Retail Store Business Insurance
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How much does business insurance cost for retail stores?

Several factors affect the cost of retail business insurance, including your store’s specialty, size, and inventory. Cost estimates are sourced from policies purchased by Insureon customers.

Business owner’s policy icon

Business owner’s policy costs for retail stores

Retailers pay a median premium of about $65 per month, or $790 per year, for a business owner’s policy (BOP). This policy combines general liability insurance with commercial property insurance, typically at a lower rate than if the policies were purchased separately.

A BOP provides financial protection against third-party injuries and property damage, along with damage to your own business property. Because of its increased coverage and affordability, it’s the policy most often recommended by Insureon’s licensed agents.

The cost of a BOP depends on business property value

Among retail businesses that purchase a business owner’s policy with Insureon, 31% pay less than $600 per year and 39% pay between $600 and $1,200 per year. The cost increases with the value of your business property.

Cost of a business owner's policy for retail stores.

Which business owner’s policy limits do retailers choose?

Most retail businesses (93%) buy a business owner’s policy with a $1 million per-occurrence limit and a $2 million aggregate limit.

Your store’s size, specialty, and inventory affect BOP costs

Retail businesses with large premises, such as a drug store with two floors, typically pay more for a business owner's policy than a small store, like a mom-and-pop pet shop. Your store’s specialty and inventory will also affect your premium.

The annual median cost for a convenience store is $1,800, while the median for a pet shop is about $690 – or less than $35 a month. As you can see, the cost varies significantly across professions.

Median annual cost of a business owner's policy for retail stores by profession.

Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's business owner's policy cost analysis page.

General liability insurance icon

General liability insurance costs for retailers

Retail storeowners pay a median premium of less than $45 per month, or $500 per year, for general liability insurance. This policy provides financial protection for third-party bodily injuries, third-party property damage, and advertising injuries.

The cost of general liability insurance depends on your risks

Among retail businesses that purchase general liability with Insureon, 32% pay less than $400 per year and 51% pay between $400 and $800 per year. In general, larger shops with more customer interactions have higher risks and pay more for this policy.

Cost of general liability insurance for retail businesses.

Common general liability policy limits for retail businesses

Policy limits determine how much your insurer will pay on covered claims. A per-occurrence limit is the maximum your insurer will pay for a single incident, while an aggregate limit is the maximum your insurer will pay on any claims during your policy period, typically one year.

Most retail businesses choose general liability policies with a $1 million per-occurrence limit and a $2 million aggregate limit. As your small business grows, you may need to expand your policy limits.

Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's general liability insurance cost analysis page.

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Workers’ compensation insurance icon

Workers’ compensation insurance costs for retail stores

The median premium for workers’ compensation insurance is less than $90 per month or $1,070 per year for retail shops. This policy helps cover medical bills and partial lost wages when an employee suffers a work-related injury or illness.

Retail businesses with employees typically must purchase workers' comp to comply with state requirements and avoid penalties. Sole proprietors should also consider buying coverage, as it helps pay for work injury costs that health insurance could exclude.

Workers’ comp costs depend on the number of employees

Among retail businesses that purchase workers’ compensation insurance with Insureon, 25% pay less than $700 per year and 39% pay between $700 and $1,400 per year.

The cost of this policy is determined by the number of employees and their occupational risk, among other factors.

Cost of workers' compensation insurance for retail businesses.

Learn how workers' comp premiums are calculated and more on Insureon's workers' compensation insurance cost analysis page.

Liquor liability insurance icon

Liquor liability insurance costs for retailers

Stores that sell alcohol must buy liquor liability insurance to comply with state dram shop laws. This policy helps cover the cost of lawsuits related to the sale of alcohol.

Retailers pay a median premium for liquor liability insurance of about $20 per month ($255 annually).

Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's liquor liability insurance cost analysis page.

Umbrella / excess liability insurance icon

Commercial umbrella insurance costs for retail stores

Pet supply stores, clothing stores, and other retail businesses pay a median premium of less than $65 per month, or $760 per year, for commercial umbrella insurance. The cost depends on the amount of coverage you buy.

This policy provides extra liability coverage for the most expensive lawsuits. Once an underlying policy’s limit is reached, umbrella insurance boosts coverage on your company’s general liability, commercial auto, or employer’s liability insurance.

Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's umbrella insurance cost analysis page.

Commercial auto insurance icon

Commercial auto insurance costs for retailers

Small businesses pay a median premium of $142 per month or $1,704 per year for commercial auto insurance. Most states require this coverage for business-owned vehicles.

Your premium depends on the value of your vehicles, along with factors like how often they are driven. You'll need to check your state laws to find out minimum requirements for this coverage in your area.

Learn how coverage limits and other factors affect the cost of this policy on Insureon's commercial auto insurance cost analysis page.

Cyber liability insurance icon

Cyber liability insurance costs for retailers

Small businesses pay a median premium of $140 per month, or $1,675 per year, for cyber liability insurance. The cost of this policy depends on how much sensitive information your store handles, and how many employees can access it.

Cyber liability insurance covers costs related to data breaches and cyberattacks. It provides crucial protection for any retailer who handles credit cards or conducts business online.

Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's cyber liability insurance cost analysis page.

Get free quotes fast and buy online with Insureon

Insureon’s retail business insurance agents work with top-rated U.S. carriers to find affordable coverage that fits your business. Apply today to compare quotes with one free online application. Work with an account manager specializing in the unique risks of convenience stores, electronics stores, smoke shops, and pet stores.

Updated: May 3, 2022
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