International Food Business Insurance

General liability insuranceis — generally speaking — one of the most important insurance policies for international food stores.

Some of the risks general liability insurance covers are:

• Bodily injury
• Property damage
• Medical payments
• Legal defense and judgment
• Personal and advertising injury

To fully protect themselves, international food stores often buy the following supplemental policies to guard against additional risks:

• Commercial property insurance— covers any equipment that your international food store uses, such as freezers, display cases, etc.
• Workers’ compensation insurance— covers your employees' medical bills and related expenses if they get sick or injured while at work
• Commercial auto insurance— covers any company vehicles you have
• Commercial umbrella insurance— covers any costs that extend past your existing policies’ limits

Any business insurance you purchase for your international food store will need to come from an insurance provider. There are two types of providers for you to be aware of:

• Traditional brick-and-mortar insurers— such as Nationwide and Hiscox.
• Online insurers— such as Tivly and Next.

While both have their benefits, small businesses often find that online insurers are cheaper for the same types of coverage because they have lower overhead. You also can typically get insurance faster from an online provider.

On average, international food stores in America spend between $500 - $1,200 per yearfor $1 million in general liability coverage.

Compare the average cost of general liability insurance for an international food to other professional industries using the graph below:

Several factors will determine the price of your policy. These include your:

• Location
• Deductible
• Number of employees
• Per-occurrence limit
• General aggregate limit

You may be able to acquire general liability insurance at a discounted rate by purchasing it as part of abusiness owner’s policy (BOP)rather than as a standalone policy.

一个防喷器s a more comprehensive solution that includes multiple forms of coverage, such as business interruption and property insurance.

While general liability is the most important type of insurance to have, there are several other forms of coverage you should be aware of. Below are some of the most commontypes of coverage:

Product Liability Insurance

Product liability insurance offers protection to businesses that manufacture, supply, or sell products — including food. If a patron names your business in a lawsuit because they claim they became ill due to a product you sell, product liability insurance would cover your legal fees and any required settlement.

You can typically purchase this coverage as part of a business owners policy (BOP).

商业财产保险

You made a major investment in the real estate, inventory, and equipment necessary to establish your store. In the event of a fire, theft, or natural disaster, commercial property insurance would cover the cost of repairing or replacing your business-related property. This includes structural damage to your building as well as the inventory and other business materials stored there.

You can typically purchase commercial property insurance as part of a business owners policy (BOP).

Workers’ Compensation Insurance

大部分州要求企业把工人的compensation insurance for their part-time and full-time employees. This coverage protects your employees if they become injured at work or fall ill after a work-related accident. It not only covers an employee’s medical bills and lost wages if they need time to recover, but also any disability or death benefits stemming from a workplace accident. For extensive injuries resulting in lawsuits, this type of policy also covers a business owner’s legal defense costs.

Most insurers offer workers’ compensation insurance as a standalone policy.

Commercial Auto Insurance

Any vehicle you use primarily for business requirescommercial auto insuranceto protect the vehicle, driver, and others on the road in the event of an accident. Be sure to select a policy that covers not only accident-related vehicle repair costs and medical treatment for anyone injured, but also sufficient protection for any business property you carry in your vehicle. Also consider a policy with limits that exceed the state-mandated minimum coverage.

You can purchasecommercial auto insuranceas part of a business owners policy (BOP) or as a standalone policy, depending upon the insurer.

Although it’s easy (and essential) to invest in business insurance, it shouldn’t be your only defense.

Here are several things you can do to better protect your international food:

• Use legally robust contracts and other business documents. (We offer free templates for some of the most commonlegal forms.)
• Set up an118bet金博宝 or corporation to protect your personal assets. (Visit our step-by-step guides to learn how to金宝搏188是什么公司orcorporationin your state.)
• Stay up to date withbusiness licensing.
• Maintain yourcorporate veil.