Learn about business insurance requirements and the most common policies for convenience and drug stores in Pennsylvania.
Which insurance policies are required for convenience stores in Pennsylvania?
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 Pennsylvania, 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 Pennsylvania, every small business that has employees must provide workers’ compensation insurance, which covers medical bills for work-related injuries and illnesses.
What are the most common insurance policies for convenience stores in Pennsylvania?
The most common policies for convenience stores in Pennsylvania vary depending on revenue, the number of employees, partnerships, and other factors.
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.
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.
Pennsylvania workers' compensation
If you own a convenience or drug store in Pennsylvania that has employees, your business is required to 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.
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 Pennsylvania pay for business insurance?
According to an analysis of Insureon applications, the typical convenience store in Pennsylvania can expect to pay more than the national median for most types of business insurance.
For example, the median annual cost of a business owner’s policy in Pennsylvania is $3,138 for convenience stores, slightly more than the national median of $2,724. Similarly, the median annual premium for workers’ compensation insurance is $3,172 for convenience stores, more than the national median of $1,940.
Keep in mind that the cost of a BOP increases with your business property value, while the cost of workers' comp increases with the number of employees.
Save time and money with Insureon
Insureon’s industry-leading technology helps convenience stores in Pennsylvania 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 Pennsylvania 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.