What type of coverage is often overlooked in the beverage shop industry?
Equipment Breakdown coverage – Frozen dessert shops typically have expensive equipment such as freezers and mixers. If they break down, replacement can be costly. Most insurance companies automatically include this coverage but some require that it is separately added. Make sure you ask your agent about this coverage. Flood insurance – Nationwide does not offer flood insurance, but your agent can connect you to the National Flood Insurance Program, which is a government-sponsored insurance that offers up to $500,000 in coverage. Ordinance or Law – This insurance can protect you if your building is ordered to be torn down and rebuilt to code after a loss. Many times, extra expenses are involved that cannot be accounted for when your building is valued. This coverage will not only pay for the damage to your existing building, but it will also pay for the undamaged portion that is to be torn down, the demolition costs and the removal of the debris.
