North Dakota Retail Store Insurance (ND) – policies and cost

Retail store Liability Insurance in North Dakota  – (ND), is an important type of insurance to have for any company who conducts business selling to the public from street-front shops.

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

What actions do retail stores do in North Dakota? 

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

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

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

Retail Store Insurance in North Dakota

General statistics

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

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

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

General liability insurance.

The usual general liability policy for retail stores in North Dakota covers a total of $2 million for the whole year, with a cap of $1 million for a single submission.

Professional liability insurance

Most retailers in North Dakota will see the need for a policy of at least $10000, and usually choose considerably more when their own type of business warrants it. In some cases, the insurance company in North Dakota 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 ND, is dependant on the type of inventory that the store sells as well as the level of sales.

Commercial vehicle insurance

As soon as goods leave your premises in North Dakota, your standard insurance stops cover. If you are doing your own issuing with a van, then you require special policy giving you commercial vehicle insurance in North Dakota 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 walk out the door. Commercial insurance in North Dakota is especially designed to take into account the occurrences that can end up costing you a lot of money.

Property insurance

North Dakota carries special risks when it comes to buildings, and any 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 retailer 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 ND, that have hit retail businesses hard. It is advantageous to get proper insurance 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 North Dakota

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

Types of insurance Price range
Business income insurance $351 – $1161
General liability insurance $585 – $1634
Commercial insurance $1179 – $2531
Commercial vehicle insurance $1555 – $2683
Property insurance $1120 – $3681
Public liability insurance $327 – $763

Cost of insurance in North Dakota 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 North Dakota 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 North Dakota 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 North Dakota?

Most retailers in ND, 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 North Dakota . As well, insurance in North Dakota 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 word “shop” in their definition, but don’t really act as retailers.

For example:

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

A better wording would be if the business sells at least one of the following to the public:

  • Food and beverages as in supermarkets, liquor stores, fruit & vegetable grocers and specialty food stores
  • Sport, recreation, and leisure goods.
  • Entertainment, communication, and technology goods.
  • Apparel like babywear, kids, women’s and men’s clothing.
  • Specialty products for narrow sectors, like florists, jewellers.
  • General retail as in department stores and clothing retailers.
  • Books, newspapers, magazines and office supplies.
  • Home living and homeware, trade, and gardening goods.

Where to find the right insurance?

In every town in North Dakota 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