A vitamin store carries nearly every type of vitamin and supplement someone would want for health purposes. This includes daily multivitamins, specialty vitamins, herbal supplements, dietary supplements and more. Vitamin stores also carry other items, such as energy and protein drinks, herbal tea, detoxification products, nutrition bars and shakes, and various wellness items. Your vitamins store is at risk for a number of things, particularly theft, vandalism, general liabilities, and property damage. Protect these and other risks with vitamin store insurance.
Types of Vitamin Store Insurance
The following types of business insurance policies are the most vital for a vitamin store. Consider all of these policies for optimum protection.
The first business insurance policy you will get for your vitamin store is general liability. This policy is important because it includes three main coverages: premises liability, product liability and completed operations. Premises liability is of utmost importance for a vitamin store because it covers any claims following an injury in your store. This may include slipping on a wet floor or a box toppling over and hitting them. It also includes product liability, which provides coverage below. On the other hand, completed operations covers any loss, damage or injury caused by services you provide to your customers.
Your vitamins and supplements could cause illness for your customers. If they do, you may be liable for the medical costs. Product liability insurance will cover these costs, including any legal costs you need to pay.
If you or your workers drive their own vehicle for business purposes, you should also have a business auto policy. This insurance policy is to cover any bodily injuries or vehicle damage as a result of a collision. You can also opt for vandalism and theft coverage. Business auto insurance is helpful if you get into an accident and there were injuries or sufficient damage to your car. If you’re running an errand with pricey vitamin inventory in the backseat and the car is broken into, theft coverage is also very helpful.
Unexpected events happen every day, and since you never know when they will occur, you need to plan for them with business property insurance. This insurance policy helps with repairs and replacing damaged merchandise, such as from a fire, flood, or natural disaster like an earthquake or hurricane. No matter where you live, damage to your property is a significant risk that should be protected.
If you run an online vitamin store, you should protect your business from cyber crimes with a cyber liability insurance policy. Cyber crimes include hacking into your website, causing viruses, stealing financial or personal information, and customers using stolen credit cards for payments. With cyber liability insurance, your vitamin store doesn’t suffer the loss so extremely.
Workers’ compensation is for the protection of your employees, and required by law in most states. It offers coverage for any work-related injuries or illnesses. If an employee is cleaning up the store bathroom and they have an allergic reaction to the chemicals, worker’s comp covers their medical costs. The same goes for any injuries in the workplace, whether they slipped and twisted their ankle, or got repetitive motion injuries from lifting heavy boxes of supplements.
Vitamin Store Crime Insurance
A crime insurance policy covers all crimes not related to your website or online shop. This includes things like theft, shoplifting, vandalism, and employee dishonesty practices like embezzling money from your store. While you can’t completely prevent crimes from occurring, you can protect your business assets with crime insurance.
After working hard to start a vitamin store, you deserve to have the protection you need. Don’t get into a bad situation because you didn’t choose the right vitamin store insurance policies. These policies are ideal for your type of business.