Florida Retail Store Insurance (FL) – policies and cost

Retail store Liability Insurance in Florida  – (FL), is a must have type of insurance to have for any person 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 Florida? 

But first, a retailer 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.

The latter mostly has some type of registered license, and so they need to invest in their own liability insurance in FL. A first-line supervisor in Florida is likely to be younger than the average for the state, and to earn less than the average for Florida.

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

Retail Store Insurance in Florida

General statistics

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

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

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

General liability insurance.

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

Professional liability insurance

Most retailers in Florida will see the need for a policy of at least $10000, and usually choose much more when their own kind of business warrants it. In some cases, the insurance company in Florida 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 FL, is dependant on the type of products that the store markets as well as the volume of sales.

Commercial vehicle insurance

Immediately after goods leave your premises in Florida, your standard insurance stops cover. If you are doing your own deliveries with a truck, then you require targeted policy giving you commercial vehicle insurance in Florida 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 Florida is especially designed to take into account the risks that can end up costing you a lot of money.

Property insurance

Florida 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 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 FL, that have hit retail businesses hard. It is clever to get proper protection 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 Florida

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

Types of insurance Price range
Business income insurance $476 – $1333
Property insurance $1304 – $3131
Commercial vehicle insurance $1654 – $3056
Commercial insurance $1184 – $2115
General liability insurance $481 – $1371
Public liability insurance $363 – $601

Cost of insurance in Florida 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 Florida 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 vandalism than a babywear shop conducting Florida 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 Florida?

Every retailers in FL, will have to have at least some insurance, covering regulations because they are dealing with the public, and also probably to qualify to be permitted to register with a business license in Florida . As well, insurance in Florida 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 word “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.
  • General retail as in department stores and clothing retailers.
  • Books, newspapers, magazines and office supplies.
  • Specialty products for narrow sectors, like florists, jewellers.
  • Home living and homeware, trade, and gardening 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
  • Entertainment, communication, and technology goods.

Where to find the right insurance?

In every community in Florida 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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