Mississippi Retail Store Insurance (MS) – policies and cost

Retail store Liability Insurance in Mississippi  – (MS), 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 retailer, you should buy retail store liability insurance, and here’s why! 

What actions do retail stores do in Mississippi? 

But first, a retailer should not to be mistaken for a shop. There are many workrooms 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 type of registered license, and so they need to get their own liability insurance in MS. A cashier in Mississippi is likely to be younger than the average for the state, and to earn less than the average for Mississippi.

Retailers deal in public to sell merchandise to institutional clients for household consumption and so need Small Business insurance in Mississippi to cover all possible risks.

Retail Store Insurance in Mississippi

General statistics

About 6% of the total labor force in Mississippi was employed in the retail sector in 2020. 

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

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

General liability insurance.

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

Professional liability insurance

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

Product liability insurance

The ideal level of cover in MS, is calculated on the type of inventory that the store sells as well as the volume of sales.

Commercial vehicle insurance

As soon as goods leave your premises in Mississippi, your standard insurance stops cover. If you are doing your own distribution with a van, then you must have specific policy giving you commercial vehicle insurance in Mississippi 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 Mississippi is especially designed to take into account the risks that can end up costing you a lot of money.

Property insurance

Mississippi carries special risks when it comes to buildings, and every business must take out the appropriate 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 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 MS, that have hit retail businesses hard. It is wise 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 Mississippi

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

Types of insurance Price range
Property insurance $1126 – $3664
Commercial vehicle insurance $1857 – $3020
Commercial insurance $1101 – $2738
Business income insurance $389 – $1276
General liability insurance $576 – $1786
Public liability insurance $397 – $657

Cost of insurance in Mississippi 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 Mississippi 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 Mississippi 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 Mississippi?

Every retailers in MS, 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 Mississippi . As well, insurance in Mississippi 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:

  • 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 classification would be if the business sells at least one 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 city in Mississippi 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