RETAIL INSURANCE IN MASSACHUSETTS

What coverages do retail business insurance policies offer?

Retail business policies normally offer a combination of property coverages and liability coverages.

Property coverages mostly ensure assets, which may include a storefront, inventory, display equipment and other physical goods. Some examples of property coverages include:

• Building Coverage, which might cover owned brick-and-mortar storefronts
• Tenants Betterment Coverage, which might cover build-outs in leased storefronts
• General Property Coverage, which might cover in-stock inventory and merchandise
• Computer Property Coverage, which might cover computers POS systems and CCTVs
• Signage Coverage, which might cover awnings and outdoor signs
• Income Loss Coverage, which might cover revenue losses caused by disasters

Liability coverages mostly help pay legal defense fees and settlements that arise from covered liability lawsuits. Some examples of liability coverages are:

• General Liability Coverage, which might cover basic in-store accidents
• Product Liability Coverage, which might cover harm caused by products
• Cyber Liability Coverage, which might cover breaches of customer data
• Commercial Umbrella Liability Coverage, which might provide extra liability protection

Other coverages that stores might want to consider are utility interruption coverage, fidelity coverage, money and securities coverage, backup sewer and drawing coverage, commercial auto coverage and still more. An independent insurance agent can help retailers sort through all of their coverage options.

How much do retail business policies cost?

The premiums charged for retail business policies are calculated according to numerous different factors. A retailer’s location, store size, product types, annual sales, and past claims are merely a few of the details that can affect cost.

Moreover, there are exceptions to what might otherwise be generally expected. For instance, large retailers usually pay more for insurance than small boutique stores do. If a boutique retailer specializes in high-risk or high-value goods, however, their policy’s premiums may be closer to what a larger store pays.

The most accurate way to assess premium cost is to compare policy options with an independent insurance agent. Independent agents are able to share customized quotes from multiple insurance companies, so assessing coverages and costs is simple.

How can brick-and-mortar stores in Massachusetts get retail insurance?

For help insuring a brick-and-mortar or hybrid store that’s located in Massachusetts, contact the independent insurance agents at Garrity Insurance. Our agents have worked with many retailers in the state, and we have the expertise necessary to assist you in finding retail insurance. With our aid, you can be confident that your storefront is well protected against many perils.