Retail Insurance

Liability insurance for retail stores

Do you run your small business from a physical location? Brick-and-mortar liability insurance is important when you have a physical storefront.

General liability insurance protects the retail business from claims of bodily injury or property damage when customers and other third parties enter the property.

GL benefits include protecting you from the following liability claims:

• Third-party bodily injury
• Property damage
• Libel and slander claims
• Copyright infringement
• Legal fees and court costs

If a customer comes into your store only to slip and fall and hurt themselves, GL will pay their medical costs.

General liability insurance can be around $25/month for a retail store, which is $300/year.

Property insurance for retail stores

Business property insurance covers you if your business property, equipment, and/or inventory is stolen, damaged, or destroyed.

Common cause of damage include:

• Fire
• Wind
• Storms
• Tornadoes
• Hail
• Lightning
• Flooding
• Vandalism

Let’s say a wind storm damages your roof. Property insurance will pay to repair or replace the damaged part of the roof. Without this coverage, you would have to pay for the costs out-of-pocket.

The average cost of property insurance for retail stores hovers around $33/month, which is $396/year.

Workers’ comp for retail shops

Whether you have employees or not, workers’ comp insurance is extremely important when it comes to protection against workplace illnesses or injuries. If you do have employees, odds are you’re legally required to have this policy. Even if you’re not technically mandated to have this coverage, if an accident happens on the job, do you really want to pay for the medical bills personally?

Workers’ comp covers illnesses and injuries that are job-related. If you or an employee require time off work to recover, lost wages can be supplemented.

Learn more about workers’ comp costs.

Business owner’s policy for brick and mortar stores

Think of a business owner’s policy as a way for you to tailor your plan. Usually, it combines general liability with business property insurance. In short, it makes for one simple and cost-effective business insurance policy. Let our experts know what type of coverages you need and we’ll do our best to create a BOP that meets all of your needs. Just fill out this simple form. After that, we’ll show you the best options.

BOP insurance covers:

• Third-party bodily injury
• property damage
• Replacement and repair costs for business property
• Business interruption incidents

BOPs can cost as little as $60/month for retail stores, which amounts to $720/year.

Learn more about business owner’s policy costs.

Retail store cyber insurance

Do you have a plan in place in case someone breaks into your computer and steals your sensitive information? Cyber insurance covers you if you happen to experience a data breach. A cyber policy includes notifying those affected, and paying for legal defense costs.

Cyber benefits include:

• Paying for notification expenses
• Paying for your legal defense
• Paying for court-related costs, judgments, and settlements so you’re not out-of-pocket

The average cost of cyber insurance is $135/month, or $1,620/year.