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Insurance for convenience and drug stores in Michigan

Learn about business insurance requirements and the most common policies for convenience and drug stores in Michigan.

Which insurance policies are required for convenience and drug stores in Michigan?

If your convenience or drug store has a physical location with a commercial lease, your property manager may require you to purchase general liability insurance. Commonly purchased by convenience store owners in Michigan, general liability insurance can protect your business from expenses associated with common mishaps, such as customer property damage and injuries.

To meet state requirements in Michigan, every small business that has a full-time employee or three or more part-time employees must provide workers’ compensation insurance, which covers medical bills for work injuries.

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What are the most common insurance policies for convenience stores in Michigan?

The most common policies for convenience stores in Michigan vary depending on revenue, client contracts, partnerships, and other factors.

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General liability insurance

General liability insurance is the foundation of a convenience store’s protection, with coverage that extends to customer injuries, customer property damage, and advertising injuries. Most commercial leases require you to have this coverage.

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Business owner's policy (BOP)

A small convenience or drug store might qualify for a business owner’s policy. This package helps your business save money by bundling commercial property insurance with general liability insurance at an affordable rate.

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Michigan workers' compensation

If you own a convenience or drug store in Michigan that has a full-time employee or three or more part-time employees, your business must have workers’ compensation coverage. Even if it isn’t required, workers’ comp will still help your business cover medical bills and lost wages if, for example, an employee slips and falls on the job.

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Umbrella / excess liability insurance

Umbrella liability insurance is also called excess liability insurance. This policy provides additional coverage once a convenience store reaches the limit on another liability policy, such as general liability insurance or employer’s liability insurance. It can protect against escalating lawsuit costs.

What do convenience stores in Michigan pay for business insurance?

According to an analysis of Insureon applications, the typical convenience store in Michigan can expect to pay less than the national median for most types of business insurance.

For example, the median annual cost of a business owner’s policy in Michigan is $1,323 for convenience stores, far less than the national median of $2,724. Similarly, the median annual premium for workers’ compensation insurance is $1,432 for convenience stores, less than the national median of $1,940.

Median insurance costs for convenience stores in Michigan.

Save time and money with Insureon

Insureon’s industry-leading technology helps convenience stores in Michigan save time and money shopping for insurance by comparing policies from top U.S. providers. Start a free online application to review quotes for the policies that best fit your business. Our insurance agents are licensed in Michigan and can answer your questions as you consider coverage.

To make the application go quicker, have this information ready:

  • Workforce details, such as the number and types of employees
  • Current and projected revenue
  • Business partnerships
  • Insurance history and prior claims
  • Commercial lease insurance requirements

Apply for free insurance quotes for convenience stores today.

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