Hardware Store Insurance: Cost & Quotes From $11/mo

Table of contents

Hardware stores make the construction industry move by making equipment and supplies easily available. These businesses see to it that contractors have everything they need to complete a project. 

Like other businesses, hardware stores face various risks. An employee can sustain repetitive strain injuries due to the continuous lifting of heavy objects. The forklifts and other equipment used for stockpiling supplies can get damaged. It’s not even impossible for a hardware store’s warehouse to get burned or destroyed because of an accident or a natural disaster. 

Your hardware store is a retail business and it can be insured through a retail insurance package. Nonetheless, hardware store insurance provides the best protection. This consists of general liability, commercial property, and other business insurance policies underwritten to cover the exposures unique to you. 

Common Hazards and Risks in Hardware Stores

Hazards and risks are present in any business. For hardware stores, these are the most common ones:

  • Claims for bodily injuries and property damage

  • Accusations of selling items with errors in design, incorrect labeling, or defects

  • Business property fire and other devastating occurrences

  • Theft of hardware supplies that employees or third parties commit

  • Forklift accidents

Hardware Store Liability Insurance

General liability insurance and product liability insurance are the most common types of hardware store liability insurance. The sections below discuss how each functions.


Hardware Store General Liability Insurance 

CoverWallet  NEXT (Best) Thimble  Hiscox
Per occurrence limit  $1,000,000 $1,000,000 $1,000,000/$2,000,000 $300,000
Aggregate limit  $2,000,000 $1,000,000/$2,000,000 $1,000,000/$2,000,000 $300,000/$2,000,000
Products and completed operations aggregate limit  $2,000,000 $1,000,000 $1,000,000 $1,000,000
Advertising injury coverage aggregate limit  $1,000,000 $1,000,000 $1,000,000 $1,000,000
Tenant’s legal liability coverage limit  $100,000 $100,000 $5,000 $100,000
Waiver of subrogation included? Yes No Included Can be included
Hired/non-owned auto liability coverage included? Yes No Excluded Can be included
Food-borne illness endorsement included? No  Yes Yes Can be included
Can you get a certificate of insurance online? Yes Yes Yes Yes
Name additional insureds? Yes Yes Yes Yes
Deductible $0 $0 $0 $0


General liability insurance is the core policy of almost all hardware shop insurance packages, safeguarding you from third-party claims for bodily injuries, property damage, copyright infringement, slander, or libel. By having this insurance, you can cover these costs without any problems:

  • Emergency care and medical treatment of the claimant

  • Reimbursement for the damaged property of the claimant

  • Legal defense

  • Court judgments 

Use the table above to see which insurance company offers the best general liability insurance for hardware stores. 


In What Situations Can Your Hardware Store Use General Liability Insurance?

Your hardware store can use general liability insurance to cover the cost of claims filed after any of these situations happen:

  • A customer slipped and fell on the wet floor while walking around your hardware store

  • An employee is placing supplies on display racks, and a box falls on a customer passing by

  • A customer sustains an injury while testing a drill, cutter, or any other power tools sold at your hardware store

  • Your hardware store uploaded marketing material on social media and got sued by another company for copyright infringement

  • An employee is hauling construction supplies for a customer by foot. Out of his haste, another customer was shoved into a corner by accident and got injured

How Much General Liability Coverage is Available for Your Hardware Store?

Your hardware store can opt to get a general liability policy with a $300,000-$500,000 per occurrence limit and a $1 million-$2 million aggregate limit. Nonetheless, what’s recommended is a general liability policy with a $1 million-$2 million per occurrence and aggregate limit. 


Can General Liability Insurance Help if My Landlord Files a Claim for Property Damage?

Yes. General liability insurance comes with an optional coverage that exclusively covers property damage claims filed by landlords. This is called the rented premises liability coverage inclusion. Rented premises liability coverage grants a $100,000-$200,000 coverage you can use to reimburse the landlord if his property is damaged by a fire due to your negligence. 


