Retail businesses we insure
Top insurance policies for retail stores
Business insurance can help your retail store recover quickly from a costly burglary, fire, or breach of customer data. These insurance policies protect against the most common risks in the retail industry.
Business owner's policy
A business owner's policy, or BOP, combines general liability coverage and commercial property insurance at a discount. Small retail shops are often eligible for this bundle.
- Slip-and-fall injuries
- Damage to a customer's property
- Business property damage and theft
General liability insurance
A general liability insurance policy defends against third-party lawsuits from accidents. For example, a customer slips on a wet floor at a florist’s shop and suffers an injury, or breaks their smartphone in the fall.
- Customer bodily injuries
- Accidental damage to a customer's property
- Advertising injuries, like copyright infringement
Workers' comp insurance
Workers' compensation insurance protects retail stores and sole proprietors from work-related medical bills that health insurance won't cover. Most states require this coverage for your employees.
- Medical expenses from workplace accidents
- Disability benefits for injured workers
- Legal costs from work injuries
Cyber insurance
This policy protects small business owners against costly cyberattacks and data breaches. It's also called cyber liability insurance or cybersecurity insurance.
- Data breach investigations
- Customer notification costs
- Fraud monitoring services
Commercial umbrella insurance
This policy covers the most costly lawsuits that exceed the limits on your general liability, commercial auto, or employer's liability insurance. It activates when the underlying policy reaches its limit.
- Customer injuries
- Auto accidents
- Employee injuries
Commercial auto insurance
Almost every state requires commercial auto insurance for vehicles owned by a retail store. It covers costs in the event of an accident involving a delivery truck or other company vehicle.
- Legal fees from an auto accident
- Vehicle vandalism
- Vehicle theft
Retail store insurance costs
From our customer data, here's a quick look at average retail insurance costs:
General liability: $42 per month
Business owner's policy: $95 per month
Workers' compensation: $86 per month
Factors that can influence your premiums include:
- Type of business, such as e-commerce or brick and mortar, like a convenience store
- Products you sell, such as clothing, flowers, furniture, or cosmetics
- Number of employees
- Value of your business property
- Types of insurance purchased
- Deductibles and coverage options
- Claims history
How do I get retail business insurance?
TechInsurance helps you get insured quickly so you can comply with state laws, qualify for leases and loans, and protect your business against costly lawsuits and accidents. We work only with top-rated insurance companies to secure the best possible coverage for your retail store.
You can get the right insurance in three simple steps:
- Fill out our easy online application with your business details.
- Compare free quotes from our trusted partners.
- Pay for a policy and download your certificate of insurance (COI).
Our licensed insurance agents know the retail industry and will help you find coverage that matches your specific insurance needs. Gain peace of mind with advice from expert agents and policies from the leading carriers in the nation.
Hear from business owners like you who purchased insurance coverage.
Common questions about business insurance for retail stores
Find answers to frequently asked questions about retail insurance policies.
Will property insurance cover my retail store if it's forced to close temporarily?
Yes, the business interruption insurance included in many commercial property policies and business owner's policies covers temporary closures. You might also see this coverage called business income insurance.
If a fire, storm, or other covered event forces your business to close, business interruption insurance can help pay for employee wages, loss of income, and day-to-day operating expenses. You can also buy extra expense insurance to cover additional costs. For example, you might need to lease a piece of equipment or hire interim employees.
If your property insurance doesn't already include business interruption insurance, you can usually purchase it as an endorsement. The money you lose while your store is closed could end up costing even more than the damage itself, which is why this coverage is so important.
Is my retail business required to have product liability insurance?
Yes, product liability insurance is a key coverage for every retailer, big and small. Here's why:
- Any business that touches a product can be held liable. A customer harmed by a product can file a lawsuit against any business in the supply chain, including the seller. That means you could end up paying legal defense costs for a product defect or labeling error that wasn't your fault.
- Product liability claims are expensive. Product-related injuries are extremely expensive, costing an estimated $12 billion annually. A lawsuit of that scale could financially damage your retail store to the point of permanent closure.
- Insurance is required for certain products. State laws can require the sellers of some products, such as cannabis, to carry product liability insurance.
Product liability insurance is included in most general liability and business owner's policies. You can buy it as standalone coverage if it's not included in your policy, along with product recall insurance to cover the cost of recalling a potentially harmful product.
Is shoplifting covered by commercial property insurance?
Yes, shoplifting and burglaries are covered by commercial property insurance (included in a BOP). But your policy only protects against crimes committed by people outside your business. Retailers should also consider employee dishonesty coverage, such as:
- Commercial crime insurance protects your business in the event of employee theft, such as a salesperson who steals from the cash register or pockets jewelry from a display case. You can usually add it to your property insurance.
- Fidelity bonds protect your customers from the acts of dishonest employees, such as identity theft or an unauthorized electronic funds transfer. Unlike insurance, the bond reimbursement for the amount that is stolen must be paid back to the company that issued the bond.
What other insurance coverage do retailers need?
The following types of coverage protect against other risks that could damage a retail business:
- Commercial property insurance: Best purchased in a business owner's policy, commercial property insurance protects your inventory, cash register, and other business property from theft, fire, and similar incidents.
- Professional liability insurance: If your retail business provides professional services or advice, then you should consider this coverage. It covers professional negligence claims, such as an accusation that your store failed to deliver promised items to an event.
- Equipment breakdown coverage: This covers specialized equipment that suffers a failure due to uncontrollable circumstances, such as a recently purchased POS system that stops working suddenly.
- Electronic data processing (EDP) insurance: When a power surge or other event destroys the data in your computer systems, this policy covers any related financial losses.
- Hired and non-owned auto insurance (HNOA): Retailers who drive personal, rented, or leased vehicles for business purposes should carry this coverage, as a personal auto policy won't cover accidents that happen while you're driving for work.
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Business liability insurance is any type of commercial insurance that defends against accusations that your business caused damage, injury, or loss. It's recommended for all small businesses because of the high cost of lawsuits.
Your customers trust your shop for recommendations and quality products. Insurance for computer retail stores can help pay for lawsuits over defective products, data breaches, and other risks.
General liability insurance is included in a business owner's policy (BOP), a cost-saving bundle designed for low-risk businesses. General liability covers bodily injuries, damage to a customer's property, and advertising injuries. A BOP provides the same coverage, along with commercial property insurance.