Maryland Retail Store Insurance (MD) – policies and cost

Retail store Liability Insurance in Maryland  – (MD), is an important type of insurance to have for any individual who conducts business selling to the public from street-front shops.

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If you’re a retailer, you should buy retail store liability insurance, and here’s why! 

What actions do retail stores do in Maryland? 

But first, a retail store should not to be understood to be 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 services to the public.

The latter usually has some sort of registered license, and so they need to buy their own liability insurance in MD. A cashier in Maryland is likely to be younger than the average for the state, and to earn less than the average for Maryland.

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

Retail Store Insurance in Maryland

General statistics

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

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

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

General liability insurance.

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

Professional liability insurance

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

Product liability insurance

The standard level of cover in MD, is calculated on the type of merchandise that the store markets as well as the level of sales.

Commercial vehicle insurance

As soon as goods leave your premises in Maryland, 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 Maryland 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 walk out the door. Commercial insurance in Maryland is especially designed to take into account the dangers that can end up costing you a lot of money.

Property insurance

Maryland carries special risks when it comes to buildings, and any business must take out the proper cover to protect property and contents. 

As well, the possibility of storms is increasing because of climate change, so every retailer 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 MD, that have hit retail businesses hard. It is advantageous 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 Maryland

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

Types of insurance Price range
Commercial vehicle insurance $1620 – $2648
Business income insurance $334 – $1277
Property insurance $1201 – $3517
Commercial insurance $834 – $2271
General liability insurance $550 – $1237
Public liability insurance $337 – $654

Cost of insurance in Maryland 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 Maryland 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 robbery than a babywear shop conducting Maryland 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 Maryland?

Almost all retailers in MD, 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 Maryland . As well, insurance in Maryland 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:

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

A better classification would be if the business sells several of the following to the public:

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

Where to find the right insurance?

In every community in Maryland 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