Idaho Retail Store Insurance (ID) – policies and cost

Retail store Liability Insurance in Idaho  – (ID), is an important type of insurance to have for any company who conducts business selling to the public from street-front 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 Idaho? 

But first, a retailer should not to be mistaken for a shop. There are many workshops 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 kind of registered license, and so they need to get their own liability insurance in ID. A first-line supervisor in Idaho is likely to be younger than the average for the state, and to earn less than the average for Idaho.

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

Retail Store Insurance in Idaho

General statistics

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

Interesting fact – workers in ID are ten time more likely to find jobs in clothing stores than in book stores.

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

General liability insurance.

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

Professional liability insurance

Every retailers in Idaho 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 Idaho gives a discount to include a deductible of a few hundred dollars, to stop the nuisance of senseless claims.

Product liability insurance

The recommended level of cover in ID, is worked out on the type of products that the store provides as well as the value of sales.

Commercial vehicle insurance

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

Property insurance

Idaho 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 floods is increasing because of climate change, so every merchandiser 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 ID, that have hit retail businesses hard. It is wise 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 Idaho

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

Types of insurance Price range
General liability insurance $565 – $1543
Public liability insurance $350 – $660
Property insurance $1055 – $3171
Commercial vehicle insurance $1825 – $2604
Business income insurance $357 – $1031
Commercial insurance $1045 – $2485

Cost of insurance in Idaho 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 Idaho 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 robbery than a florist conducting Idaho 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 Idaho?

Most retailers in ID, will have to have at least some insurance, covering regulations because they are dealing with the public, and also probably to qualify to be allowed to register with a business license in Idaho . As well, insurance in Idaho 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:

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

A better classification would be if the business sells at least one 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 town in Idaho 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 – 6:30 PM
Thursday – 8:00 AM – 6:30 PM
Wednesday – 8:00 AM – 6:30 PM
Thursday – 8:00 AM – 6:30 PM
Friday – 8:00 AM – 6:30 PM
Saturday – 7:00 AM – 1:30 PM