Business Insurance Requirements for Convenience Stores in Ohio

Whether you own a neighborhood drug store in Cleveland or a corner store in Akron, your customers rely on you for necessities, and you rely on your customers to make a living. Running an independent store comes with a unique set of challenges. A robbery or unexpected injury could damage your business in such a way that it might never recover. One of the best ways to protect your store from the unexpected is with business insurance.

Ohio state law does not require your business to carry general liability insurance or commercial property insurance, but most leasing agreements require proof of these policies. Your suppliers may request proof of professional liability insurance before entering into an agreement with you. Also called errors and omissions insurance, this policy can potentially cover legal expenses if you’re sued due to a business error or an allegation of unsatisfactory service. Ohio state law requires all small businesses with one or more workers to carry workers’ compensation insurance.

Insureon makes shopping for insurance easy with industry-leading technology that gathers quotes from top U.S. carriers that fit your needs. Read more to find out which policies are most common for convenience store owners in Ohio, and start an application to get your free quotes today.

Find the right insurance policy for your convenience store

The most common policies for Ohio convenience store owners vary depending on a range of factors, including revenue, client contracts, and partnerships. The table below illustrates which policies might work best for your business type.

 

Business type General liability / BOP Business interruption Workers' comp
Small convenience store with only one part-time employee X X  
Convenience store with full-time employees X X X

 

General liability insurance: General liability insurance is the foundation of a convenience store’s business protection, with coverage that extends to bodily injury, client property damage, advertising injury, and the cost of legal defense. Most commercial leases require you to have this coverage.

Commercial property insurance: Commercial property insurance protects your owned commercial space and business equipment. It can cover expenses to repair or replace your business property if it's stolen, vandalized, or damaged.

Business owner's policy (BOP): Convenience store owners sometimes qualify for a business owner’s policy. This package helps your business save money by bundling commercial property insurance with general liability at an affordable rate.

Cyber liability insurance: Cyber liability insurance helps convenience store owners survive data breaches and cyberattacks by helping to cover recovery expenses. You may need this policy if you handle sensitive data such as credit card numbers, passwords, or Social Security numbers.

Business interruption insurance: Business interruption insurance can cover lost revenue when an event forces you to temporarily halt operations. This policy allows you to pay ongoing bills, such as rent, salaries, and loans, until you reopen.

Ohio workers' compensation insurance: Ohio state law requires nearly all small businesses with one or more workers to carry workers’ compensation insurance. Sole proprietors can elect for coverage, but it’s not mandatory. Ohio runs a monopolistic state-administered workers’ compensation fund. Under state law, employers are not allowed to secure coverage through private insurers; they must purchase a policy though the state fund. Retail workers in Ohio miss fewer days of work due to workplace injury than retail workers in other states, according to data from the Bureau of Labor Statistics. Nationwide, the most common cause of injury in the retail industry is overexertion, followed by falls, slips, and trips.

Most Common Workplace Injuries: Retail Workers in the U.S.

Business insurance costs for convenience stores in Ohio

The median cost of business insurance for convenience stores in the United States is around $400 per month, according to an analysis of Insureon applications. Because Ohio state law does not allow employers to purchase workers’ compensation through private insurers, Insureon does not have data for workers’ comp costs in the Buckeye State. The cost of workers’ comp varies based on the number of employees you carry. Across the United States, a business owner’s policy is typically the most costly for convenience store owners. A BOP bundles multiple policies together, such as general liability and commercial property insurance, at a discount. Ask your agent for more bundling options, as it’s a cost-effective way to buy insurance.

Median Insurance Costs for Ohio Convenience Stores

Save time and money with Insureon

Insureon’s industry-leading technology helps convenience store owners in Ohio save time and money shopping for insurance by comparing policies from dozens of top U.S. carriers. Simply apply online and review quotes for the policies that best fit your business needs. Our insurance specialists are licensed in Ohio and can answer your questions as you consider coverage.

To make the application go even 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 convenience store insurance quotes today.