How much does small retail business insurance cost? Retail business insurance costs fluctuates depending on the type of retail business you own. Below is an informative outline of retail business insurance costs for the retail industry across the nation.
The average cost can be as low as $250 to $450 per year for only business liability insurance. If that same business wants to add business property insurance, then they can often package the insurance into a business owners policy or BOP which can cost as low as $500 per year and up to a few thousand dollars per year depending on the value of property insured and other characteristics of the business.
Once a business adds employees its costs can start to go up. Most states require a business to carry workers compensation insurance if they have any employees at all. Workers compensation can cost as low as a couple hundred dollar per year to tens or even hundreds of thousands of dollar per year for larger operations. If the business owns vehicles then it will need to pay for commercial auto insurance which may cost around $800 per vehicle on average. And if a small business provides professional advice and services then it may need professional liability insurance which can cost as low as $400 per year but on average around $1500 per year.
If you don't find your particular type of retail store above, don't fret. InsuranceTrak can help just about any type of retail business lower their business insurance costs. Give us a call or use our quote box above today so that we can help you find the best retail business insurance cost in the market!
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