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.
