Indiana Retail Store Insurance (IN) – policies and cost

Retail store Liability Insurance in Indiana  – (IN), 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 shop owner, you should buy retail store liability insurance, and here’s why! 

What actions do retail stores do in Indiana? 

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

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

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

Retail Store Insurance in Indiana

General statistics

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

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

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

General liability insurance.

The average general liability policy for retail stores in Indiana covers a total of $2 million for the whole year, with a upper limit of $1 million for a single submission.

Professional liability insurance

Every retailers in Indiana 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 Indiana gives an incentive to include a deductible of a few hundred dollars, to stop the nuisance of ill-considered claims.

Product liability insurance

The standard level of cover in IN, 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 Indiana, your standard insurance stops cover. If you are doing your own issuing with a truck, then you need special policy giving you commercial vehicle insurance in Indiana 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 Indiana is especially designed to take into account the occurrences that can end up costing you a lot of money.

Property insurance

Indiana carries special risks when it comes to buildings, and any 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 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 IN, that have hit retail businesses hard. It is advantageous 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 Indiana

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

Types of insurance Price range
Business income insurance $355 – $1350
Commercial vehicle insurance $1996 – $2960
Property insurance $1054 – $3391
Commercial insurance $1028 – $2608
Public liability insurance $358 – $638
General liability insurance $536 – $1374

Cost of insurance in Indiana depends on many different factors

Please take note that the above figures are based on averages for small retail businesses. The size and location of your business in Indiana 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 Indiana 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 Indiana?

Almost all retailers in IN, will have to have at least some insurance, covering obligations because they are dealing with the public, and also probably to qualify to be allowed to register with a business license in Indiana . As well, insurance in Indiana 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:

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

A better classification would be if the business sells several 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 city in Indiana 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