Louisiana Retail Store Insurance (LA) – policies and cost

Retail store Liability Insurance in Louisiana  – (LA), is a crucial type of insurance to have for any company who conducts business selling to the public from local shops.

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

What actions do retail stores do in Louisiana? 

But first, a retail store should not to be understood to be a shop. There are many studios 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 mostly has some sort of registered license, and so they need to buy their own liability insurance in LA. A salesperson in Louisiana is likely to be younger than the average for the state, and to earn less than the average for Louisiana.

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

Retail Store Insurance in Louisiana

General statistics

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

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

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

General liability insurance.

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

Professional liability insurance

Almost all retailers in Louisiana will see the need for a policy of at least $10000, and many choose substantially more when their own kind of business warrants it. In some cases, the insurance company in Louisiana gives a discount to include a deductible of a few hundred dollars, to stop the nuisance of frivolous claims.

Product liability insurance

The ideal level of cover in LA, is worked out on the type of inventory that the store sells as well as the value of sales.

Commercial vehicle insurance

Once goods leave your premises in Louisiana, your standard insurance stops cover. If you are doing your own distribution with a van, then you must have special policy giving you commercial vehicle insurance in Louisiana for the vehicle, the driver and the contents.

Commercial insurance

Retail business depends on stock and a physical shop. This means investing your money into premises and goods, and you cannot afford to let this get damaged. Commercial insurance in Louisiana is especially designed to take into account the dangers that can end up costing you a lot of money.

Property insurance

Louisiana 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 storms 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 LA, 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 Louisiana

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

Types of insurance Price range
Commercial vehicle insurance $1818 – $3412
Commercial insurance $1067 – $2483
Public liability insurance $380 – $768
Business income insurance $365 – $1251
General liability insurance $518 – $1693
Property insurance $1174 – $3609

Cost of insurance in Louisiana 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 Louisiana 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 bookstore conducting Louisiana 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 Louisiana?

Every retailers in LA, 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 Louisiana . As well, insurance in Louisiana 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 word “shop” in their definition, but don’t really act as retailers.

For example:

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

A better wording would be if the business sells many 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 community in Louisiana 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