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Types Of Commercial Package Policies For Stores

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Commercial package policies are business insurance policies that combine multiple protections together, and there are several types of commercial package policies that stores use to procure the coverages they need. If you run a store, one of these commercial package policies might be right for your business.

Convenience Store Commercial Package Policy

A convenience store commercial package policy generally comes with the basic coverages that smaller stores need. These include both property protections, such as building coverage for an owned building and contents coverage for inventory in the store, and liability protections, like general liability coverage in case a customer is injured while shopping.

Some other coverages might be added on if a business has a particular need for the protection. For example, you can add on spoilage coverage if your store carries perishable items or tenant betterment coverage (instead of building coverage) if you lease rather than own a space. 

Stores that purchase these policies tend to be smaller stores, and they appreciate the smaller premiums that the pared-down policies come with. These policies might be purchased by convenience stores, mom-and-pop stores, corner stores, and newsstands.

Gas Station Commercial Package Policy

A gas station commercial package policy is a lot like a convenience store policy, except the gas station policy adds one important protection — pollution liability coverage. Pollution liability coverage protects against environmental harm caused by smaller instances of contamination. It may cover contamination of soil or water if a gas tank leaks.

Importantly, the scope of environmental contamination caused by a gas station's tanks is unlikely to exceed what pollution liability covers. Although this coverage applies to only smaller instances of contamination, those are smaller instances compared to how much contamination an oil rig malfunction or oil ship spill could lead to. 

Gas station commercial package policies are usually only purchased by gas stations since stores that don't sell gasoline generally don't need pollution liability coverage.

Liquor Store Commercial Package Policy

A liquor store commercial package policy uses a convenience store policy as its foundation, but the liquor store policy as liquor liability coverage. 

Liquor liability coverage protects a business if it's held financially liable for an incident that an intoxicated customer is involved in. Sometimes, the business that sells alcohol to the customer is sued for over-indulging the customer.

Liquor store insurance policies are purchased by any store that sells alcohol, including beer, wine, or hard liquor. The sale of any alcohol normally requires liquor liability coverage.

Contact a company like Scovotti Insurance to learn more.