There are more than 84,000 retail stores in the state of Massachusetts. These stores employ more than 720,000 people and have a total GDP impact of $92.2 billion a year. Retail store insurance helps these businesses stay profitable in times of trouble.
If you own a retail store in Massachusetts, a local independent agent can help you find the best and most comprehensive retail store insurance at the most competitive price. Arrange a consultation with an insurance agent near you to get more information.
What Could Go Wrong at a Massachusetts Retail Store?
If you own a retail store in Massachusetts, there are potential hazards that can cause your business to experience large financial losses. For instance, consider how your store would handle the following scenarios if it were uninsured.
- Your store is targeted by burglars who make off with several thousands of dollars worth of merchandise.
- One of your drivers causes a collision while making a delivery.
- A customer slips on a wet floor in your store’s public restroom and suffers a significant head injury.
- An employee of your store accuses your business of engaging in discrimination practices when she fails to get a promotion, and she hires a lawyer who files a suit against your store.
When you have the right insurance products in place, you can rest assured that your business’s finances are protected if problems such as these arise.
What Is Retail Store Insurance?
Retail store insurance is a general term used to describe a business owners policy (BOP) or a business insurance policy package that has been specifically customized to meet the coverage needs of retail store establishments.
How Much Does Retail Store Insurance Cost in Massachusetts?
On average, small retail stores with low risks may pay as little as $500 a year for coverage, while mid-sized stores may spend as much as $2,000 a year. Large stores with a lot of valuable merchandise will spend significantly more.
Some of the many factors that can influence your rates include
- The size of your store and its expected annual revenues
- The value of your store’s assets
- Whether your store offers delivery services
- Whether your store has an elevator, escalator, or stairs available for public use
- The crime rate and weather risks in the ZIP code where your store is located
- The number of people you employ
- The types and amounts of coverage you want to buy
The only way to find out how much a policy will cost for your Massachusetts retail store is by contacting a few competing insurance companies and requesting customized quotes. Independent insurance agents can save you time and money by doing this on your behalf.
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What Does Retail Store Insurance Cover?
Your Massachusetts retail store insurance can cover as much or as little as you want it to. This is because you can fully customize a policy package to include all of the coverage you feel is necessary.
A basic business insurance policy will provide you with the following coverage.
- Commercial property insurance: This can pay to repair or replace your business-owned property if it is lost or damaged by a covered event like a fire, property crime, or severe weather event.
- Commercial general liability insurance: This can cover your retail store against many of the most common liability risks businesses face. It includes:
- Premises liability insurance: This covers against third-party injuries that occur on your business premises.
- Product liability insurance: This covers against third-party injuries caused by products your store sells or promotes.
- Advertising liability insurance: This covers against accusations of copyright infringement, deceptive pricing, false advertising, and other marketing errors.
- Business interruption insurance: This can provide your retail store with a continuation of income if it must remain closed for an extended time due to damages caused by a covered event.
You may want to supplement your coverage with additional policies when appropriate. For instance, your insurance agent may recommend the following.
- Employment practices liability insurance (EPLI): This can cover your business if a current, former, or potential employee makes an accusation of illegal employment practices such as wrongful termination, discrimination, or harassment.
- Workers’ compensation insurance: This can cover the cost of medical treatments and disability pay if your workers are injured on the job. It is required of all employers in Massachusetts.
- Commercial flood insurance: This can cover against damage caused by floods. It is important because flood damage is specifically excluded from commercial property insurance coverage.
- Commercial vehicle insurance: If your store owns vehicles, such as may be used for delivery services, you will need to cover them with a policy that meets or exceeds the state’s minimum requirements.
These are just some of the many commercial insurance products that are available to retail store owners. A local independent agent can help you determine whether these or any other policies are appropriate for your particular store.
An Independent Agent Can Help You find the Best Retail Store Insurance in Massachusetts
Buying the right insurance for your retail store can sometimes be difficult. When you shop on your own, it is easy to accidentally have coverage gaps or to pay for coverage you don’t really need.
Local independent agents understand this. These experienced insurance professionals are available to answer your insurance-related questions, explain your various options, and help you find great coverage at a competitive price.
There are nearly 1,300 independent insurance agents with offices in Massachusetts. Set up an obligation-free consultation with an insurance agent near you to get started.