Add-Ons of General Liability Insurance for Hardware Stores

Your hardware store insurance can be complemented by adding more policies that cover different things or add more coverage. Some examples include:

  • Product liabilityProtects your business from the costs you may incur for selling hardware items that damage a customer or their property.

  • Cyber liability–Defends your business from costs related to cyber attacks, data breaches, and crisis reputation management

  • Tools and equipmentAdds protection to your tools and equipment in the event that they get damaged or stolen



Hardware Store Product Liability Insurance

Your hardware store primarily generates revenues by distributing goods to customers. And so, aside from accidents, it can also be held liable for the injuries or property damage that’s caused by sold equipment, materials, and other products. 

A product liability policy is the insurance that will cover costs if a customer files a claim because your hardware store sold a product with:

  • Design issues

  • Manufacturing issues

  • Labeling errors

  • Inadequate instructions/safety warnings

  • Factory defects

A Customer is Accusing My Hardware Store of Selling Knockoffs. Can Product Liability Insurance Help?

The selling of knockoffs counts as fraud. Fraud is usually excluded in the product liability insurance for hardware stores. And so, the answer is no. 


The Customer is Filing a Claim for Missed Refunds. Does Product Liability Insurance Cover This?

Product liability insurance doesn’t cover missed refunds. It’s because this insurance only covers liabilities for damages that sold products inflict on customers. 


Coverage Limits of Product Liability Insurance for Hardware Stores

Product liability insurance has a standard coverage limit of $1 million per occurrence and $2 million in aggregate.


Can Product Liability Insurance Be Included in General Liability Insurance?

Yes. Although some companies offer product liability as a standalone policy, others include it as part of your general liability insurance. It provides protection against design defects, improper warnings, and manufacturing defects.


Do I Want Product Liability Insurance for My Hardware Store Business?

Yes. Since your hardware store business deals with the sale of consumer goods to third parties, you will want this insurance protection. The US Chamber of Commerce released a guide that states they recommend any business that deals with consumer goods should have this insurance protection in place.

Compare Cheap Hardware Store Insurance Quotes Online

Get all the best quotes from leading providers in a click of a button!

Commercial Property Insurance for Hardware Stores 

CoverWallet NEXT (Best) Thimble Hiscox
Building coverage limit (minimum) $50,000 $270,000 $25,000/$500,000 $25,000
Contents coverage limit (minimum) $50,000 $35,000 $25,000/$500,000 $25,000
Outdoor signs Excluded $2,500 Excluded Included
Accounts receivable  Excluded Excluded $5,000/$10,000 Included
Money and securities Excluded $2,500 $1,000 Included
Lock and keys  Excluded $2,500 Excluded Included
Business interruption floater Excluded Included Included Included
Equipment breakdown floater Excluded Included Excluded Included
Inland marine insurance floater Excluded Excluded $10,000 Excluded
Employee dishonesty floater Excluded $5,000 $2,500 Excluded


A hardware store isn’t a business that you can start without a huge investment. And speaking of investment, the majority of your financial resources will go to the building and the inventory. 

Purchase commercial property insurance and ensure that you can continue operating even if something happens to your hardware store’s building and inventory. 

Use the table above to see which insurance company offers the best commercial property insurance for hardware stores. 


How Does Commercial Property Insurance Ensure Your Hardware Store’s Survival?

Commercial property insurance ascertains the survival of your hardware store by reimbursing the estimated value of the building and inventory that got damaged, destroyed, or lost due to the following:

  • Fire

  • Theft

  • Vandalism

  • Civil commotion

  • Sinkhole collapse

  • Volcanic action

  • Lightning

  • Weather

  • Falling objects

  • Impact

  • Vehicle

  • Aircraft

  • Sprinkler leakage

Add-Ons of Commercial Property Insurance for Hardware Stores

  • Business interruption–This policy can help you make rent payments and loan payments and supplement lost income due to a covered physical damage event

  • Outdoor property–Covers property that is outside your business building, like signs that you use to advertise your store

Coverage Limits of Commercial Property Insurance for Hardware Stores

The median coverage limit for commercial property insurance is $60,000. Your coverage limit will change based on the value of the items you are insuring.


