Operating a liquor store requires a substantial investment, and the resources poured into this type of business should be protected when possible. Liquor store insurance helps shield liquor stores in Massachusetts from a range of risks that they face.
Liquor store insurance is a specialized commercial insurance that’s uniquely underwritten to meet the risk mitigation needs of liquor stores. Most policies are created as package policies, meaning they have several coverages that complement one another to create a web of protections.
The vast majority of liquor stores in Massachusetts should have a liquor store policy in place, and there are a couple of reasons why. First, the Alcoholic Beverages Control Commission generally requires businesses in the state to carry minimum levels of coverage before they can get a liquor license. Second, not having coverage in place frequently leaves a business dangerously and unnecessarily exposed to risk. With a policy, a single major incident could bankrupt a store or chain of stores.
Businesses normally have a number of coverages to choose from when purchasing a liquor store policy. Many of these coverages can be separated into either property protections or liability protections.
Some of the property protections that a policy might offer include:
Some commonly selected liability coverages are:
In addition to these, liquor stores may also want business income coverage, flood and earthquake coverage, employee dishonesty coverage and other protections. An insurance agent who specializes in liquor store policies can help stores pick the coverages which are most appropriate for their situation.
Most liquor stores in Massachusetts have employees and are required by state law to carry workers compensation coverage, which generally insures against job-related injuries and illnesses that employees might sustain. Whether workers compensation coverage is purchased through a liquor store policy, however, depends on the liquor store policy at hand and other factors. Sometimes workers compensation is procured through a liquor store policy, but other times it’s purchased via a stand-alone policy.
An agent who’s familiar with liquor store policies likely can also help with finding the best way to secure any workers compensation coverage that’s needed.
Liquor store policies’ premiums are based on many different factors and frequently vary as a result. Where a store’s located, how large a store is, how much a store does in annual sales and the coverages selected are just some of the factors that often influence how much a policy costs.
Even with variance among premiums, though, liquor store policies tend to be quite affordable. Their premiums are normally relatively little compared to the potential cost of a claim.
For help insuring a liquor store that’s located in Massachusetts, contact the independent insurance agents at The Feingold Companies. Our agents have assisted many stores with their liquor store insurance needs, and we’re ready to help your business find a robust policy too.