There are more than 1,350 grocery stores in Massachusetts. These stores employ more than 82,000 workers and generate about $18 billion a year in revenues. Whether you own a large supermarket as part of a franchise or a small family-run food store, a grocery store insurance policy can help your business stay profitable in times of trouble.
If you own a grocery store in Massachusetts, an independent insurance agent can help you find great coverage for your business at a competitive price. Contact an insurance agent near you to learn more.
What Could Go Wrong in a Grocery Store?
Grocery stores have a lot of foot traffic, machinery, and merchandise. This means there is a fairly high risk of problems occurring. Consider the following scenarios.
- A customer in your grocery store slips on food that has fallen on the floor and suffers a serious back injury.
- A windstorm causes an outdoor sign to blow over and it damages a neighboring building.
- An employee claims that a manager has been harassing her, and she files a lawsuit against your store.
- A hurricane causes an extended power outage, and several thousands of dollars worth of perishable food items go bad and must be thrown away.
These are just a few examples of potential hazards that a good grocery store insurance policy can protect your business against.
What Is Grocery Store Insurance?
Grocery store insurance is a business insurance policy package that has been customized to meet the specific coverage needs of grocery stores.
Local independent insurance agents can help you identify your store’s various exposures and can recommend the right policies to cover against each of them. That way, you can be sure that your grocery store insurance policy package is comprehensive and doesn’t leave you with any unintended coverage gaps.
How Much Does Grocery Store Insurance Cost in Massachusetts?
The cost for grocery store insurance can vary significantly from one store to the next. While a small corner store may spend just a few hundred dollars a month, larger supermarkets may spend several thousands of dollars. Some of the factors that can influence your rates include the following.
- The size of your store and its expected annual revenues
- The crime rate and weather risks where your store is located
- Whether you own or rent the building in which your store is housed
- The value of your grocery store’s assets
- The number of workers your store employs
- The coverage options you want to include in your policy
Every insurance company has its own way of calculating rates. That is why it is beneficial to request quotes from a few competing insurance providers before deciding which policy to purchase.
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What Does Massachusetts Grocery Store Insurance Cover?
There are several different commercial insurance products available for you to choose from when you are building your grocery store insurance policy package. This means that your insurance can cover as much or as little as you want it to.
Your insurance agent may recommend some or all of the following coverage types to you.
- Commercial property insurance: This covers your store-owned property such as shelving, merchandise, inventory, shopping carts, and cash registers.
- Premises liability insurance: This covers third-party injuries that occur on your business property, such as if a customer slips on a wet floor.
- Product liability insurance: This covers your store’s liabilities if something you sell in your store causes illnesses or injuries to others.
- Employment practices liability insurance: This covers against accusations of illegal employment practices such as wrongful termination, discrimination, or harassment.
- Workers’ compensation insurance: This covers the cost of necessary medical treatments and lost wages if your employees are injured on the job. It is required in Massachusetts.
- Boiler & machinery insurance: This covers the cost to repair or replace important machinery used by your grocery store such as refrigerators, freezers, and meat slicers.
- Spoiled food insurance: This can compensate you for your losses if perishable items are spoiled due to problems with your cooling systems.
- Business interruption insurance: This can provide your grocery store with a continuation of income if it must close down for an extended time because of damage caused by a covered event.
- Cyber liability insurance: This can cover your liabilities if cybercriminals hack into your computer system and steal customer records or if they successfully install skimmers on your store’s credit card readers.
- Commercial vehicle insurance: If your grocery store provides catering or delivery services, you will need to be sure that you have sufficient liability coverage in case one of your drivers causes an accident.
- Druggist liability insurance: If your grocery store includes a pharmacy, you will need to carry this professional liability insurance that is designed specifically for pharmacists.
- Commercial flood insurance: This covers flood damage to your store. It is important because commercial insurance policies specifically exclude coverage for damage caused by floods.
Local independent agents make shopping for coverage easy by helping you determine which of the many available insurance products are a good fit for your Massachusetts grocery store.
Independent Agents in Massachusetts Can Help You Find the Best Grocery Store Insurance
If you are looking for the best and most affordable coverage for your Massachusetts grocery store, you can turn to a local independent agent for help. These agents can save you time and money by shopping around to find you great coverage at a competitive price.
With nearly 1,300 independent agents located in Massachusetts, it should be easy to schedule an obligation-free consultation with an insurance agent near you.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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