Can I Add Business Equipment as Insured Items in the Terms of Commercial Property Insurance?

Yes. Carriers allow you to schedule expensive business equipment, such as forklifts, point-of-sale systems, trolleys, and power generators, in the terms of commercial property insurance. By doing so, you can recover the value of these items in case they get damaged or destroyed while within your hardware store’s area due to fire, theft, vandalism, and other covered perils. 


A Construction Company Bought Several Construction Supplies. However, These Got Damaged Before Being Shipped. Can I Get a Reimbursement From Commercial Property Insurance?

Paid supplies are already the construction company’s property that’s under your custody. The thing is, commercial property insurance comes with a care, custody, and control exclusion. And so, the answer is most likely a no. 


I Lost a Batch of Incoming Hardware Supplies. Will Commercial Property Insurance Grant Coverage if the Shipping Carrier Refuses to Take Responsibility?

No. Commercial property insurance doesn’t cover inventory that’s not within the premises of your hardware store. But still, note that the shipping company has cargo insurance and they can certainly reimburse some of your financial losses. 


Is Commercial Property Insurance Legally Required?

No, not all businesses are required to carry commercial property insurance. However, if you want to rent or lease the property where your hardware store is located, your landlord will often require that you can cover any damages to it. One of the best ways to do this is through a commercial property policy.


Does My Commercial Property Insurance Cover Destroyed Financial Records?

It can be. Accounts receivable insurance is an add-on for commercial property insurance that can cover your financial records. It helps you cover the costs of record recovery, loan payments, and collection costs.



Business Owner’s Policy (BOP) for Hardware Stores 

CoverWallet NEXT (Best) Hiscox Thimble 
General liability aggregate limit  $2,000,000 $1,000,000/$2,000,000 $300,000/$2,000,000 $1,000,000/$2,000,000
Commercial property coverage limit  $50,000 $270,000 $25,000 $25,000/$500,000
Optional policies can be added? Yes Yes Yes Yes
Name additional insureds for free? Yes Yes Yes Yes
BOP discount? Yes Yes Yes Yes


A business owner’s policy (BOP) is designed to offer comprehensive coverage for small local hardware shops, including those with multiple locations. A BOP is a type of small business insurance that combines various policies into one package. Insurers normally underwrite this type of business insurance to SMBs that operate in lower-risk industries, such as retail, wherein your business exists. 


How Does a Business Owner’s Policy Work?

Think of a BOP as an all-in-one protection against common business risks. This policy protects against lawsuits and commercial property damage. The coverages included in a BOP vary from one provider to another, but most BOPs include the following policies:

  • Property damage coverage–A business owner’s policy can be used like a commercial property policy. This will reimburse financial losses and help you get back on track in case a covered peril happens

  • Liability coverage–You’ll typically find general liability coverage included in a BOP to ensure you’re protected from third-party bodily injury, property damage, as well as personal and advertising injury

  • Business interruption coverage–A major catastrophe may occur and force you to close your hardware store for an extended time. This insurance policy may reimburse your lost income and other extra expenses, such as employee wages

Add-Ons of Business Owner’s Policy for Hardware Stores

  • Equipment breakdown coverage–Covers your business equipment when it breaks down due to things like mechanical failure, electronic damage, and power surges

  • Employment practices liability–Protects your business against employee claims that allege discrimination, wrongful termination, harassment, and other issues.

Coverage Limits of Business Owner’s Policy for Hardware Stores

Business owners policy will typically have a general liability limit between $1 and $2 million and a commercial property limit between $20,000 and $60,000. Higher limits are possible based on what your insurer can offer.


What Is Typically Excluded by a Business Owner’s Policy?

Your hardware business owner’s policy would exclude commercial auto coverage, workers’ compensation, and professional liability insurance. You would need to purchase those policies to get the protection that they offer. These policies are important for getting adequate coverage for your vehicles, employees, and mistakes on the job.


