What Massachusetts businesses should carry sporting goods store policies?
Most Massachusetts retailers selling sporting goods should have one of these policies. Policies are available for both basic sporting goods retailers, and more specialized niche stores.
For instance, retailers might need a sporting goods store policy if they sell hunting, fishing, skiing, biking, golfing or other sports equipment. Firearms retailers especially should look for a sporting goods store policy that offers robust gun store insurance coverage.
An insurance agent who specializes in sporting goods and gun store insurance can help retailers determine if one of these policies indeed is the best choice for them.
What protections can retailers get via sporting goods store policies?
Sporting goods store policies normally come with a few different coverages, which help protect against both property loss and liability lawsuits. Some of the more notable coverages include:
- Commercial Property Coverage, which may extend protection to owned buildings, retail equipment, and product inventory
- Business Income Coverage, which may extend protection to periods of decreased revenue that follow a disaster
- General Liability Coverage, which may extend protection to "slip and fall" accidents occurring in stores or their parking lots
- Product Liability Coverage, which may extend protection to injuries and property damage caused by sold products
- Cyber Liability Coverage, which may extend protection to eCommerce website attacks and data breaches
How much property coverage a particular policy provides for inventory depends on the policy's terms and conditions. If extra inventory coverage is wanted, it can often be added through an endorsement. An endorsement adds specific coverage to the main insurance policy and is something that an experienced insurance agent can assist with.
How can retailers who sell firearms get sufficient liability coverage?
Retailers who sell firearms are exposed to extensive liability risk, as an accident involving any sold firearm could lead to expensive lawsuits. A lawsuit could be filed against a retailer even if they aren't culpable, and merely defending against a lawsuit can get expensive.
Gun store insurance policies usually make extensive liability protection available. The protection can come in the form of product liability coverage that has high limits, and which may be complemented by umbrella coverage that serves as secondary protection.
How much are premiums for sporting goods stores?
The cost of insuring a sporting goods store depends on many factors, often including details such as the store's location, size, annual sales, products, past claims history and chosen coverages.
The easiest way to find out how much insuring a specific store will cost is by getting customized quotes from different insurance companies. An independent insurance agent, who isn't obligated to promote any one insurer, can assist with getting quotes.
How can sporting goods retailers in Massachusetts get sporting goods store insurance?
If you need help insuring a sporting goods retail business that operates in Massachusetts, contact the independent insurance agents of Scotti Insurance Agency. Our agents will work closely with you to compare different customized sporting goods store insurance policies, and then we'll help you choose whichever one is best for your store.