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What is Retail Store Insurance?


Buying insurance for your shop is a complex business. From damaged stock to injuries in your store, your inventory, your staff, and your liabilities, there are lots of things you need to consider. Just like any business owner, you want to protect your company, your customers, your staff, and your stock.

We want to help you find the best retail store insurance by giving you useful information about the types of insurance you need to buy for your shop.

What insurance does a retail store need?

As with all business insurance, there are lots of different options if you want to buy insurance for a retail store. Whether you are a chain of stores or a single independent shop, there will be the same foundational insurance policies on offer, along with plenty of additions that can help tailor your coverage to suit your needs.

  1. Business Owner Policy – BOP

The first policy we want to bring to your attention is actually a combined policy that most commercial insurance companies will offer. It typically includes general liability coverage and commercial property coverage; in some cases, business interruption coverage is also included.

If you buy these policies separately, you can expect to pay a little more. By combining them together, you can get coverage for any third-party claims for injury or property damage and business property insurance that protects the physical building, equipment, and inventory, even if it’s leased.

  1. General Liability Coverage

General liability coverage for shops will cover a lot of the most common third-party risks, such as claims for personal injury or property damage. It also provides coverage for advertising injuries and copyright violations, as well.

  1. Business Property Coverage

Buying commercial property coverage for a retail store is essential. It will cover any physical assets, such as your inventory, the building itself, and your equipment. The typical events that are covered include Fire, Windstorms, Theft, Vandalism, and Hail.

  1. Workers Compensation Coverage

A must-have insurance if you employ staff. This means their medical expenses are covered in case they are injured at work, or they develop a work-related illness.

  1. Cyber Liability Insurance

As a retailer, it’s extremely important to make sure you are covered in case of a data breach. For anyone who handles or stores personal information, there is an obligation to protect that data. If things go wrong or the data is compromised, you need to take a number of steps to put things right. Data leakage insurance can help you pay any PR costs, credit monitoring services, fines, legal defense services, and more.

  1. Commercial Auto Insurance

If you are a retailer with company vehicles, then you will need to buy a commercial auto insurance policy.

  1. Inland Marine Insurance

This insurance is for retail stores to cover any goods in transit. It is ideally suited to retailers who need to ship products to their customers. Having inland marine coverage will pay to replace or repair any damaged property.

  1. Jeweler’s Block Insurance Coverage

This is a type of inland marine insurance for jewelry retail stores and pawnbrokers. It provides coverage for the high-value inventory of a jewelry store and covers any customer property, raw materials, and any jewelry which may have been loaned to the store.

  1. Umbrella Insurance for Retail Stores

This is a secondary policy that extends the limits of a standard policy. If your retail store’s general liability coverage limits are capped at $100,000, but the total cost of your legal fees comes to $150,000, then a commercial umbrella insurance policy would pay the difference.

How to Find the Best Retail Store Insurance Options

If you need to buy insurance for any type of store, you should always speak to a commercial insurance expert first. They often have a though understanding of what you need to buy and can offer you their experience and knowledge of the wider insurance marketplace. If you need to get specific items covered and change the standard policy options to suit, they can help you fin the most cost-effective way to buy your retail insurance.


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