Can a Business Owner’s Policy Be Better Than Buying Policies Separately?

Yes, a business owner’s policy can save you money compared to buying its combination of policies like general liability coverage separately. A BOP combines coverage and typically costs less than if you bought the same policies separately.

Tools and Equipment Insurance for Hardware Stores

NEXT  Thimble Hiscox
Aggregate limit $3,000/$10,000 $2,500/$5,000 $15,000/$25,000
Covers hired and borrowed equipment? $3,000/$10,000 $2,500/$5,000 No
Miscellaneous equipment also covered? $5,000/$10,000 No Yes
Offered as an endorsement to general liability insurance? Yes Yes Yes
Deductible $500 $500 $0


Tools and equipment insurance can cover your hardware store’s precious equipment, not only from damage or destruction but also breakdown. Purchase this and you can insure the estimated overall value of forklifts, trolleys, ladders, power generators, and other precious items. Some insurance companies also grant coverage up to the limits provided. Use the table above to see which insurance company offers the best tools and equipment insurance for hardware stores. 


Coverage Limits of Tools and Equipment Insurance

A typical coverage limit for your hardware store tools and equipment insurance will range between $5,000 and $10,000.


Is Tools and Equipment Insurance Offered as an Add-on to General Liability Policies?

Yes, tools and equipment insurance is offered as an add-on to general liability insurance. It is one of the most common add-ons since it offers a simple way to get your business properly covered.


What Is a Typical Deductible for Tools and Equipment Insurance?

Your hardware store’s insurance policy deductible will vary. Some policies have no deductibles, while others will be around $500.




Workers’ Compensation Insurance for Hardware Stores

Accidents are bound to happen, and the chances of an employee suffering an injury are pretty high. For example, an employee can fall from a height while putting stocks on the racks. He or she might also stumble while helping a customer take materials to the car. 

Workers’ compensation insurance covers work-related injuries and illnesses. It provides the funds to pay for the following:

  • Medical costs (including surgery, prescription drugs, and rehabilitative care)

  • Lost wages because of time lost out of work

  • Medication

  • Hospitalization

  • Rehabilitation and retraining

  • Death benefits and allowance to dependents, in case of death

Can Workers Compensation Insurance Help if an Employee Sues Your Hardware Store?

Some insurance companies allow you to add an employer’s liability coverage to workers’ compensation insurance. By adding this, workers’ compensation insurance can cover claims for negligence or failure to grant workers comp benefits after an employee sustained a work-related injury or disease. 


How Is the Benefits Rate Determined?

Typically the policy will take into account the employee’s full weekly wage. This total will be averaged over a period of time. Then a percentage of your weekly wage is taken to determine the final amount for your weekly payment. Typically employees will receive 66% of their weekly wage for lost income. That number will change depending on where your policy is.


What Situations Might Not Be Covered by Workers’ Compensation?

While workers comp covers a wide range of events, even when the worker is at fault, there are some cases where coverage won’t apply. Some examples include:

  • Injuries from a brawl that the employee initiated

  • An injury due to an employee’s own intoxication

  • Intentional injuries

  • Emotional injuries with no physical component

Cyber Liability Insurance for Hardware Stores

Insurance companies will offer a cyber liability policy if your hardware business doesn’t only sell from a brick-and-mortar store but also through its own online shop. 

Your online shop can get breached. As a result, the credit card numbers, emails, passwords, and cellphone numbers of clients can get exposed. This might result in fraudulent transactions, spam calls, phishing emails, etc. 

Cyber liability insurance will cover legal defense costs if affected third parties hold you liable. Moreover, this insurance can also take care of the expenses for:

  • Public relations

  • Credit and fraud monitoring

  • Cyber extortion

  • Recovery of loss data

  • Professional services for containing the breach 

Commercial Auto Insurance for Hardware Stores

Commercial auto insurance adds financial protection to your vehicles when using them for business purposes. Some situations to use this insurance include:

  • One of your business vehicles gets into an accident while transporting some tools for your store

  • While your business vehicle is parked at work, it gets vandalized by a criminal and needs to be repaired

Commercial auto insurance typically will offer certain coverages by default.

