Missouri Retail Store Insurance (MO) – policies and cost

Retail store Liability Insurance in Missouri  – (MO), is a must have type of insurance to have for any person who conducts business selling to the public from malls shops.

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

What actions do retail stores do in Missouri? 

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

The latter generally has some type of registered license, and so they need to buy their own liability insurance in MO. A salesperson in Missouri is likely to be younger than the average for the state, and to earn less than the average for Missouri.

Retailers deal in public to sell merchandise to the general public for personal consumption and so need Small Business insurance in Missouri to cover all possible risks.

Retail Store Insurance in Missouri

General statistics

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

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

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

General liability insurance.

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

Professional liability insurance

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

Product liability insurance

The recommended level of cover in MO, is worked out on the type of products that the store sells as well as the level of sales.

Commercial vehicle insurance

Immediately after goods leave your premises in Missouri, your standard insurance stops cover. If you are doing your own deliveries with an auto, then you must have targeted policy giving you commercial vehicle insurance in Missouri 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 burn. Commercial insurance in Missouri is especially designed to take into account the dangers that can end up costing you a lot of money.

Property insurance

Missouri 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 disasters 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 MO, that have hit retail businesses hard. It is wise to get proper protection 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 Missouri

Although every business is unique, there are enough examples of usual quotes from insurance companies in Missouri for us to give rough guidelines. Of course, you should always check with a broker of what’s relevant for your business.

The below list is for annual premiums for the main types of insurance retailers need in Missouri.

Types of insurance Price range
Commercial insurance $971 – $2373
Property insurance $1217 – $3976
Business income insurance $416 – $1361
General liability insurance $505 – $1657
Public liability insurance $314 – $758
Commercial vehicle insurance $1845 – $2753

Cost of insurance in Missouri 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 Missouri 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 vandalism than a babywear shop conducting Missouri 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 Missouri?

Almost all retailers in MO, 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 Missouri . As well, insurance in Missouri 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 phrase “shop” in their definition, but don’t really act as retailers.

For example:

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

A better classification 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 Missouri 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