You’ve always dreamed of owning a bakery, ever since your grandmother shared her secret recipe for sour cream pound cake, the one with the fresh cherry filling.  Opening day is fast approaching.  You’ve gotten the funding, the permits, leased the space, hired staff and are finalizing everything on your checklist.

Coverage Packaged to Meet Your Needs
Have you considered the different types of business insurance you’ll need?  You’ll want to consider a Business Owner’s Policy, which is an insurance package made up of several insurance policies.  It can be customized to include policies such as General Liability Insurance, Business Personal Property and/or Building Coverage, based on your individual needs.  Packaging insurance in this way ensures you get all discounts available to you, and makes sure that there are no gaps in insurance coverage.  It can also help ensure that you aren’t paying for a policy or coverage that isn’t applicable to your business.
General Liability Coverage
Even if you’re careful keeping your store clean and uncluttered, and your floors dry, an over-excited three year old can grab a metal cake stand and it can fall on his mother’s foot.  Would you be covered for damages?  General Liability Insurance covers lawsuits if your business is liable for incidents such as bodily injury, property damage or even advertising mistakes.  No matter how cautious you try to be, accidents and errors happen.

Business Owner’s Policy
Since you initially plan to lease your retail space, a Business Owner’s Policy offers a variety of options to ensure that your business property is covered in the event of a loss, such as from a fire or storm.  If you lease space for your business, it is likely that your landlord has insurance requirements within your lease.

Down the road, when you’ve grown to the point that you own a cute little renovated bakery in a converted house in the historic district, and lease the other half to a coffee shop and a card store, it is wise to require that they list you as an Interested Party on the lessee’s policy.  You should require copies of all insurances to have peace of mind that your commercial tenants are carrying the proper insurance protection they need.

Business Income Coverage
If the unexpected happens and your business sustains a covered loss like a fire or theft, Business Income Coverage within your Business Owner’s Policy can help replace the income lost as a result.  This will help you continue to meet your payroll and operations commitments, so you don’t lose valued employees or damage vendor relationships.

Every business is unique insurance needs. To find out more about the benefits of having your own customized commercial insurance package, contact Corporate Insurance Solutions. We are teamed up with several major carriers, including The Hartford, Travelers, AmTrust, Guard and Employers, so we can shop your coverage for you and provide you with the best insurance solutions.  As an added benefit, Corporate Payroll Services client are entitled to a free, comprehensive review by one of our licensed Agents of your existing policies.  And maybe an extra scoop of ice cream on that pound cake…