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Retail Insurance in Massachusetts

What is Retail Insurance?

Operating a retail business requires a substantial investment in equipment, inventory, marketing and other costs, and the resources that are poured into this type of business ought to be protected. Retail insurance helps Massachusetts retail businesses shield themselves from many of the risks they face.

Retail insurance is a specialized kind of commercial insurance that’s intended to meet the unique risk mitigation needs of retailers. Because most retailers face multiple risks, policies are typically underwritten as package policies that come with several coverages.

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What Businesses in Massachusetts Need Retail Business Insurance?

Most retail businesses in Massachusetts can benefit from the protections that retail business insurance provides, and few businesses have the financial resources necessary to withstand a major lawsuit or loss. Therefore, the vast majority of retail businesses ought to purchase a policy. This includes both brick-and-mortar stores and online retailers.

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What Coverages Does Retail Business Insurance Make Available?

Retail business insurance policies may offer a wide range of protections that businesses can choose from. These often include both property and liability coverages.

Some of the property coverages that a retailer might need or want include:

Some of the property coverages that a retailer might need are:

  • Building Coverage, which may cover an owned building
  • General Property Coverage, which may cover merchandise kept in stock
  • Computer Property Coverage, which may cover computers, pos systems and other electronics
  • Signage Coverage, which may cover exterior signage used to advertise a brick-and-mortar store
  • Backup of Sewer or Drain Coverage, which may extend protection to damage caused by plumbing issues

In addition to these, some retailers may also want to include income loss coverage, fidelity coverage, money and securities coverage, commercial auto coverage, utility interruption coverage and other protections in their policy. An insurance agent who specializes in this type of insurance can assist with selecting the right coverages for a particular store.

Do  Retail Businesses Need Workers Compensation Coverage?

Retailers that employ workers are generally required by state law to carry workers compensation coverage in case their employees are injured on the job. Those who don’t have wage-earning employees often aren’t required to carry this coverage, but they still may want to in case an owner’s health insurance excludes work-related injuries.

Workers compensation coverage, however, isn’t always purchased within a retail business insurance policy. Instead, it’s frequently obtained via a separate policy that offers only this coverage. An insurance agent who’s familiar with retail business policies can likely also help with finding workers compensation.

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How Much Do Retail Business Policies Cost?

Insurance companies consider many factors when setting premiums for retail business policies, so insurance costs for stores can vary. Premiums are normally quite affordable, though, and they’re almost certainly more affordable than losing all of a store’s inventory or facing a major liability lawsuit without any protection would cost.

An independent insurance agent can request policy quotes from multiple insurance companies on a store's behalf, which makes it easy to compare what different insurers will charge a given retail business.

How Can Businesses in Massachusetts Get Retail Insurance?

For help insuring a brick-and-mortar or ecommerce retail business that’s based in Massachusetts, contact the independent insurance agents at Roger Butler Insurance. Our agents have worked with many stores to find a policy that meets their needs, and we’re ready to help your business find retail insurance that provides robust yet affordable coverage.

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