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Insurance for convenience and drug stores in New York

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

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

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 New York, 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 New York, every small business that has employees must provide workers’ compensation insurance. Workers' comp covers medical bills and partial lost wages for work injuries.

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What are the most common policies for convenience stores in New York?

The most common policies for convenience stores in New York vary depending on revenue, the number of employees, 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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New York workers' compensation

If you own a convenience or drug store in New York that has employees, your business must have workers’ compensation coverage. If you own a sole proprietorship, having workers’ comp will still help you cover your medical bills and lost wages if, for example, you slip and fall while mopping or develop carpal tunnel after years of using the cash register.

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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 New York pay for business insurance?

According to an analysis of Insureon applications, the typical convenience store in New York can expect to pay more than the national median for some types of business insurance and less for other types.

For example, the median annual cost of a business owner’s policy in New York is $2,908 for convenience stores, slightly more than the national median of $2,724. On the other hand, the median annual premium for workers’ compensation insurance is $859, far less than the national median of $1,940.

Median insurance costs for convenience stores in New York.

Save time and money with Insureon

Insureon’s industry-leading technology helps convenience stores in New York 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 New York 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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