Minnesota Retail Store Insurance (MN) – policies and cost

Retail store Liability Insurance in Minnesota  – (MN), is an important 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 retailer, you must buy retail store liability insurance, and here’s why! 

What actions do retail stores do in Minnesota? 

But first, a retailer should not to be mistaken for 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 usually has some type of registered license, and so they need to buy their own liability insurance in MN. A salesperson in Minnesota is likely to be younger than the average for the state, and to earn less than the average for Minnesota.

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

Retail Store Insurance in Minnesota

General statistics

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

Interesting fact – workers in MN 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 Minnesota? 

General liability insurance.

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

Professional liability insurance

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

Product liability insurance

The recommended level of cover in MN, is calculated on the type of products that the store provides as well as the level of sales.

Commercial vehicle insurance

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

Commercial insurance

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

Property insurance

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

As well, the possibility of disasters is increasing because of climate change, so every shop owner should take care to get all the protection 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 MN, 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 Minnesota

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

Types of insurance Price range
Commercial vehicle insurance $1843 – $2715
General liability insurance $592 – $1765
Public liability insurance $319 – $655
Property insurance $1338 – $3633
Commercial insurance $1114 – $2101
Business income insurance $422 – $1255

Cost of insurance in Minnesota 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 Minnesota 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 different risk of robbery than a babywear shop conducting Minnesota 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 Minnesota?

Every retailers in MN, 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 Minnesota . As well, insurance in Minnesota 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:

  • 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 many 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 Minnesota 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 – 8:30 AM – 6:30 PM
Thursday – 8:30 AM – 6:30 PM
Wednesday – 8:30 AM – 6:30 PM
Thursday – 8:30 AM – 6:30 PM
Friday – 8:30 AM – 6:30 PM
Saturday – 7:30 AM – 1:30 PM