Insuranks
Insuranks

Retail Business Insurance: Insurance for Shops, Retailer & Stores

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Owning a retail store can be a fun and rewarding experience, no matter what type of product you're selling. Whether you're renting a small kiosk in your local mall selling baked goods or renting a 10,000-square-foot inline retail space for a larger store, almost every shopping center will require you to maintain a retail business insurance policy.

Retail insurance policies may vary from one state to another, depending on local insurance regulations, the requirements of the shopping center, and, of course, your own individual needs as a business. The overall point of a business insurance policy is simple- to protect your business from all sorts of financial risks, provide it a financial safety net, and protect your customers against unpredictable events such as injury, theft, damage, and other miscellaneous claims.

Hopefully, business owners will rarely or never have to file an insurance claim. However, on the off chance that you do, your insurance for shops can potentially save you tens of thousands of dollars!

In this article, we're going to answer some of the most frequently asked questions regarding retail store insurance, break down the most common types of coverage that retail businesses may need, and review the top three best retail insurance companies. Let's dive in!


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Retail Store Insurance FAQs

Before we get into the more technical aspects of retailer insurance, let's take a few minutes to address some of the more common questions and concerns asked by those shopping for retail shop insurance as well as online retailer insurance.

What Insurance Do You Need For A Shop?

Most shopping centers require their retailers to have a general liability insurance policy. These policies are designed to protect the store owners (and the shopping center owners) against any claims made by customers. They cover "general" accidents and issues such as customers slipping and falling, tables/displays causing injury, and others.

If you have a higher-end retail store, then you also may want to consider some form of theft insurance. Or, if you own the building your store is located in, then you may also want property damage insurance.

Do Retail Stores Have Insurance For Theft?

Yes! If you have a lot of expensive goods in your store, or think that your store may eventually have a problem with theft, then you might want to consider purchasing additional theft insurance for your retail store.

Is There Special Online Retailer Insurance?

If you own an online business, then you could benefit from having a small general liability policy or a product liability policy. These policies will protect your business in the event that you receive a claim that your products caused injury or property damage to the customer.

How Much Does Retail Insurance Cost?

The average cost of retail insurance in the United States is $500 per year, which equates to around $40 per month. Of course, this can vary significantly depending on the type of business, the size of the business, and what type of retail establishment you have. For example, if you're selling used [Ferrari's] your insurance will probably be a lot higher than if you're selling t-shirts.

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Here are the most common types of retail business insurance products that you'll be able to choose from when you're comparing quotes from different insurance companies.

General Liability Insurance Coverage

General liability coverage covers any complaints and claims that your customers may make regarding their health and safety, injuries, or damage to themselves or their personal property that can be traced back to you or your business. This type of coverage is generally thought of as a "cover all" type of policy.

Property Damage Insurance

If you're renting a space, then you may not need to worry about this type of insurance coverage. However, if you own your own retail space, then you may need to consider purchasing property damage insurance in addition to your liability policy. This policy will cover any damage to your storefront caused by natural disasters, severe weather, looting/rioting, and even flooding or electrical fires caused from within.

Workers' Compensation

If your retail store employs more than four team members, then most states legally require you to maintain workers' compensation insurance. This provides coverage if your employees are injured on the job.

Best Retail Insurance Companies

Now that you have a better understanding of how business retail insurance works, we're going to introduce you to 3 of theĀ best retail insurance companies so you can identify them when you compare retailer insurance quotes online through this page.

State Farm Retail Insurance

Pros

  • Agents across the country in every state.

  • Simple liability policies in increments of $1 million.

  • Multiple types of coverage and endorsements available.

Cons

  • Most agents can't handle claims across state lines.

  • Customer service and pricing may not be consistent from one state to another.

Average Cost

The average cost of State Farm retail insurance is $1,169 per year.

Best For

Local retail businesses that operate within state lines.

The Hartford Retail Insurance

Pros

  • Largest workers' compensation insurer in the nation.

  • Offer great discounts for bundling business insurance policies.

  • Large network of healthcare providers for injured workers.

  • Offers city-specific coverage.

Cons

  • The application process can be lengthy and tedious.

  • Business owners cannot file claims online and must speak to agents in-person.

Average Cost

General liability retail insurance from The Hartford costs an average of $1,500 per year.

Best For

Larger retail establishments that have a lot of employees.

Travelers Retail Insurance

Pros

  • Operates in the USA, Canada, and the UK.

  • Top commercial property insurer in the United States.

  • Offers industry-specific retail insurance packages.

Cons

  • Lots of complaints about customer service consistency.

  • Pricing is variable and is not consistent, which means that quotes can vary significantly.

Average Cost

The average cost for retail insurance through Travelers Insurance is around $1,305 per year.

Best For

Since Travelers operates in multiple countries, they're a great insurer for online retail businesses that do business and ship overseas.

Compare Retail Insurance Quotes

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

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