Home Improvement Store Insurance Massachusetts Policy Information
Home Improvement Store Insurance Massachusetts. Home improvement stores carry everything you would need to make commercial property and home upgrades. It includes electrical supplies, plumbing supplies, hand & power tools, appliances, supplies for gardening and yard work, flooring, windows, doors, toilets, sinks, paint, fixtures and many more accessories and supplies.
While you might have a profitable business selling many products, you're also at the risk of shoplifting, customer slip and fall accidents and other many other liabilities. To be on the safe side, you can protect your business from such risks with home improvement store insurance Massachusetts.
Home improvement store insurance Massachusetts protects your shop from lawsuits with rates as low as $57/mo. Get a fast quote and your certificate of insurance now.
Types of Home Improvement Store Insurance
Due to various risks you might be exposed to, you need to choose multiple home improvement store insurance Massachusetts coverages. Consider the following home improvement store insurance:
Commercial General Liability - The insurance policy you purchase should have none of these excluded; products liability, completed operations and premises liability. Product liability is for damage from the goods you sold, while premises liability is for the injuries to customers in your store. Completed operations entail coverage for the services you provide such as tile flooring or installing counter tops. General liability is an essential home improvement store insurance Massachusetts you should not be without.
Product Liability Insurance - Product liability should be included in your general liability policy - but be careful - many carriers exclude it by default. It protects you from either legal or medical cost since the products you sell can either cause loss or damage. For instance, a consumer may purchase paint from your store that contains chemicals that could make a person ill. Even though you didn't manufacture the products, you might be drawn in on a lawsuit by the plaintiff's attorney for medical plus legal costs.
MA Commercial Auto - If you or your workers use personal vehicles for business operations, consider getting commercial auto insurance. This policy covers property damage, vehicle damage as well as body injury for any person in the car accident. Many MA home stores offer delivery and thus need commercial vehicle insurance.
Business Property - Business property insurance is imperative since accidents or some events could occur with little or no warning. Calamities such as flood, fire, natural disaster or severe weather conditions cause serious damage to your property. When this happens, there is nothing you can do rather than wait until the repairs are complete. However, with the business property insurance, you can get help replacing the merchandise destroyed as well as having assistance make the repairs required. Note that flood is different policy not included on commercial property policies.
Cyber Liability Insurance - This home improvement store insurance Massachusetts policy will protect you against cyber crimes such as hackers who steal customer financial information, a person paying for goods with stolen debit cards or getting a virus on your site. All of these crimes plus others are covered by the cyber liability insurance.
Workers Compensation - Your employees are putting themselves at risk with the products you sell such as; box cutters, lifting heavy machines or get injured while stocking shelves. Most states require you have workers comp for any non partner or owner employees. This policy will assist in paying for medical costs for your workers if they come across work related injury. For example, if an employee is stocking shelves with the gardening supplies and a tool falls on him or her causing a body injury, MA workers comp pays for all the medical care they need. If they're unable to work, it covers lost wages.
Crime Insurance - Crimes such as vandalism, theft and shoplifting can affect your cost of doing business and income. While you cannot totally prevent them from happening, you can protect your store with the crime insurance coverage. Commercial crime helps manage the loss exposures and replace merchandise or money that was stolen and/or damaged during the event of a crime.
MA Improvement Store Insurance
To protect your store and ensure that you're always on the safe side, you need to secure adequate coverage by protecting various risks your operation faces daily.
Massachusetts Economic Data, Regulations And Limits On Commercial Insurance
If you are thinking about starting a business in the Massachusetts, it's important that you have an understanding of the economic trends and commercial insurance requirements in the state before you set up shop.
Economic trends are important, as they indicate whether or not the area offers a strong economy that will be able to support your business. You also need to know what type of commercial insurance you'll need to carry so that you can plan accordingly and ensure that you are complaint with the law.
To help you determine if the Bay State is the right location for the business you are thinking about opening, below, you'll find an overview of MA's current economic trends, as well as the types of insurance policies you'll need to carry.
Economic Trends For Business Owners In Massachusetts
Unemployment rate is a good indicator of a state's economy. The lower the rate, the more job opportunities there are, which is direct reflection of the health of businesses.
As per the Bureau of Labor Statistics, the unemployment rate in Massachusetts was 2.8% in December, 2019. That's 0.7% lower than the national average, which was 3.5% in December, 2019. This indicates that the state offers a strong workforce and that there are enough jobs to support the residents of the state.
While regions throughout the area are seeing business growth, there are certain areas in particular that are seeing more growth than others. This includes large metropolitan areas and the regions that surround them, including:
- New Bedford
Several industries are doing very well in the state of Massachusetts; however, there are particular sectors that are seeing more growth than others and are truly thriving in this part of the country. These industries include:
- Advanced manufacturing
- Commercial fishing
- Financial services
- Hospitality tourism
- Information technology
- Medicine and life sciences
If you are thinking about starting a business in any of these industries, chances are good that you will find the success you are looking for in the state of Massachusetts.
