Retail Store Insurance Cost
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Retail Store Insurance Cost
A product malfunctions and causes a fire. A customer is injured when a display falls on them. A late-night break-in leaves aisles vandalized and inventory smashed. Retail store insurance can help protect your business against these and many other risks, which is why we believe it’s something every retailer should consider carrying.
Let’s break down retail business insurance costs, what affects the price, and how Simply Business makes getting coverage easier and more affordable.
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Find the information you need quickly
How much does retail insurance typically cost?
What are my coverage options and what do they cost?
How much will I pay for retail insurance?
What affects the cost of retail insurance?
How Much Does Retail Insurance Typically Cost?
Depending on your coverages, retail store owners pay a median price of $50 per month, or $590 per year.
Here’s a snapshot of what our customers typically pay for retail business insurance:
Monthly Retail Insurance Costs1
Under $25
0% of customers
$25 to $95
78% of customers
Over $95
22% of customers
1Data from Simply Business customers specializing as “general merchandise store” who purchased at least one or a combination of general liability, business owners policies, or workers’ comp from July 1, 2024 to December 31, 2024. Reflected price tiers may not include purchase of all available policies under retailer insurance.
What you pay depends on a few key things, including: the products and services you offer; the value of your equipment, fixtures, and other property; where your business is located; and the number of employees you have.
The prices we’ve shown are based on actual policies our customers bought. But getting a great deal isn’t just about the numbers. It’s also about working with someone who gets your business. And because we work with a range of trusted insurers, you’ll see coverage options to match your business, so you can choose a customized package that works for you and your budget.
Coverage Options for Retail Insurance
Workers’ comp
Coverage to help take care of employees who get sick or injured on the job. Most states require this coverage for small businesses with full- or part-time employees. It also can benefit business owners who don’t have employees.
Business Owner’s Policy (BOP)
A package policy that typically bundles three types of small business insurance together: General liability, commercial property, and business Interruption insurance. Additional coverages also can be added to a BOP to match the specific needs of your business.
General liability
A foundational coverage to help handle costs from third-party accidents, property damage, and bodily injury.
How Much Does Workers’ Compensation Insurance Cost?
Retailers pay a median of $109 per month, or $1,305 per year for workers’ comp. Most states require workers’ comp for small businesses with full- or part-time employees –– it can help take care of your crew if they get sick or injured on the job.
Here’s a breakout of what our retail store owners typically pay for workers’ compensation insurance:
Monthly Workers’ Comp Insurance Costs2
Under $150
60% of customers
$150 to $250
20% of customers
Over $250
20% of customers
2Data from Simply Business customers specializing as a “general merchandise store” who purchased a Workers’ Compensation insurance policy from July 1, 2024 to December 31, 2024.
Your workers’ comp premium is calculated based on the number of employees you have, your claims history, and your payroll, among other factors. But most retailers pay under $150 per month.
To learn more about workers’ compensation insurance, check out our helpful workers’ comp cost guide.
How Much Does BOP Insurance Cost?
Retail store owners can expect to pay a median cost of $59 per month, or about $704 per year, for business owner’s policy insurance. This coverage can help handle costs from third-party accidents, property damage, and bodily injury. It also can cover your physical store, equipment, and inventory. A third component of BOP insurance can help if you can’t open your store, as a result of a covered incident.
Here’s a snapshot of what our customers typically pay for business owner’s policy insurance.
Monthly BOP Insurance Costs3
Under $25
0% of customers
$25 to $95
75% of customers
Over $95
25% of customers
3Data from Simply Business customers specializing as “general merchandise store” who purchased a BOP insurance policy from July 1, 2024 to December 31, 2024.
The cost of business property insurance depends on the value of your property, inventory and equipment, and other factors, such as where you do business. But most retailers pay less than $95 per month.
To learn more about this coverage, check out our helpful guide to business owner’s insurance.
How Much Does General Liability Cost?
Based on the general liability policies we’ve sold to retailers, the median cost is $41 per month, or about $495 per year. It’s a coverage many small businesses owners choose as part of their business insurance.
