Convenience Store Insurance from Massachusetts Specialists

What is Convenience Store Insurance?

Establishing a convenience store requires a substantial amount of investment, and the resources poured into a store should be protected. Without sufficient insurance in place, just one major disaster or lawsuit could leave a store financially devastated. Convenience store insurance policies help protect Massachusetts convenience stores from many of the risks they face.

Convenience store insurance is a specialized form of commercial insurance that’s specifically designed to meet the risk mitigation needs of convenience stores and similar businesses. Most policies are written as package policies, combining several individual coverages together to create a web of protection.

What Businesses in Massachusetts Need a Convenience Store Policy?

Many Massachusetts businesses that sell basic products to a high volume of customers may benefit from the protections that a convenience store policy affords. Some of the businesses that may want to consider this type of insurance include:

• Convenience stores
• General stores
• Corner stores
• Mom-and-pop shops
• Stands
• Bodegas

In some cases, businesses may have insurance needs similar to a convenience store but actually, be better suited for a slightly different type of insurance. For instance, grocery stores may want a grocery store policy rather than a convenience store one. Any business owner who’s unsure what type of policy is best for their store should speak with a specialized insurance agent, who can make informed recommendations, about their store’s situation.

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What Coverages Are Included in Convenience Store Policies?

Since convenience stores face multiple risks, most policies come with an array of liability, property and other protections. There’s not one list of protections that every policy has, but there are several coverages that lots of policies make available as standard or optional protections.

Some of the more common liability protections include:

• General Liability Coverage, which normally protects against common accidents
• Product Liability Coverage, which normally protects against product-related incidents
• Cyber Liability Coverage, which normally protects against data breaches and online threats
• Employment Practices Liability Coverage, which normally protects against employment-related incidents
• Liquor Liability Coverage, which stores that sell alcohol frequently need
• Pollution Liability Coverage, which stores that sell gasoline frequently need
• Umbrella Liability Coverage, which is a form of supplemental liability protection

Some of the more common property protections are:

• Building Coverage, which usually insures a company-owned building
• Contents Coverage, which usually insures items kept on company property
• Equipment Breakdown Coverage, which usually insures essential equipment against certain malfunctions
• Spoilage Coverage, which usually insures perishable items in the event of a covered disaster

Business interruption insurance and commercial auto insurance are a couple of other coverages that a store might want depending on its situation.

What Factors Influence Convenience Store Policies’ Premiums?

Insurance companies look at many different items when setting premiums for convenience store policies. A store’s size, location, annual sales, product offerings and past claims history are just a few of the factors that often influence how much insurance costs.

Business owners can get an accurate idea of how much insuring their store will cost by talking with an independent insurance agent. Independent agents are free to request quotes from several different insurance companies in the state, which makes quickly comparing coverages and premiums easy.

How Can Massachusetts Convenience Stores Get Convenience Store Insurance?

For help insuring your convenience store, contact the independent insurance agents at The Feingold Companies. Our agents have worked with many convenience stores and similar businesses in Massachusetts, and they’re ready to assist you. Being independent and knowledgeable in the field, they’re able to help you find the best available convenience store insurance policy based on your store’s particular situation.