3 Unique Risks to Convenience Stores
Running a convenience store can definitely be quite profitable, but the success is not without its risks. Many convenience stores have extended operation times, multiple services and goods, a good amount of traffic throughout the day and many other factors which can lead to future financial problems if not handled properly. Fortunately, programs exist for convenience store insurance policies, made specifically with the unique needs and liabilities of convenience stores in mind.
1. Theft and Vandalism
Unfortunately, convenience stores tend to be a frequent and relatively easy target for small crimes, especially if there are extended operation hours that go into darker times of the night were people can more easily go unnoticed. While these misdemeanors are typically small, the costs of replacements, repairs, etc. can add up quickly. Convenience store insurance should include a crime policy in the program.
2. Health-Related Issues
Irving Weber Associates, Inc. reports that convenience stores can face a very unique risk, such as causing illness from spoiled food or hepatitis exposure. This will likely lead to legal claims and medical bills that must be covered by your establishment, meaning convenience store insurance would be needed to cover the costs.
Most convenience stores are not only a shop but also a gas station. In the case of gas pumps, there is a high risk of pollution, potentially tainting the groundwater if gas is leaked or misused. When most gas pumps are self-serve, it’s impossible to fully control the situation, making pollution coverage in convenience store insurance vital.