Connecticut Retail Store Insurance (CT) – policies and cost

Retail store Liability Insurance in Connecticut  – (CT), is a must have type of insurance to have for any person who conducts business selling to the public from local shops.

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

What actions do retail stores do in Connecticut? 

But first, a retail store should not to be mistaken for a shop. There are many workshops that include the word shop in their name, like tattoo shop that are not selling products, but provide work to the public.

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

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

Retail Store Insurance in Connecticut

General statistics

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

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

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

General liability insurance.

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

Professional liability insurance

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

Product liability insurance

The standard level of cover in CT, is calculated on the type of merchandise that the store sells as well as the value of sales.

Commercial vehicle insurance

Immediately after goods leave your premises in Connecticut, your standard insurance stops cover. If you are doing your own deliveries with a van, then you must have specific policy giving you commercial vehicle insurance in Connecticut 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 burn. Commercial insurance in Connecticut is especially designed to take into account the occurrences that can end up costing you a lot of money.

Property insurance

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

As well, the possibility of floods is increasing because of climate change, so every shop owner should take care to get all the insurance 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 CT, 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 Connecticut

Although every retail business is unique, there are enough examples of standard quotes from insurance companies in Connecticut 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 Connecticut.

Types of insurance Price range
Commercial insurance $1052 – $2887
Public liability insurance $384 – $605
Property insurance $1183 – $3901
Commercial vehicle insurance $1729 – $3031
General liability insurance $489 – $1548
Business income insurance $362 – $1469

Cost of insurance in Connecticut depends on many different factors

Please remember that the above figures are based on averages for small retail businesses. The size and location of your business in Connecticut 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 theft than a bookstore conducting Connecticut 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 Connecticut?

Most retailers in CT, 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 Connecticut . As well, insurance in Connecticut 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 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 wording would be if the business sells at least one of the following to the public:

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

Where to find the right insurance?

In every city in Connecticut 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