Montana Retail Store Insurance (MT) – policies and cost

Retail store Liability Insurance in Montana  – (MT), is a crucial 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 Retail store manager, you must buy retail store liability insurance, and here’s why! 

What actions do retail stores do in Montana? 

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 tattoo 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 MT. A first-line supervisor in Montana is likely to be younger than the average for the state, and to earn less than the average for Montana.

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

Retail Store Insurance in Montana

General statistics

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

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

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

General liability insurance.

The average general liability policy for retail stores in Montana 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 Montana will see the need for a policy of at least $10000, and many choose substantially more when their own sort of business warrants it. In some cases, the insurance company in Montana gives a discount 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 MT, is calculated on the type of merchandise that the store provides as well as the volume of sales.

Commercial vehicle insurance

Immediately after goods leave your premises in Montana, your standard insurance stops cover. If you are doing your own issuing with a truck, then you require specific policy giving you commercial vehicle insurance in Montana 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 Montana is especially designed to take into account the occurrences that can end up costing you a lot of money.

Property insurance

Montana 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 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 MT, 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 Montana

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

Types of insurance Price range
Business income insurance $383 – $1336
Commercial vehicle insurance $1586 – $2648
Commercial insurance $925 – $2777
General liability insurance $492 – $1708
Public liability insurance $379 – $781
Property insurance $1346 – $3426

Cost of insurance in Montana 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 Montana 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 theft than a babywear shop conducting Montana 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 Montana?

Almost all retailers in MT, will have to have at least some insurance, covering laws because they are dealing with the public, and also probably to qualify to be allowed to register with a business license in Montana . As well, insurance in Montana is especially designed to take into account the risks 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:

  • 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 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 Montana 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
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