Operating retail stores requires significant financial outlay, as stores must purchase substantial inventory and maintain a storefront. What’s invested in retail stores should be protected whenever possible, and one way that Massachusetts retailers can protect their stores is by carrying retail insurance.
Retail insurance policies are specialized commercial policies for retail stores. Most policies have property coverages to protect inventory and space, and liability coverages in case of lawsuits.
Most brick-and-mortar retail stores ought to have retail business insurance. This tends to be the best option for Massachusetts retail chains, independent retailers, boutique shops and other stores.
For businesses that sell exclusively online, eCommerce business insurance might be more appropriate. Ecommerce policies come with adjustments that are needed when protecting an online business, and they don’t always have protections that are only needed when insuring brick-and-mortar stores.
Businesses that sell both in-store and online likely need coverages from both retail business and eCommerce business insurance policies. An insurance agent who knows the two policy types well can help these businesses make sure they have all of the coverages they need.
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:
Liability coverages mostly help pay legal defense fees and settlements that arise from covered liability lawsuits. Some examples of liability coverages are:
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.
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.
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.