Should distilleries purchase liquor store policies if they have retail sales?
Distilleries and other adult beverage makers usually need liquor liability coverage, much like liquor stores do. Distilleries have other coverage needs that are different from those of liquor stores, though. They and other adult beverage makers normally are better suited by an insurance policy that’s more tailored to their needs. Distillery, winery and brewery policies are readily available.
What coverages are available through liquor store policies?
Liquor store policies typically provide a variety of coverages, including liquor liability coverage and others. Some of the common protections that policies typically offer are:
Employment practices liability coverage is frequently abbreviated as EPLI. Abbreviations are sometimes used for other coverages, too.
An insurance agent who specializes in liquor store policies can help store owners sort through all coverage options, and select the ones that make sense for their business.
Do liquor stores need to purchase workers' compensation coverage?
Massachusetts state law normally requires businesses that have employees to carry workers' compensation coverage. Workers comp usually protects against workplace injuries and illnesses. Thus, most liquor stores in the state need to purchase workers' compensation.
Whether workers' compensation is included within a liquor store policy depends on the policy options. Some policies do make the coverage available. Other policies leave it to be purchased separately, which is also easy to do.
How much are premiums for liquor store policies?
The premiums charged for liquor store policies are based on numerous factors and therefore vary from store to store. A store’s location, square footage, annual sales, and past claims history are just a few of the details that can impact policy rates.
Since premiums vary, the most accurate way to find out how much insuring a particular store will cost is by requesting customized quotes. An independent insurance agent can help stores request quotes from several insurance companies at once, which makes comparing both coverages and costs easy.
How can liquor stores get liquor store insurance?
If you need assistance insuring a liquor store that’s in Massachusetts, reach out to the independent agents at Paul T. Murphy Insurance. Our insurance agents have the expertise necessary to help you determine what coverages are right for your store. We’ll then work with you to compare different liquor store insurance policies that meet those coverage needs, and ultimately select the best available policy. With our assistance, you can be confident that your store is protected well.