New Hampshire Retail Store Insurance (NH) – policies and cost

Retail store Liability Insurance in New Hampshire  – (NH), is a must have type of insurance to have for any person who conducts business selling to the public from street-front shops.

If you’re a shop owner, you have to buy retail store liability insurance, and here’s why! 

What actions do retail stores do in New Hampshire? 

But first, a retail store should not to be understood to be a shop. There are many workrooms that include the word shop in their name, like repair shop that are not selling products, but provide repairs to the public.

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The latter generally has some kind of registered license, and so they need to buy their own liability insurance in NH. A first-line supervisor in New Hampshire is likely to be younger than the average for the state, and to earn less than the average for New Hampshire.

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

Retail Store Insurance in New Hampshire

General statistics

About 6% of the total labor force in New Hampshire was engaged in the retail sector in 2020. 

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

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

General liability insurance.

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

Professional liability insurance

Almost all retailers in New Hampshire will see the need for a policy of at least $10000, and most choose substantially more when their own sort of business warrants it. In some cases, the insurance company in New Hampshire 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 NH, is calculated on the type of inventory that the store markets as well as the value of sales.

Commercial vehicle insurance

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

Property insurance

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

As well, the possibility of storms is increasing because of climate change, so every merchandiser 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 NH, 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 New Hampshire

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

Types of insurance Price range
General liability insurance $501 – $1714
Public liability insurance $339 – $728
Business income insurance $495 – $1032
Property insurance $1306 – $3218
Commercial insurance $1135 – $2319
Commercial vehicle insurance $1818 – $3190

Cost of insurance in New Hampshire 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 New Hampshire can have a big impact on the cost, and also the type of trade and inventory will.

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For Example – a liquor store on the high street has a much higher risk of robbery than a bookstore conducting New Hampshire 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 New Hampshire?

Most retailers in NH, 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 New Hampshire . As well, insurance in New Hampshire is especially designed to take into account the dangers that can end up costing you a lot of money.

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 wording 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 community in New Hampshire 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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