Simply Business is pleased to provide tailored insurance options from:
Running a store isn’t for the faint of heart. It takes perseverance, a willingness to work long hours, and a knack for customer service. It takes the right insurance coverage too.
Whether you own a gift shop, a toy store, or an antique business, all types of people will walk through your shop’s front door. The moment they do, your business needs protection from potential accidents and property damage. At Simply Business, we can help you find top-of-the-line, yet affordable, insurance to cover your retail venture. That way, you can focus on growing your business and serving customers as they shop.
When we refer to “Retail Insurance,” we mean any one or combination of multiple business insurance policies that will help cover a retail shop business. We’ll get into more detail below.
Sold on getting a policy? Let’s get started!
When you think of business insurance, chances are general liability insurance (GL insurance) comes to mind. This policy can cover you if there’s a third-party accident, injury, or property damage at your store. In fact, many building owners require you to have general liability insurance before signing a lease.
It’s easy to see why general liability insurance is so important. Let’s say a customer walks in your front door and trips over one of your product displays. If your customer is seriously injured, you may be on the hook to pay for medical bills and more. This could add up to hundreds or even thousands of dollars in damage. But with GL insurance coverage, your business is safer.
Here’s what you can expect in general liability coverage:
Here’s what general liability insurance usually doesn’t cover:
It’s possible you work solo, but most store owners have one or more employees. And if you do, you may need workers’ compensation insurance. In most U.S. states, it’s legally required — and for good reason. Workers’ compensation insurance can help protect you if an employee gets sick or injured on the job. Without insurance, you could be responsible for paying for their medical bills, job rehabilitation, time off work, and more. With the right insurance coverage, though, your policy could help pay for these costs.
For example, most workers’ compensation policies typically cover:
Workers’ compensation usually doesn’t cover:
If you’re a general retailer, it’s generally a good idea to protect your store’s inventory, furniture, tools, and equipment. Imagine if your store was burglarized or if items were damaged or destroyed. It could close your shop down, possibly for good.
Fortunately, business personal property insurance is there to protect the items and assets you need to run your business. Purchasing business personal property insurance is a smart way to enhance your general liability coverage and secure your business even more.
For example, personal property insurance usually covers:
A University of Maryland study found that a hacker attacks every 39 seconds on average. Sooner or later, it’s something just about every business owner is likely to run up against.
There’s a good chance small businesses like yours don’t have the IT resources and sophisticated cyber defenses of larger companies. That can make you an easier target for cybercriminals.
While firewalls and anti-virus software are good, they’re not perfect. Even if just one cyberattack is successful, the financial damage could be tens of thousands of dollars. That’s why we think you should consider adding cyber insurance to your general retailer coverage. It can help cover many of those costs.
Cyber insurance usually covers:
Cyber liability insurance usually does not cover:
Running your own business, and especially a retail shop, isn’t for the faint of heart. It takes hard work, commitment, and usually quite a few working hours. Whether you’ve owned a shop for a few years or you just began a new venture, you want to protect your business for years to come.
General liability insurance, including business personal property coverage, as well as workers’ compensation, can keep your shop open and running. Imagine if an injured or unhappy customer files a claim against your business. Depending on the claim, it could cost you thousands of dollars.
In fact, here are examples of some of the most common small business claims and how much they could cost:
Having a strong business insurance policy can also help you lease a storefront, rent equipment, and even hire new employees. Depending on your business, it also can attract new customers. In fact, many small business owners request a Certificate of Insurance from us. This important document provides proof to customers, vendors, and other business owners that you’re covered by an insurance policy.
It depends on where your store is located, as well as the type of store you run. Some states and local municipalities require you to carry business insurance. If you have employees, your state may require you to purchase workers’ compensation insurance, in the event an employee gets injured or sick on the job.
Most likely, yes! But it’s a good idea to consult with a tax professional or an accountant first. Often, business insurance premiums can be deducted on your income tax return.
There’s no one-size-fits-all answer here. Every retail shop owner has unique needs — and that includes insurance. It depends on how you run your business, if you have employees (and how many), and several other factors, such as:
When you fill out Simply Business’s online quote form, our insurance professionals will help you find the right amount of coverage for your retail business.
And if you have questions? A Simply Business licensed insurance agent can help. We're just a phone call away at 844-654-7272.
We want to make purchasing business insurance as fast and easy as possible. To help the process go smoothly, it helps to have the following information on hand before you begin requesting a quote:
Business insurance for retail shops might include a variety of different policy types. Your coverage, therefore, will depend on the policies you carry. If you have general liability insurance, business property insurance, and workers’ compensation insurance your coverage could protect your business against:
The cost of business insurance typically varies. It depends on a few factors, such as if you have employees, the location of your business, and what you’re selling. Generally speaking, the cost of a policy depends on:
We can help you find GL policies for as low as $22.13 per month.*
If you want to know what business insurance for general retailers might cost, check out our online quote form. It’s simple and fast to compare quotes. In fact, you might just get coverage today!
Having what your customers need and want can be a key to a successful retail store. We have the same belief about business insurance. We work to make getting business insurance fast, easy, and affordable. Thousands of small business owners all over the country trust us to protect their growing companies.
Our online quote tool makes it easy to find and compare free quotes from some of the best insurance companies around.
Choosing Simply Business is a simple choice. Here’s why.
We’re fast and affordable. It’s our goal to make getting insurance hassle-free. When you work with us, you can feel confident that you’re getting the right coverage at the right price.
We’re flexible with coverage. We understand that your business needs may change. If this happens, just give us a call, and we can likely adjust your coverage.
We get small business owners. After all, we specialize in small business insurance. We work with small business owners like you every day, so we understand your needs and how to meet them.
We’re trustworthy. You don’t need to worry if an accident or injury happens at your business, or even if you get sued. We’re here for you. Trust us to help cover the costs, so you can get back to doing what you do best.
We make it simple to compare free quotes. You don’t want to spend all day researching insurance. That’s why we offer an online quote form that lets you compare policies and find the right ones for your business.
*Monthly payment calculations (i) do not include initial premium down payment and (ii) may vary by state, insurance provider, and nature of your business. Averages based on April-June 2022 data of 10% of our total policies sold.
content is intended to be used for informational purposes only. It is not intended to provide legal, tax, accounting, investment, or any other form of professional advice.
*Harborway Insurance policies are underwritten by Spinnaker Insurance Company and reinsured by Munich Re, an A+ (Superior) rated insurance carrier by AM Best. Harborway Insurance is a brand name of Harborway Insurance Agency, LLC, a licensed insurance producer in all 50 states and the District of Columbia. California license #6004217.