Insurance for Retail


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There may be no other industry as diverse as retail. These stores sell everything from candy to clothing, furniture to flowers, and gasoline to gifts. But, all businesses in this industry have two things in common - they conveniently connect us to the products we need, and they need to protect their business with insurance.


Top Risks for Retail Businesses

insurance risks for retail business - injury to employees, theft/damage, injury to customers, inventory damage

“Do I need Workers’ Compensation insurance?”

The short answer is yes. Nearly every state in the U.S. requires you to carry Workers’ Compensation insurance; most require it as soon as you hire your first employee (sometimes even part time or temporary employees). That being said, each state’s stipulations are a bit different, so if you’re not sure, check out our state guides: Workers’ Compensation Laws and Regulations by State.

Even when insurance is not required by law, we strongly encourage you to carry Workers’ Comp if you have any employees at all because you’re still liable for the cost of work related injuries and illness, which can be substantial. According to the National Safety Council, the average occupational injury or death costs $33,355. According to the Bureau of Labor Statistics, the median days away from work due to a non-fatal occupational injury/illness is 8 days.
money for insurance
money for insurance
Real Life Example: One of the most common claims with retail business is for a slip/trip and fall. Your employees are often asked to do a variety of tasks, and in their hustle to work hard, they could fall and injure themselves. Workers’ Comp insurance can cover medical bills and rehabilitation.


“Do I need General Liability insurance?”

While the law doesn’t require General Liability insurance coverage, it’d be downright reckless to not carry it. Virtually every type of business needs some kind of liability insurance coverage (in fact, it’s often the first insurance coverage purchased for a new business). Many times, clients or property managers require you to carry general liability insurance so they feel reassured that everything will be ok in the case of an accident, property damage, or a lawsuit.

Real Life Example: While in your store, a customer trips and injures their arm, resulting in medical expenses. General Liability can help cover legal/damages expenses.


“Do I need Property insurance?”

You may not own the building/location you do business in (many businesses don’t), but property insurance can help you cover the other assets connected with your physical place of business, such as the equipment you use to do business (machinery, computers, furniture, etc). Your landlord’s policy likely doesn’t cover its tenants’ losses, so make sure you know if you’re covered. Losses from a theft or natural disaster could easily cost you tens of thousands of dollars.

Real Life Example: In retail, your location is often critical to your ability to do business. In the event of theft, vandalism, or even a disaster like a fire that wipes out your inventory, your property insurance can help cover the cost of replacing these assets as well as repair costs of damage.


How do I get the best insurance rates?

Really the only way to know you’re getting the best rates is to shop around and compare rates. Not to brag, but that’s what we do best!

Here's the shameless plug because we want to make life easier on you - Talage just asks you for your business information once and then we do the heavy lifting of shopping our A-rated insurance company partners so that we can provide you with multiple quotes online right away. Then you get to see what these companies are offering their coverage for and choose the best policy for you. Often times, this means you also choose the one that offers great coverage at less cost. You get to see the prices and decide for yourself!

If you’re ready, you can shop for quotes right now. Our average applicant only takes 10 minutes from application to policy selection. You don't need to spend weeks shopping for insurance. Check “shop for insurance” off your list so you can get back to running your business.


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