Arkansas Retail Store Insurance (AR) – policies and cost

Retail store Liability Insurance in Arkansas  – (AR), is an important type of insurance to have for any individual who conducts business selling to the public from street-front shops.

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

What actions do retail stores do in Arkansas? 

But first, a outlet should not to be understood to be 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 repairs to the public.

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

Retailers deal in public to sell merchandise to other businesses for household consumption and so need Small Business insurance in Arkansas to cover all possible risks.

Retail Store Insurance in Arkansas

General statistics

About 6% of the total labor force in Arkansas was employed in the retail sector in 2020. 

Interesting fact – workers in AR are ten time more likely to find jobs in general merchandise stores than in book stores.

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What are the standard forms of retail store insurance policy types in Arkansas? 

General liability insurance.

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

Professional liability insurance

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

Product liability insurance

The ideal level of cover in AR, is calculated on the type of products that the store markets as well as the volume of sales.

Commercial vehicle insurance

As soon as goods leave your premises in Arkansas, your standard insurance stops cover. If you are doing your own deliveries with a van, then you require special policy giving you commercial vehicle insurance in Arkansas 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 walk out the door. Commercial insurance in Arkansas is especially designed to take into account the occurrences that can end up costing you a lot of money.

Property insurance

Arkansas carries special risks when it comes to buildings, and every business must take out the necessary 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 AR, that have hit retail businesses hard. It is wise to get proper cover 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 Arkansas

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

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

Types of insurance Price range
Business income insurance $461 – $1011
Property insurance $1076 – $3938
General liability insurance $588 – $1562
Commercial insurance $825 – $2370
Public liability insurance $377 – $735
Commercial vehicle insurance $1543 – $3495

Cost of insurance in Arkansas 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 Arkansas 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 boosted risk of robbery than a babywear shop conducting Arkansas 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 Arkansas?

Every retailers in AR, 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 Arkansas . As well, insurance in Arkansas is especially designed to take into account the dangers 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:

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

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

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

Where to find the right insurance?

In every town in Arkansas 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