery costs, prescriptions and even income protection is available from worker’s comp.
A variety of crimes might occur in your place of business, including theft of money from employees, vandalizing of your property, and stealing goods from your store. The best way to protect your store from the impending loss if these crimes occurred, is by getting a crime insurance policy. This ensures if the crime is unavoidable, your business income doesn’t suffer as a result.
Protect your candy store to the fullest by obtaining different types of insurance policies. Consider what risks you are most exposed to and what events would require the most money to come back from, and seek candy store insurance coverage for those risks.