Alabama Retail Store Insurance (AL) – policies and cost

Retail store Liability Insurance in Alabama  – (AL), is an important type of insurance to have for any individual who conducts business selling to the public from local shops.

If you’re a shop owner, you must buy retail store liability insurance, and here’s why! 

What actions do retail stores do in Alabama? 

But first, a outlet should not to be confused with a shop. There are many studios that include the word shop in their name, like repair shop that are not selling products, but provide services to the public.

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The latter usually has some kind of registered license, and so they need to buy their own liability insurance in AL. A salesperson in Alabama is likely to be younger than the average for the state, and to earn less than the average for Alabama.

Retailers deal in public to sell merchandise to the general public for household consumption and so need Small Business insurance in Alabama to cover all possible risks.

Retail Store Insurance in Alabama

General statistics

About 6% of the total labor force in Alabama was engaged in the retail sector in 2020. 

Interesting fact – workers in AL are ten time more likely to find jobs in clothing stores than in appliance stores.

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What are the regular forms of retail store insurance policy types in Alabama? 

General liability insurance.

The normal general liability policy for retail stores in Alabama covers a total of $2 million for the whole year, with a boundary of $1 million for a single submission.

Professional liability insurance

Most retailers in Alabama will see the need for a policy of at least $10000, and usually choose much more when their own sort of business warrants it. In some cases, the insurance company in Alabama gives an incentive to include a deductible of a few hundred dollars, to stop the nuisance of ill-considered claims.

Product liability insurance

The recommended level of cover in AL, is calculated on the type of products that the store markets as well as the value of sales.

Commercial vehicle insurance

Immediately after goods leave your premises in Alabama, your standard insurance stops cover. If you are doing your own distribution with an auto, then you need targeted policy giving you commercial vehicle insurance in Alabama for the vehicle, the driver and the contents.

Commercial insurance

Retail business depends on stock and a physical shop. This means investing your money into premises and goods, and you cannot afford to let this burn. Commercial insurance in Alabama is especially designed to take into account the risks that can end up costing you a lot of money.

Property insurance

Alabama carries special risks when it comes to buildings, and every business must take out the proper cover to protect property and contents. 

As well, the possibility of storms is increasing because of climate change, so every shop owner should take care to get all the protection necessary to cover even the most remote possibility.

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Business Income insurance

There has been a history of ups-and-downs in AL, that have hit retail businesses hard. It is clever to get proper insurance in place before such a calamity occurs, rather than to expect that you can never be hurt.

Average costs of these types of insurance in Alabama

Although every retail business is unique, there are enough examples of standard quotes from insurance companies in Alabama for us to give rough guidelines. Of course, you should always check with an insurance representative of what’s relevant for your business.

The below list is for annual premiums for the main types of insurance retailers need in Alabama.

Types of insurance Price range
Commercial insurance $811 – $2314
General liability insurance $507 – $1662
Public liability insurance $376 – $720
Business income insurance $324 – $1214
Commercial vehicle insurance $1934 – $2962
Property insurance $1243 – $3372

Cost of insurance in Alabama depends on many different factors

Please be aware that the above figures are based on averages for small retail businesses. The size and location of your business in Alabama can have a big impact on the cost, and also the type of trade and inventory will.

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For Example – a liquor store on the high street has a much higher risk of vandalism than a florist conducting Alabama retail sales that is located inside a large mall, so the costs of the insurance will be very different.

FAQ section:

Do you need business insurance in Alabama?

Every retailers in AL, will have to have at least some insurance, covering obligations because they are dealing with the public, and also probably to qualify to be allowed to register with a business license in Alabama . As well, insurance in Alabama is especially designed to take into account the risks that can end up costing you a lot of money.

What is considered a retail store and what is not?

Some businesses use the word “shop” in their definition, but don’t really act as retailers.

For example:

  • dram shop
  • tire shop
  • machine shop
  • repair shop
  • auto repair shop
  • coffee shop
  • auto body shop
  • coffee shop
  • mechanic shop
  • tattoo shop
  • bike shop
  • body shop
  • motorcycle repair shop

A better classification would be if the business sells several of the following to the public:

  • Home living and homeware, trade, and gardening goods.
  • Apparel like babywear, kids, women’s and men’s clothing.
  • Specialty products for narrow sectors, like florists, jewellers.
  • Entertainment, communication, and technology goods.
  • Books, newspapers, magazines and office supplies.
  • Food and beverages as in supermarkets, liquor stores, fruit & vegetable grocers and specialty food stores
  • Sport, recreation, and leisure goods.
  • General retail as in department stores and clothing retailers.

Where to find the right insurance?

In every community in Alabama you will be able to find a qualified insurance agent or broker that can advise you on your best options. Most independent brokers and agents work six days a week, with the following opening times.

Opening Hours:
Monday – 8:30 AM – 6:30 PM
Thursday – 8:30 AM – 6:30 PM
Wednesday – 8:30 AM – 6:30 PM
Thursday – 8:30 AM – 6:30 PM
Friday – 8:30 AM – 6:30 PM
Saturday – 7:30 AM – 1:30 PM

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