Last Updated: February 22, 2024, 11:44 am by TRUiC Team

Olive Oil Store Insurance

Getting business insurance for your olive oil store is essential.

This is because you will need to protect your store’s assets from a plethora of different risks, including those that relate to vendor disputes, inventory damage, and employment-law claims. 

For example, an employee could accidentally injure themselves whilst stacking a shelf in your store, or a shipment of olive oil could become damaged during the shipping process.

We’ll help you find the most personalized and affordable coverage for your unique business. 

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Recommended: Next Insurance is dedicated to matching small businesses with the right policy at the best price.

Best Insurance for an Olive Oil Store

General liability insurance is — generally speaking — one of the most important insurance policies for olive oil stores. 

Some of the risks general liability insurance covers are:

  • Bodily injury
  • Property damage
  • Medical payments
  • Legal defense and judgment
  • Personal and advertising injury

Having said that, it is important to understand that not all foreseeable risks will be covered with a simple general liability policy. 

This means that it may be a good idea to consider purchasing the following coverage options as well: 

  • Business interruption: Protects you in the event that you are required to temporarily close down due to a covered risk. 
  • Commercial property: Protects your store’s inventory in the event that it gets stolen or accidentally damaged. 
  • Workers’ compensation: Protects you against a variety of different employment law claims. 

You will also need to find the right coverage provider for your business. There are several options to choose from, but we found that each one can generally be placed in one of the following two categories: 

  • Traditional brick-and-mortar insurers (e.g., The Hartford, CNA, etc.). 
  • Online insurers (e.g., Tivly, Next, etc.).

Let's Find the Coverage You Need

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Cost of General Liability Insurance

On average, olive oil stores in America spend between $500 - $1,200 per year for $1 million in general liability coverage.

Compare the average cost of general liability insurance for an olive oil store to other professional industries using the graph below.

Several factors will determine the price of your policy. These include your:

  • Location
  • Deductible
  • Number of employees
  • Per-occurrence limit
  • General aggregate limit

You may be able to acquire general liability insurance at a discounted rate by purchasing it as part of a business owner’s policy (BOP) rather than as a standalone policy.

A BOP is a more comprehensive solution that includes multiple forms of coverage, such as business interruption and property insurance.

Graph showing average price of general liability insurance prices per industry

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Discover the best coverage at the lowest rate in our affordable business insurance review.

Common Situations That General Liability Insurance May Cover for an Olive Oil Store

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Example 1: A customer slips on wet tiling in your store’s restroom, breaks an arm, and demands your business pay for her medical treatment. General liability insurance would cover her medical expenses.

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Example 2: A competitor sues your business for libel. While you don’t recall a situation in which you libeled her business, you know you need a lawyer to protect your interests. General liability insurance would pay for your legal defense and any required settlement.

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Example 3: While stocking shelves, an employee accidentally drops a box of olive oil on a customer’s foot. The impact breaks the foot and the customer decides to sue your business for damages. General liability insurance would cover your legal defense and any required settlement.

Other Types of Coverage Olive Oil Stores Need

While general liability is the most important type of insurance to have, there are several other forms of coverage you should be aware of. Below are some of the most common types of coverage:

Product Liability Insurance

While you strive to sell products that satisfy your customers, there’s always a chance someone might decide one of your products caused them harm. In the event of a lawsuit, product liability insurance would cover your legal fees and any required settlement.

Commercial Property Insurance

You made a major investment in the olive oil products, equipment, supplies, and real estate needed to establish your business. In the event of a fire, theft, or natural disaster, commercial property insurance would cover the cost of repairing or replacing your business-related property. This includes structural damage to your building as well as the inventory and equipment stored there.

Workers’ Compensation Insurance

If you have any employees in your store, most states will require you to carry workers’ compensation insurance for your part-time and full-time workers. This coverage protects your employees if they become injured at work or fall ill after a work-related accident. It not only covers an employee’s medical bills and lost wages if they need time to recover but also any disability or death benefits stemming from a workplace accident.

Commercial Umbrella Insurance

While your general liability insurance policy covers most claims, some accidents or lawsuits may be so catastrophic that they threaten to exhaust the limits of your primary coverage. Commercial umbrella insurance protects you from paying out-of-pocket for any legal fees and awarded damages that exceed your primary policy.

Additional Steps To Protect Your Business

Although it’s easy (and essential) to invest in business insurance, it shouldn’t be your only defense.

Here are several things you can do to better protect your olive oil store:

  • Use legally robust contracts and other business documents. (We offer free templates for some of the most common legal forms.)
  • Set up an LLC or corporation to protect your personal assets. (Visit our step-by-step guides to learn how to form an LLC or corporation in your state.)
  • Stay up to date with business licensing.
  • Maintain your corporate veil.

Olive Oil Store Insurance FAQ

Yes, absolutely. You will need to first get a quote from an online business insurance provider like Next Insurance. Next allows you to then purchase a policy immediately and your coverage will be active within 48 hours.

A typical business owner’s policy includes general liability, business interruption, and commercial property insurance. However, BOPs are often customizable, so your agent may recommend adding professional liability, commercial auto, or other types of coverage to your package depending on your company’s needs.

"Business insurance" is a generic term used to describe many different types of coverage a business may need. General liability insurance, on the other hand, is a specific type of coverage that business owners need to protect their assets.

Yes. This is because you will want to avoid a situation where your business faces a lawsuit without being insured, as this can cost you tens of thousands of dollars. 

Moreover, you may be legally required to purchase some forms of business insurance depending on your state and whether you hire employees or use vehicles. 

Not necessarily. Certain exceptions may be written directly into your olive oil store insurance policy, and some perils may be entirely uninsurable.

Yes, an LLC is meant to create a legal barrier between your business and your personal assets and credit. If you haven’t formed an LLC yet, use our Form an LLC guide to get started.

An LLC doesn’t protect your business assets from lawsuits and liability– that’s where business insurance comes in. Business insurance helps protect your business from liability and risk.