Colorado Retail Store Insurance (CO) – policies and cost

Retail store Liability Insurance in Colorado  – (CO), is a crucial 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 Retail store manager, you should buy retail store liability insurance, and here’s why! 

What actions do retail stores do in Colorado? 

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

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

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

Retail Store Insurance in Colorado

General statistics

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

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

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

General liability insurance.

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

Professional liability insurance

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

Product liability insurance

The standard level of cover in CO, is worked out on the type of inventory that the store provides as well as the value of sales.

Commercial vehicle insurance

As soon as goods leave your premises in Colorado, your standard insurance stops cover. If you are doing your own distribution with a van, then you must have specific policy giving you commercial vehicle insurance in Colorado 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 get damaged. Commercial insurance in Colorado is especially designed to take into account the dangers that can end up costing you a lot of money.

Property insurance

Colorado carries special risks when it comes to buildings, and each business must take out the appropriate cover to protect property and contents. 

As well, the possibility of disasters is increasing because of climate change, so every shop owner 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 CO, 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 Colorado

Although every retailer is unique, there are enough examples of usual quotes from insurance companies in Colorado 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 Colorado.

Types of insurance Price range
Business income insurance $418 – $1086
Commercial vehicle insurance $1682 – $2866
Property insurance $1308 – $3154
General liability insurance $578 – $1430
Commercial insurance $1126 – $2424
Public liability insurance $338 – $791

Cost of insurance in Colorado 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 Colorado 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 higher risk of vandalism than a florist conducting Colorado 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 Colorado?

Almost all retailers in CO, will have to have at least some insurance, covering laws because they are dealing with the public, and also probably to qualify to be permitted to register with a business license in Colorado . As well, insurance in Colorado is especially designed to take into account the occurrences 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 title “shop” in their definition, but don’t really act as retailers.

For example:

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

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

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

Where to find the right insurance?

In every community in Colorado 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