Collision Comprehensive Auto Liability
Protects your vehicles from damage sustained from getting into an accident during work-related activities Covers many other forms of damage besides accident collisions for your vehicle Helps you pay for costs that you might become liable for because of your business vehicle


Add-Ons of Commercial Auto Insurance for Hardware Stores

  • Medical Payments–Helps you pay for any medical expenses sustained by you or any passengers during a car accident. It provides coverage even if your vehicle is the one at fault

  • Hired or non-owned auto liability–Covers vehicles that your business technically doesn’t own, like employee vehicles and leased vehicles

  • Gap coverage–If your financed vehicle is stolen or totaled, it helps you pay if your car is worth less than you still owe

Coverage Limit of Commercial Auto Insurance for Hardware Stores

The coverage limits for your hardware shop insurance for commercial auto will range between $100,000 and $1 million. Higher limits are available based on the policy you select.

Is Commercial Auto Insurance Better Than Personal Auto Insurance?

In some ways, yes. Commercial auto insurance can cover a wider range of situations that aren’t covered by personal auto insurance. Also, a personal auto policy covers only one person driving the car, but a commercial policy covers the entire business.

Does Commercial Auto Insurance Cost More Than Personal Auto Insurance?

Yes, because commercial auto insurance has higher liability limits than personal auto insurance, it will typically cost more than a personal auto insurance policy. Commercial auto insurance also covers more things and has to factor in the risk of your industry.


Excess Liability Insurance for Hardware Stores 

Excess liability insurance is a policy that boosts an already existing policy with higher liability limits. Some examples of this insurance in use includes:

  • Your commercial auto policy only has $500,000 in liability coverage so you use an excess liability policy to cover the remaining amount you owe.

  • Your general liability policy ran out of coverage, but the policy term still is not up. You can supplement the coverage with excess liability

Does Excess Liability Insurance Cover All My Policies?

Excess liability insurance will only cover one of your hardware store policies at a time. If you want to increase the coverage limit of multiple policies, you will want to get an umbrella insurance policy. This policy will increase the limits of multiple policies at once.

Other Business Insurance Policies for Hardware Stores

Here are additional policies you can include in your hardware store insurance package, depending on the activities of your business:

  • Pollution liability insurance-Most small hardware stores don’t stock fertilizers or chemicals that pose environmental concerns, but if you manage a wholesale hardware store that supplies environmentally hazardous products, you may want to invest in pollution liability insurance

  • Employment practices liability insurance-This insurance policy protects your hardware shop from employment-related claims, covering litigation costs in case an employee sues your business for illicit business practices, such as wrongful termination, discrimination, or sexual harassment

  • Employee dishonesty insurance-Employee dishonesty insurance will recover the financial losses after you’ve discovered a dishonest act of an employee. Dishonest acts covered under the terms of this insurance are theft, social engineering, embezzlement, forgery, misrepresentation, etc. 

  • Inland marine insurance-Inland marine insurance will reimburse your losses if portable business property gets damaged or lost during the trip due to negligence, theft, fire, upset, vehicular accident, etc. 

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Hardware Store Insurance Cost

Cost per Month Cost per Year Deductible
General liability insurance $46 $552 $0-$500
Pollution liability insurance $50 $600 $1,000
Cyber liability insurance $60 $720 $1,000
Commercial property insurance $70 $840 $1,000-$2,500
Business owner’s policy $80 $960 $500-$1,000
Inland marine insurance $59.41 $712.92 $500-$1,000
Commercial auto insurance $100 $1,200 $500-$1,000
Workers compensation insurance $126 $1,512 $2,000-$5,000
Employment practices liability insurance $48 $576 $1,000-$2,500


