Arizona Retail Store Insurance (AZ) – policies and cost

Retail store Liability Insurance in Arizona  – (AZ), is a must have type of insurance to have for any company who conducts business selling to the public from malls shops.

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

What actions do retail stores do in Arizona? 

But first, a retail store should not to be confused with a shop. There are many studios that include the word shop in their name, like auto body shop that are not selling products, but provide work to the public.

The latter usually has some type of registered license, and so they need to get their own liability insurance in AZ. A cashier in Arizona is likely to be younger than the average for the state, and to earn less than the average for Arizona.

Retailers deal in public to sell merchandise to institutional clients for group consumption and so need Small Business insurance in Arizona to cover all possible risks.

Retail Store Insurance in Arizona

General statistics

About 6% of the total labor force in Arizona was working in the retail sector in 2020. 

Interesting fact – workers in AZ are ten time more likely to find jobs in grocery stores than in florists.

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What are the common forms of retail store insurance policy types in Arizona? 

General liability insurance.

The usual general liability policy for retail stores in Arizona covers a total of $2 million for the whole year, with a upper limit of $1 million for a single claim.

Professional liability insurance

Almost all retailers in Arizona will see the need for a policy of at least $10000, and many choose substantially more when their own type of business warrants it. In some cases, the insurance company in Arizona gives a bonus to include a deductible of a few hundred dollars, to stop the nuisance of frivolous claims.

Product liability insurance

The recommended level of cover in AZ, is dependant on the type of inventory that the store markets as well as the volume of sales.

Commercial vehicle insurance

As soon as goods leave your premises in Arizona, your standard insurance stops cover. If you are doing your own distribution with a van, then you need specific policy giving you commercial vehicle insurance in Arizona for the vehicle, the driver and the contents.

Commercial insurance

Retail business depends on stock and a physical shop. This means tying-up your money into premises and goods, and you cannot afford to let this walk out the door. Commercial insurance in Arizona is especially designed to take into account the dangers that can end up costing you a lot of money.

Property insurance

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

As well, the possibility of disasters is increasing because of climate change, so every merchandiser should take care to get all the cover 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 AZ, 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 Arizona

Although every business is unique, there are enough examples of usual quotes from insurance companies in Arizona for us to give rough guidelines. Of course, you should always check with a broker of what’s relevant for your business.

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

Types of insurance Price range
General liability insurance $451 – $1207
Property insurance $1079 – $3191
Commercial insurance $1020 – $2150
Commercial vehicle insurance $1568 – $2636
Business income insurance $442 – $1134
Public liability insurance $371 – $792

Cost of insurance in Arizona depends on many different factors

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

For Example – a liquor store on the high street has a much different risk of theft than a babywear shop conducting Arizona 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 Arizona?

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

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What is considered a retail store and what is not?

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

For example:

  • auto repair shop
  • repair shop
  • tattoo shop
  • body shop
  • machine shop
  • motorcycle repair shop
  • auto body shop
  • dram shop
  • coffee shop
  • bike shop
  • tire shop
  • coffee shop
  • mechanic 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 Arizona 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 – 8:00 AM – 6:00 PM
Thursday – 8:00 AM – 6:00 PM
Wednesday – 8:00 AM – 6:00 PM
Thursday – 8:00 AM – 6:00 PM
Friday – 8:00 AM – 6:00 PM
Saturday – 7:00 AM – 1:00 PM
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