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    Why do convenience stores need insurance?

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    Convenience stores are a great business. They provide neighbourhoods with essential goods when people are short on time. They’re also core to communities and allow a family to run their own business.

    But like any other small business, convenience stores have inherent risks. The amount of foot traffic and their location draw lawsuits, property damage, robberies, and other crimes.

    This post explains four of the critical reasons why convenience stores need insurance.

    Related: Why Retailers Need Store Insurance 


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    Protect against personal injury lawsuits

    Your convenience store sees a lot of foot traffic. And, it only takes a slip or fall for any customer to face a severe injury — an injury that you may be legally liable for.

    Suppose you or an employee is vacuuming the refrigerator aisle. If a customer trips on the vacuum cord and hits their head, they might have the right to sue you. You could then be liable to legal costs and any medical fees. But the right insurance plan for your convenience store protects you from such situations. The proper insurance plan can ultimately pay for the cost of lawsuits, so you won’t have to deal with such financial pressures.

    Related: Get general liability insurance

    Burglaries and robberies 

    We’ve all seen convenience stores face robberies through Youtube videos or movies. Without the right insurance, such an incident can mean the loss of a day’s income, not to mention the possibility of broken windows or stolen goods. Some convenience store owners may even risk their lives and fight back. This is why insurance is so vital for business owners. Instead of deciding whether to protect yourself or your store, the right insurance provides compensation for whatever you’ve lost.

    Additionally, if the event resulted in property damage, your insurance could provide repair costs for that as well. So, in the unfortunate circumstance you face a burglary or robbery, you’re not worried about the financial consequences. You can do what’s best for your safety instead.

    Vandalism and destruction

    Convenience stores are prime targets for troublemakers. It’s not uncommon to walk up to your store in the morning to see shattered glass or graffiti left by hooligans. Replacing windows, removing graffiti, and fixing other damages can cost thousands of dollars out of pocket. Even if you have the culprits on camera, it’s often hard to find them and pursue damages. As a result, those thousands of dollars come out of your own pocket.

    These expenses could cause your business significant hardship. That’s why it’s crucial to purchase insurance to mitigate such risks. Again, the right insurance plan can pay for any property damage, loss resulting from vandalism, or any other unintended destruction of your business property.

    Fraud and cybercrime

    Fraud and cybercrime related to convenience stores weren’t as big of an issue before. But cybercriminals have gotten smarter over the years and have leveraged methods to steal credit cards from debit machines or even steal your customers’ identities. If your customers have their identity or financial information stolen while buying from your store, you may be legally liable for their losses.

    Even though it’s not your fault, you may owe a duty of care to ensure you took the proper security measures to prevent such an incident from occurring. But even if you took the proper steps, these issues still arise. As a result, the appropriate convenience store insurance can pay for legal fees and damage awards if all else fails. Convenience stores are a prime target for many crimes and even customer lawsuits. Proper insurance can mitigate the risks of these issues. As a result, you won’t have to fear the financial consequences of these unfortunate circumstances.

    Related: When is insurance mandatory and Why do I need it


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    Originally published November 23, 2021, updated August 25, 2023

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