The average hardware store insurance cost is $46 per month or $552 per year for a $1 million general liability policy. Actual rates of customers vary based on different factors such as:

  • Business size

  • Number of employees

  • Business location

  • Claims history

  • Deductible level

  • Policy limits

You can save money on business insurance by buying a BOP. Insurance carriers often sell the policy at a cheaper cost than purchasing each insurance policy separately.  In connection, here’s another table showing the rates of the best companies for a $1 million general liability insurance:

Cost per Month Cost per Year Best for
NEXT $30 $360 Best overall; Fastest general liability insurance for hardware stores
The Hartford $33 $396 Workers comp insurance for hardware stores
CoverWallet $35 $420 Comparing hardware store insurance quotes online
Tivly $35.41 $424.92 Comparing hardware store insurance quotes over the phone
Thimble $40 $480 On-demand coverage for hardware stores and short-term general liability insurance
Hiscox $41 $492 Hardware store insurance with automatic renewal
AmTrust $49 $588 Small hardware stores

Compare Cheap Hardware Store Insurance Quotes Online

Get all the best quotes from leading providers in a click of a button!

Best Hardware Store Insurance Companies

Be careful who you choose as your insurance provider. Your goal is to find a carrier with extensive knowledge of the hardware industry and can customize your insurance policy to meet your unique coverage needs. These are the best hardware store insurance companies. Read some of the reviews below to know their pros, cons, and rate for a $1 million general liability policy. 


NEXT Hardware Store Insurance

Pros

  • Best overall

  • Issues an online proof of insurance instantly

  • Fastest general liability insurance hardware stores

  • Great customer service and reputation

  • Excellent rates

  • Outstanding value for money

  • Get a 10% discount if you buy two or more policies 

Cons

  • Couldn’t find any

NEXT is an insurer committed to helping small businesses find affordable and tailored business insurance that covers the unique needs of their industry. The company sells insurance purely online, and it’s touted as one of the best providers if you want to access business insurance and manage your policies online quickly. 

The company sells a wide range of hardware store insurance policies, including general liability, commercial property insurance, workers’ compensation, professional liability coverage, and commercial auto insurance. Like most companies, NEXT provides BOPs that include general liability and commercial property coverages. In fact, you can get up to a 10% discount by purchasing a BOP.

The company allows you to choose between three plans: basic, premiere, and deluxe. Each package features any or all of the policies we mentioned above. The policy limits increase or decrease depending on which you choose. Deluxe is the most popular among businesses. 

You can quickly obtain insurance quotes online, purchase business coverage, and even manage your policy over the internet. Additionally, customers can access live insurance certificates online and even share them with other parties for free. 

The claims process also occurs online, and an advantage of partnering with NEXT is that the company is independently rated by AM Best for financial strength, despite being founded in 2016. That means it can handle customers’ claims independently, unlike other providers. The only downside is that its 100% online approach may not be favorable for traditional customers who prefer paper-based claims reporting. 

Best for: Best overall; Fastest general liability insurance for hardware stores

Average cost: $30 per month 

Our rating: 10/10

The Hartford Hardware Store Insurance

Pros

  • Committed to sustainable long-term business strategy, making them reliable

  • Serves over one million small businesses

Cons

  • Limited add-ons to general liability insurance

The Hartford is an insurance veteran who boasts over 200 years in the industry. They have experience with the risks that retail businesses face and offer a host of policies to help you balance this risk. The company helps you with crisis management, general liability, and cyber liability coverage. The Hartford has an A- rating with AM Best.

Best for: Workers comp insurance for hardware stores

Average cost: $33 per month

Our rating: 10/10

CoverWallet Hardware Store Insurance

Pros

  • Compare hardware store insurance quotes online

  • Easy online policy management

  • Compare numerous quotes with one click of a button

  • General liability insurance comes with hired/non-owned auto liability coverage

Cons

  • Not an insurance company but an insurance broker 

CoverWallet is an insurance broker. It insures your hardware store by curating the quotes of its partners, such as Chubb and Liberty Mutual. 

