08 Dec 2011 Thinking About Going Into Retail?
Owning a small retail store often appeals to someone who is outgoing and interested in people. Opening a store that sells a product you’re passionate about can mean that you’re surrounded all day by things you love and you get to meet people who share your interests! To avoid a business having its cash reserves eroded by some unexpected expenses, it’s important to purchase small business insurance. Massachusetts people who own small retail stores often prefer the convenience of a Business Owners’ Policy, an insurance package that offers coverage for a range of common business risks, usually at lower premium rates than you would pay for individual policies.
A typical Business Owners’ Policy covers property, liability and business interruption. The property portion would cover the shop premises and contents such stock for sale, business equipment such as cash registers, and shop furniture like display shelves and racks. Coverage for business interruption provides protection from loss of income if business income is affected by insured damage to the shop premises, and the liability portion of the policy provides coverage for costs resulting from a third party being injured, for example by tripping and falling in your store.
While a business owner’s policy provides protection for some of the most common risks that may be faced by the owner of a small retail store, a basic business owner’s policy may not provide a business owner with what they needs completely. Small business insurance for Massachusetts small retail store owners will require workers’ compensation insurance if they hire an employee to work in the store, or auto insurance if there is a company vehicle.