Running a liquor store requires a sizeable investment, and the resources put into this kind of business ought to be protected wherever possible. Liquor store insurance helps Massachusetts liquor stores shield themselves from a variety of covered risks.
Liquor store insurance policies are specialized commercial policies that are designed with the needs of liquor stores in mind. Most policies come with multiple coverages because these stores face a variety of possible risks, and stores can usually customize the individual coverages in their policy.
Most liquor stores located in Massachusetts are required by law to have certain insurance coverages in place, for these are generally prerequisites to obtaining a liquor license from the Alcoholic Beverages Control Commission. Many stores choose to purchase additional protections so that they have more robust coverage.
As mentioned, there are a number of coverages that liquor store policies make available. Some of the more commonly chosen ones are:
Along with these, stores may also want to consider including commercial umbrella coverage, business income coverage, employee dishonesty coverage, earthquake and flood coverages, and other protections in their policy. An insurance agent who’s familiar with all of the protections that liquor store policies offer can help businesses make wise coverage selections based on their situation and needs.
Although most liquor stores have employees and are thus generally required by state law to carry workers compensation coverage, this is one protection that liquor store policies frequently don’t offer. Instead, it’s usually purchased through a separate policy that stands on its own.
Insurance companies base liquor store policies’ premiums on many factors, and costs often vary as a result. A few of the many items that can influence how much a policy costs are:
Even with the variance in cost, however, these policies tend to be affordable. Paying a premium is almost certainly less expensive than what facing a major lawsuit or disaster with no coverage in place could cost.
Stores can find out precisely how much the coverages they need will cost by working with an independent insurance agent. Unlike a captive agent, an independent agent isn’t limited to just one insurance company’s offerings and can show quotes for policies from various insurers. This makes comparing coverages and prices easy, and it provides an overview of what various companies will charge for the desired protections.
For help insuring a Massachusetts liquor store, contact the independent insurance agents at Haberman Insurance Group. Our agents have helped many liquor stores in the state, and they have the expertise necessary to assist you in coverage and policy selection. WIth their knowledgeable, you can be confident that the liquor store insurance policy you ultimately choose will provide your store with solid protection.