Commercial Insurance Requirements In Massachusetts
The Massachusetts Division of Insurance regulates insurance in MA. Massachusetts mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Massachusetts requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors, but employees in domestic service must be covered if they work at least 16 hours a week.
Massachusetts also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Retail Insurance
Read valuable small business retail insurance policy information. In a retail business, you need to have the right type of commercial insurance coverage so that your store, employees, and inventory are protected.
- Adult Novelty
- Appliance & Electronics Store
- Art Gallery
- Bicycle Shop
- Book Store
- Bridal Shop
- Candy Confectionery Store
- Carpet Store
- Clothing Store
- Collectibles Memorabilia Store
- Convenience Store
- Cosmetics Store
- Dry Cleaning
- Equipment Rental
- Funeral Home
- Furniture Store
- Gift Store
- Hardware Store
- Home Improvement Store
- Hotel Motel
- Ice Cream Shop
- Jewelry Store
- Lingerie Store
- Luggage Store
- Music Store
- Office Supply Store
- Paint & Wallpaper Store
- Pet Store
- Pharmacy Liability
- Plumbing Supplies Fixtures Store
- Scrap Metal Dealers
- Sewing Store
- Shoe Store
- Sporting Goods Store
- Stationary Store
- Thrift Store
- Ticket Agency
- Tobacco Store
- Toy Store
- Travel Agency
- Wig Store
Retail stores are susceptible to premises liability claims because of customer traffic, but large department and specialty stores are more susceptible than most.
All retail stores have significant property exposures. The on-hand stock represents a considerable investment, but the amount on hand fluctuates seasonally. For this reason, physical damage insurance on this property must be arranged carefully. When the insured occupies a non-owned building, insurance coverage must be arranged for the insured's interest in extensive improvements and betterments made to the premises.
Crime insurance, in the form of employee theft and money and securities coverage, is also very important.
The businessowners policy was designed with retail exposures and operations in mind. For this reason alone, it should always be the first type of package coverage to consider. However, for those risks not eligible for the business owners policy program, the commercial package policy (CPP) is a practical and convenient way to combine a number of coverages into one policy.
Retail businesses generate income through interaction with customers. This interaction is also how a customer can sustain an injury and then sue the retailer for damages. Hazards, exposures and operations both on premises and off are important and must be covered, but liability the retailer may incur because of the merchandise sold must also be considered and insurance protection arranged.
Inventory or stock is the major property exposure for most retail operations. Because stock values tend to fluctuate or have significant peaks at certain times of the year, value reporting or peak season valuation options should be considered. Business income coverage, including business income from dependent properties coverage, may mean the difference between a retail operation staying in business or being forced into bankruptcy following a loss.
When the insured occupies a non-owned building, insurance coverage must be arranged for the insured’s interest in extensive improvements and betterments made to the premises.
Most retail businesses offer endless opportunities for a variety of criminal activities. For this reason, the coverages needed must be carefully evaluated. Holdup and robbery losses may be the most obvious concerns but employee theft, fraud and counterfeit money losses are also serious issues that cannot be dismissed.
Retail businesses are gaining greater exposure to international issues because of the growth in sales via the internet. As these sales increase, the added exposures faced by these retailers must be evaluated. While their operating horizons are expanding so are their potential loss exposures.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Equipment Breakdown, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Computer Fraud, Forgery, Bailees Customers, Goods in Transit, Jewelers Block, Cyber Liability, Employment-related Practices, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Home Improvement Store Insurance Massachusetts quote in Acton, Agawam Town, Amherst, Andover, Arlington, Attleboro, Barnstable Town, Belmont, Beverly, Billerica, Boston, Bourne, Braintree Town, Bridgewater, Brockton, Brookline, Burlington, Cambridge, Canton, Chelmsford, Chelsea, Chicopee, Concord, Danvers, Dartmouth, Dedham, Dracut, Easton, Everett, Fall River, Falmouth, Fitchburg, Framingham, Franklin Town, Gardner, Gloucester, Haverhill, Hingham, Holyoke, Hudson, Lawrence, Leominster, Lexington, Lowell, Ludlow, Lynn, Malden, Mansfield, Marblehead, Marlborough, Marshfield, Medford, Melrose, Methuen Town, Middleborough, Milford, Milton, Natick, Needham, New Bedford, Newton, North Andover, North Attleborough, Northampton, Norton, Norwood, Peabody, Pittsfield, Plymouth, Quincy, Randolph, Reading, Revere, Salem, Sandwich, Saugus, Shrewsbury, Somerville, Springfield, Stoneham, Stoughton, Sudbury, Taunton, Tewksbury, Wakefield, Walpole, Waltham, Wareham, Watertown Town, Wellesley, West Springfield Town, Westborough, Westfield, Westford, Weymouth Town, Wilmington, Winchester, Woburn, Worcester, Yarmouth and all other cities near me in MA - The Bay State.
Also find Massachusetts insurance agents & brokers and learn about Massachusetts small business insurance requirements for general liability, business property, commercial auto & workers compensation including MA business insurance costs. Call us (617) 902-0099.