Retail Insurance

Whether you are running a clothing store, antique shop, or bookstore we know you have a lot on your plate and thinking about insurance may not be on top of your to do list.

 

Having retail insurance protects you and your small business from potential liabilities and claims. With all the hard work you put into your store, having the right insurance will give you protection and peace of mind. 

 

Jump To:

• What Is Retail Insurance?

• Who Needs Retail Insurance? 

• What Types of Insurance Do Retail Businesses Need?

• How Much Does Retail Insurance Cost? 

• FAQs

• Explore Your Coverage Options Today!

What is Retail Insurance?

Retail insurance is a type of business insurance that protects small business shop owners from potential risks and liabilities such as:

 

• Theft
• Vandalism
• Inventory damage
• Customer accidents and injury 
• Employee-related claims 

It may not seem like there are a lot of risks involved in owning or operating a small retail shop, but it only takes one major incident to cause a store to temporarily shut-down or create major financial issues. Having retail insurance helps to keep your business running when the unexpected occurs.

Who Needs Retail Insurance?

If you own or operate a physical store that sells products and/or offers services, having retail insurance is highly recommended and in some cases required. Not having retail insurance may put you at risk of closing permanently. Below are examples of common small retail businesses:

 

• Gift shops
• Clothing stores
• Flower shops
• Jewelry stores
• Bike shops
• Antique stores
• Thrift/Consignments shops
• Dry Cleaners 

Although there is no official definition of what constitutes a small retail business, it is generally considered a local business, with a handful of employees, and operates much like a “mom and pop” shop. 

 

To explore coverage options, get free quotes and compare plans, click the button below!

 

 

 

What Types of Insurance Do Retail Businesses Need?

The type of insurance you need will largely depend on the nature of the retail business you own or operate, the location, and the replacement cost of products. Although there are no federal or state insurance requirements, you will more than likely need a minimum amount of insurance to be able to operate your business safely and work with others. The following are the most recommended types of insurance for retail businesses: 

 

• General Liability Insurance –  A business insurance policy that protects retailers from claims involving customer injuries (slip-and-fall accidents), property damage, medical and legal costs. 
• Commercial Property Insurance – This type of insurance protects physical assets like equipment, inventory and store premises from theft, fire, vandalism, and natural disasters. It’s important to note that natural disasters are defined differently and dependant on where your business is located. It may require a separate policy altogether.
• Business Owner’s Policy (BOP) – The policy bundles general liability and commercial property insurance for cost savings. You will more than likely have a BOP policy since it will save you money in the long run.
• Workers’ Compensation Insurance – If you have employees, it is generally required in most states to have worker’s compensation insurance. This type of insurance covers medical expenses and lost wages for employees injured on the job. Having worker’s compensation is a smart investment to protect you from lawsuits brought on by employees.
• Product Liability Insurance – This insurance protects you against claims that a product caused injury or harm to a customer.
• Business Interruption Insurance – In the event you have to close your business temporarily due to say a fire or a water pipe burst, business interruption insurance will cover lost income, rent, and payroll. 
• Health Insurance: While growing your retail business is important, protecting your health is just as crucial. Individual health insurance is ideal for independent retailers, while group plans suit those with employees. Most policies cover doctor visits, prescriptions, hospital stays, and preventive care, ensuring you stay healthy and ready for the job.

Something else to consider having on file is a Certificate of Insurance or COI. A certificate of insurance is generally a one page letter summarizing the types of insurance you have, effective policy dates, coverage limits, contact information for the insurance company, and your mailing address. Your insurance company can usually produce this document within 1-2 business days and in some cases instantly online. 

How Much Does Retail Insurance Cost?

There are various factors that determine the cost of retail insurance. The most common ones are location, type of business, and coverage limits. The more assets you have to protect, the more insurance you will need. Below is an example of what you can expect to pay on average per month and annually:

 

Type of Insurance	Estimated Monthly Cost	Estimated Annual Cost
General Liability Insurance	$40-$100	$500-$1200
Commercial Property Insurance	$50-$200	$600-$2400
Business Owner’s Policy (BOP)	$80-$200	$1,000- $2,500
Worker’s Compensation	$50-$200 per employee	$600-$2400 per employee
Product Liability	$50- $150	$600-$1,800
Business Interruption	$40- $130	$500- $1500

FAQs

What factors affect small business insurance costs?

The most important factors to consider for small business insurance costs are:

 

• Business size
• Industry Type 
• Location
• Claims history
• Number of employees

Do home-based businesses need insurance?

Yes! You may start building your business from your home, but it’s important to remember that homeowners’ insurance does not cover business-related claims. You will need to consider a business owner policy. 

 

How do I choose the right provider?

At EZ.Insure we can help you compare coverage, costs and any other questions you may have to help find the right coverage for your business.

Protect Your Small Business Today with EZ.Insure!

Running a small business is no small feat and finding the right insurance to protect all your hard work doesn’t have to be another hurdle you need to jump through. At EZ.Insure we have dedicated insurance professionals ready to help you find the right coverage for your needs at a cost that works within your budget. 

 

To get started, just click the button below or give us a call at 844-770-0876.