Massachusetts Bakery Insurance
Bakeries are loved by practically everyone. From the delicious doughnuts on weekend mornings to the fresh loaf of bread for a late night dinner, people will come from miles around to indulge in the treats that a good bakery has to offer.
For this reason, running a bakery of your own can prove to be a rather lucrative business endeavor. However, it does come with a long list of unique risks. A single instance of food spoilage or a fire could be enough to close the doors on your bakery for good. Fortunately, all you need to protect your business is the right insurance policy.
What Kind Of Bakery Or Donut Shop Insurance Do You Need?
Whether you are the owner of a small local donut shop or a large bakery chain, it is vital that your business and your company finances are adequately protected with the best variety of options. The Allan M. Walker Insurance Agency a number of coverage options that you should consider including in your policy to ensure full protection, such as:
- Commercial Auto Insurance - A large number of bakeries and donut shops provide delivery and catering services to their customers. If your company owns one or more vehicles that are used for business purposes such as this, then you will need to make certain that these vehicles are adequately covered. Your insurance agent will help you make certain that you have commercial auto coverage included in your insurance policy that complies with the Massachusetts state minimum amount for liability coverage.
- Disability coverage - This is an optional coverage type that you may want to consider purchasing for your employees. If you choose, you can offer this as employee benefits as part of a group coverage plan.
- Medical coverage - If your business does not employ fifty or more people, then you will not be required to provide your employees with health insurance. However, larger bakeries with more employees are required in accordance with the Affordable Healthcare Act to subsidize employee health insurance. Your insurance agent will be able to help you find the most affordable rates for a group insurance plan for your business.
- Unemployment insurance - This type of coverage is included in the state taxes. Once your donut shop or bakery has been registered with the workforce agency, taxes will be collected and you will be covered.
- Workers Compensation - On-the-job injuries, such as burns, are common in bakeries and donut shops. Workers compensation is required in the state of Massachusetts for any business that has employees, regardless of the number of hours worked per week. This coverage will pay the medical expenses and other related costs for an employee that is injured during the course of their work.
The right bakery or Donut Shop Insurance policy will be a variation of a business owner policy that is designed specifically to meet the needs of your unique industry. It will provide you with all of the coverage types that should be included in any small business insurance policy and it will also include the additional coverage options that are relevant to the risks of your business.
What Is Covered?
A Bakery Insurance policy will make sure your small business is fully protected against the potential hazards that may cause financial devastation. The most common coverage types in a basic policy include:
- Equipment breakdown coverage - The equipment that you use in your bakery is essential to running your business. If a mixer or oven suddenly stops working, your business will suffer. This coverage will provide compensation for repairs, replacements and even lost income.
- Food spoilage - Food in your freezers and refrigerators could spoil if your location suffers an extended power outage. If your food is contaminated, you could have to throw away a considerable amount of costly items. With this type of coverage included in your policy, you will have the funds to recover from such events.
- Liability Insurance - The liability coverage that you need to protect your business is actually made up of two parts, which are general liability and product liability. General liability will protect you against customer injuries that occur on the premises of your business, while product liability will protect you if someone becomes ill after consuming your wares.
- Loss of income - Similar to equipment breakdown coverage, this insurance will provide compensations if your business operations are interrupted temporarily. This coverage will make it possible for you to continue making payments on your monthly bills and payroll.
- Commercial Property Insurance - The property coverage in your Bakery or Donut Shop Insurance policy is also in two parts, which are building coverage and contents coverage. The building coverage will protect the actual structure of your bakery against perils, such vandalism, fire, inclement weather and other insured events. Content coverage will protect you against damages to the property that you have inside your building, such as appliances, shelving, etc.
When it comes to purchasing the best possible Bakery Insurance coverage, the details are important. You should not only worry about the cost of the insurance, but the actual coverage options included. Click on the quote request button now to connect with an agent that will make certain that you have the right amount of liability coverage, property damage coverage and will be able to keep the doors open in the face of disaster. The cost of adequate coverage is much less than the price that you will pay without it.