Ohio Retail Store Insurance (OH) – policies and cost

Retail store Liability Insurance in Ohio  – (OH), is a must have 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 Ohio? 

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 auto body shop that are not selling products, but provide services to the public.

The latter usually has some kind of registered license, and so they need to invest in their own liability insurance in OH. A cashier in Ohio is likely to be younger than the average for the state, and to earn less than the average for Ohio.

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

Retail Store Insurance in Ohio

General statistics

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

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

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

General liability insurance.

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

Professional liability insurance

Every retailers in Ohio will see the need for a policy of at least $10000, and usually choose substantially more when their own sort of business warrants it. In some cases, the insurance company in Ohio gives a discount to include a deductible of a few hundred dollars, to stop the nuisance of frivolous claims.

Product liability insurance

The ideal level of cover in OH, is worked out on the type of inventory that the store provides as well as the value of sales.

Commercial vehicle insurance

Once goods leave your premises in Ohio, your standard insurance stops cover. If you are doing your own distribution with a truck, then you must have specific policy giving you commercial vehicle insurance in Ohio for the vehicle, the driver and the contents.

Commercial insurance

Retail business depends on stock and a physical shop. This means investing your money into premises and goods, and you cannot afford to let this burn. Commercial insurance in Ohio is especially designed to take into account the risks that can end up costing you a lot of money.

Property insurance

Ohio 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 floods 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 OH, 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 Ohio

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

Types of insurance Price range
Property insurance $1293 – $3076
Commercial insurance $919 – $2162
General liability insurance $597 – $1786
Business income insurance $379 – $1028
Public liability insurance $380 – $729
Commercial vehicle insurance $1623 – $3446

Cost of insurance in Ohio 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 Ohio 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 theft than a florist conducting Ohio 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 Ohio?

Almost all retailers in OH, 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 Ohio . As well, insurance in Ohio 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 several 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 Ohio 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

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