Business Insurance Requirements for Convenience Stores in Pennsylvania

From the Liberty Bell to Lake Erie, there’s a lot to love about Pennsylvania. As a small business owner in the state, you probably started working here because it’s your home – and because you believe in the possibilities of Pennsylvania business. You’re not alone: Pennsylvania has the tenth highest number of convenience stores in the nation.

One of the best ways to ensure your store meets its full potential is by protecting it with business insurance. Your commercial leasing agreement will likely stipulate proof of general liability insurance and/or commercial property insurance. Potential clients may ask for proof of professional liability insurance before entering into an agreement with you. Also called errors and omissions insurance, this policy can assist with legal costs if you’re sued due to a business error.

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 stores in Pennsylvania, and start an application to get your free quotes today.

Find the right insurance policy for your convenience store

The most common policies for Pennsylvania convenience stores vary depending on a number 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' compensation
Small convenience store with only one part-time employee X X  
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 with 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.

Pennsylvania workers' compensation insurance: Pennsylvania state law requires all small businesses with one or more workers to carry workers’ compensation insurance. Sole proprietors are excluded from workers’ comp requirements. Pennsylvania operates a competitive state fund, meaning coverage can be purchased through a private insurer as well as through the state.

If an employee is injured on the job, workers’ comp can help pay for medical fees and lost wages. While your employees face a lower risk of injury than those in more hazardous fields, injuries do occur. When retail workers are injured, the most common causes are overexertion and falls, slips, and trips, according to Bureau of Labor Statistics data shown in the chart below.

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

Business insurance costs for convenience stores in Pennsylvania

Convenience store owners in Pennsylvania can expect their insurance costs to trend higher than the national median, according to an analysis of Insureon applications. Workers’ compensation in particular is significantly higher in Pennsylvania than the national median. However, it’s important to note that workers’ compensation costs vary based on the number of employees, among other factors. A business owner’s policy, which typically bundles general liability and commercial property insurance, is one way convenience store owners can cut down on their insurance costs. Talk to your agent about bundling policies. In all, convenience store insurance costs for a BOP and workers’ compensation total around $525 per month in Pennsylvania.

Median Insurance Costs for Pennsylvania Convenience Stores

Save time and money with Insureon

Insureon’s industry-leading technology helps convenience store owners in Pennsylvania 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 Pennsylvania 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.