Here’s a snapshot of what our customers typically pay for general liability insurance:
Monthly General Liability Insurance Costs4
Under $25
0% of customers
$25 to $95
89% of customers
Over $95
11% of customers
4Data from Simply Business customers specializing as a “general merchandise store” who purchased a GL insurance policy from July 1, 2024 to December 31, 2024.
What you pay depends on a few key things, including: the type of work you do, the size of your business, and the amount of coverage you choose. But most retail store owners pay under $95 per month for general liability insurance.
To learn more about the cost of general liability insurance, check out our helpful general liability cost guide.
Get a quote for your Retail Store Business Today
What Affects the Cost of Retailer Insurance?
If you’ve searched online for coverage, you’ve likely seen a wide range of prices — with no clear reason why. The truth is there isn’t a set price since the cost depends on several key factors, including:
Type of store you have
Do you sell expensive merchandise, such as jewelry or designer clothing? Do you typically have a lot of foot traffic in your store? Does your inventory require special equipment and storage, such as plants and flowers? What and how much you sell can require different types of insurance to cover potential risks and costs.
Location
Where you work plays a role, as rates can differ by state and city due to local regulations, risk levels, and other factors.
Number of employees
Having more employees typically increases the risk of accidents, which can lead to higher workers’ compensation premiums.
Coverage type & limits
The policies and amount of coverage you choose can affect your overall insurance cost.
Your claims history
Previous claims could push your premium higher, but a clean record could help keep them lower.
Your experience
A business with a good track record can be seen as lower risk, while newer businesses may face higher premiums.
How to Save on Retail Store Insurance
Make sure floor space is free from boxes, packing materials, and other obstructions that could cause injury to a customer or employee. Optimize the store layout to minimize blind spots, improve sightlines, and create clear emergency exit paths, and follow electrical safety procedures.
By looking at prior insurance claims you can put steps in place to prevent future mishaps.
Regularly inspect and maintain equipment like registers, ladders, and carts to ensure they are in good working condition.
Some carriers offer monthly payments, which you can take advantage of to spread the cost out over the year.
Shop around
Simply Business provides customized coverage options from top-rated small business insurers — all in just 10 minutes. We do all the legwork so you can sit back, compare quotes, and save.
Business Insurance Made Better
A one-minute explanation.
Learn how we’re making finding business insurance fast, easy, and affordable — all in just 60 seconds.
Hi there, we’re Simply Business, and small business insurance is what we do. We work with top insurers who specialize in small business coverage—no one-size-fits-all solutions here. We’ve worked with thousands of business owners like you, so we have a good idea of what different businesses need. We get it: you do one web search, and the results can be overwhelming, and not in a good way. We can save you from that. We’re ready when you are. It takes just a few minutes online—enter some information about your business, and some pretty cool technology shops for great coverage at competitive prices in just seconds. You choose and purchase the coverage that works for you. Not to worry, we’ve got licensed insurance pros to help you over the phone. Then we zip your Certificate of Insurance and other policy documents straight to your inbox. That’s how easy it is to insure your business with Simply Business.
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More Retail Insurance FAQs
It’s typically one or more policies that can help handle costs that can result from customer accidents, damage to inventory, taking care of sick or injured employees, and other covered events.
Depending on the policies you choose, retail insurance can cover accidents, damage to your property and inventory, loss of income, and more.
Yes — insurance premiums are usually considered a business expense. But for certain, always check with your accountant.
Whether it’s customers slipping and falling; employees getting hurt; or your store being damaged, unexpected, and unwanted events can happen. Having proper insurance can help financially protect you from paying thousands of dollars to settle a claim, repair damage, or defend yourself in court.
Whether you need coverage depends on your state and if you have employees. But even if it’s not required, we recommend getting insured to financially protect your business. And in some instances, it may be required to lease your store space.
You can get a full quote in about 10 minutes — and an estimate even faster, with just 3 quick questions from us.
The Simply Business Difference
We make small business insurance simple — so you can get covered without the hassle. We’re a digital insurance brokerage. That means we’re not tied to one insurer. Instead, we partner with a range of top-rated carriers. With one easy form, you can compare quotes and choose coverage that fits your business, your risks, and your budget.
No hidden costs. No guesswork. Just clear, affordable options built for small business owners like you — so you can move forward with confidence, knowing you’re not overpaying.
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