What you’ll like about CoverWallet is that the quotes you get can be compared easily from each other. That said, you can quickly gauge which company offers the most comprehensive limits, has the most reasonable pricing, or has the most inclusive coverage option. 

Examples of policies included in the majority of CoverWallet’s hardware store insurance quotes are general liability, commercial auto, workers compensation, business owner’s policy, and inland marine insurance. 

Best for: Comparing hardware store insurance quotes online

Average cost: $35 per month

Our rating: 10/10


Tivly Hardware Store Insurance

Pros

  • Compare hardware store insurance quotes over the phone

  • A partner of many reputable insurance companies

  • Responsive customer service

  • Grants coverage even if you have a steep risk profile 

Cons

  • You need to call to get a quote 

Tivly doesn’t have a hardware store insurance package. But if you’re set on working with this company, then you can go for its retail insurance package that offers general liability, commercial property, commercial auto, equipment breakdown, and workers compensation insurance. To get quotes and compare, you need to call a Tivly representative

Best for: Comparing hardware store insurance quotes over the phone 

Average cost: $35.41 per month

Our rating: 10/10


Thimble Hardware Store Insurance

Pros

  • Quickly issues an estimate of your rates

  • Inland marine insurance automatically included in commercial property insurance

  • Business owner’s policy can be added with cyber liability coverage

  • Sells a short-term general liability policy

Cons

  • You can’t reach customer service by calling 

Thimble’s hardware store insurance offers a business owner’s policy and workers compensation insurance. This company’s BOP consists of a $1 million-$2 million general liability coverage and $25,000-$500,000 commercial property coverage with numerous add-ons automatically included. Note that you can’t apply for a BOP if you’re leasing the brick and mortar store of your hardware business. 

Another thing, in case you need short-term coverage, Thimble offers a $1 million-$2 million general liability policy that lasts for hours, days, weeks, or months. Moreover, you might find this company’s events insurance package enticing.  

Best for: On-demand coverage for hardware stores and short-term general liability insurance

Average cost: $40 per month

Our rating: 9/10


Hiscox Hardware Store Insurance

Pros

  • Worldwide liability coverage

  • Automatic policy renewal

  • Quickly modify the limits and upgrades to your hardware store insurance package

  • Sells the short-term general liability insurance of Thimble 

Cons

  • Doesn’t sell general liability and commercial property insurance as stand-alone policies online 

Hiscox’s hardware store insurance package offers a business owner’s policy and cyber liability insurance. This company’s BOP features a general liability coverage with a $300,000 per occurrence limit and a $300,000-$2 million aggregate limit. The commercial property coverage, on the other hand, has a $25,000 minimum limit. Finally, this company’s stand-alone cyber liability insurance comes with a terrorism coverage. Hiscox doesn’t state how much the limits are. 

Best for: Hardware store insurance with automatic renewal

Average cost: $41 per month

Our rating: 10/10


AmTrust Financial Hardware Store Insurance

Pros

  • 24/7 claims reporting and online chat services

  • Large network of insurance agents

  • 10% discount on BOP available for workers’ compensation customers

  • Online quotes available

Cons

  • The company’s AM Best financial rating lowered from A+ to A-

AmTrust is a large insurance provider that partners with insurance brokers that can help you compare quotes from various providers to ensure you get the proper insurance for your business. Besides, the company provides a Commercial Package Policy (CPP) to selected agents, which you can leverage if you operate a large hardware store with multiple locations. A CPP includes all BOP policies, as well as machinery insurance, cybersecurity liability, inland marine insurance, and employment practices liability. 

The company also provides a 10% discount to customers who purchase workers’ compensation. Finally, it’s worth noting that AmTrust had an A+ AM Best rating for financial stability, but it was downgraded to A- (Excellent). Nonetheless, AmTrust is still financially stable and quickly pays out the claims of its policyholders. 

Best for: Small hardware stores

Average cost: $49 per month 

Our rating: 8/10

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