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Juice bars have become a common sight on city and town streets that serve up healthy drinks alongside being a small local business .However, even though these small businesses are very popular they are not immune to risks like theft and equipment damage. This is where juice bar insurance comes into play.
Just like many industries in today’s world, juice bar insurance is an important business strategy to consider. With the correct insurance policy in place a juice bar business can reduce its financial impact drastically. In this article we will discuss strategies to discover different types of insurance policies.
Advantages of Juice Bar Insurance
The benefits of juice bar insurance are as follows:
- Financial Protection: In case of unforeseen events, businesses the insurance cover is provided with a considerable level of financial security which allows the business to continue operating regardless of circumstances.
- Legal Obligation: A range of policies are compulsory by law, for instance, worker’s compensation in American states and thus allows you to evade fines and dues.
- Claims: Insurance protects your business and customers by addressing claims of your business on a professional level and this can be great for your business’ reputation.
- Cheap Offers: There is a wide variety of options to choose from when it comes to policies and when these are bundled together the average cost of insurance is low which provides several advantages for small businesses.
Types of Juice Bar Insurance
Several types of insurance are available to juice bars to mitigate these risks:
- General Liability Insurance: This protection helps fend off claims by clients for injury, damage to property, and advertising injury. It is sometimes mandated by leases and is necessary for all businesses that deal with clients.
- Business Owner’s Policy (BOP): A BOP is policy that includes both general liability and commercial property insurance. This means that customer injury and property damage as well as damage to business equipment like blenders and refrigerators will be compensated. Considering the price and the benefits received through it, this policy is a good deal.
- Workers’ Compensation Insurance: In several states, it is illegal to go without this insurance as it pays medical costs and income loss for employees who get injured in the workplace. It is essential for employers who have workers to have this insurance to meet legal requirements and avoid being fined.
- Commercial Property Insurance: This approach specifically protects your business assets and pays for repairs or replacement perils of business assets that have been damaged or destroyed.
- Liquor Liability Insurance: What protects your juice bar from intoxicated clients if you serve them alcohol? This insurance shields businesses from liability claims related to serving intoxicated customers to them.
- Cyber Insurance: With the developed world heavily extending its hand into an exclusively digital world, cyber insurance assists in recovering after a breach of data or a cyberattack.
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Cost of Juice Bar Insurance
The cost of juice bar insurance varies based on factors such as annual revenue, payroll, assets insured, and the type of coverage needed. Here is a breakdown of average costs for different policies:
| Policy Type | Average Monthly Cost | Average Annual Cost |
| General Liability | $57 | $680 |
| Business Owner’s Policy (BOP) | $100 | $1,197 |
| Workers’ Compensation | $152 | $1,826 |
| Liquor Liability | $58 | $700 |
| Cyber Insurance | $145 | $1,740 |
Obtaining Juice Bar Insurance Quotes
To get insurance quotes for your juice bar, you should reach out to brokers, or make use of online apps. Quote Texas Insurance and Insureon are also good examples, as they create policies that suit the needs of your business. However, with quotes commencing at just $5, it is highly recommended that you check out various companies to find the best deal for your business.
NEXT Insurance
Juice bars can use the services of NEXT to swiftly insure their businesses through general liability, product liability, and workers compensation policies. These policies have been underwritten by Tivly, securing better assets for business owners.
- Pros:
- Quick general liability insurance, reasonable rates, and various policies available.
- It is the best overall
- Their website is easy to navigate
- Cons: Policies are underwritten by Tivly and some clients may be required to take more steps than they deem necessary.
- Rating: 9/10
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Hiscox Insurance
For juice bar owners looking for international policies Hiscox is a good option. The company runs a business owner’s policy (BOP) along with a general liability insuring and a commercial property policy. They have a reputation that precedes them with their extensive coverage.
- Pros: International reach and coverage, BOP policies, and other specialty insurance features.
- Cons: Exorbitant monthly fees than other competitors.
- Rating: 10/10
State Farm Insurance
It comes equipped with policies that suit the size of the business and cater to juice bars. They offer a variety of options like general liability with the addition of commercial property insurance.
- Pros: They provide a larger network of agents, intuitive customer service, and coverage that best suits the client.
Have enhanced technology to server clients on their website
- Cons: State Farm Insurance might not qualify for low premium insurance compared to its providers.
- Rating: 10/10
4. Progressive Insurance
It ensures a custom small business insurance for clients which encompasses general liability, premises coverage and can be expanded with additional services such as cyber insurance. Progressive is known for both its technology and experience provided to the customer.
- Pros: With Progressive Insurance, you are provided with systems that are innovative, multiple options to coverage and their services are remarkable.
Offer competitive rates
- Cons: Progressive Insurance does tend to be on the expensive side with their monthly payment plans
- Rating: 10/10
