Oklahoma Retail Store Insurance (OK) – policies and cost

Retail store Liability Insurance in Oklahoma  – (OK), 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 retailer, you must buy retail store liability insurance, and here’s why! 

What actions do retail stores do in Oklahoma? 

But first, a retail store should not to be mistaken for a shop. There are many studios that include the word shop in their name, like auto body shop that are not selling products, but provide work to the public.

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

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

Retail Store Insurance in Oklahoma

General statistics

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

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

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

General liability insurance.

The usual general liability policy for retail stores in Oklahoma 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 Oklahoma will see the need for a policy of at least $10000, and many choose considerably more when their own type of business warrants it. In some cases, the insurance company in Oklahoma gives a bonus 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 OK, is dependant on the type of products that the store provides as well as the level of sales.

Commercial vehicle insurance

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

Property insurance

Oklahoma carries special risks when it comes to buildings, and each business must take out the proper 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 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 OK, that have hit retail businesses hard. It is clever 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 Oklahoma

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

Types of insurance Price range
Commercial vehicle insurance $1750 – $2561
Commercial insurance $847 – $2988
Business income insurance $391 – $1097
General liability insurance $598 – $1504
Public liability insurance $331 – $617
Property insurance $1342 – $3788

Cost of insurance in Oklahoma 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 Oklahoma 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 boosted risk of theft than a florist conducting Oklahoma 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 Oklahoma?

Most retailers in OK, will have to have at least some insurance, covering laws because they are dealing with the public, and also probably to qualify to be granted to register with a business license in Oklahoma . As well, insurance in Oklahoma 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 phrase “shop” in their definition, but don’t really act as retailers.

For example:

  • tire shop
  • repair shop
  • auto body shop
  • coffee shop
  • motorcycle repair shop
  • auto repair shop
  • tattoo shop
  • machine shop
  • coffee shop
  • body shop
  • mechanic shop
  • bike shop
  • dram 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 town in Oklahoma 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 – 6:30 PM
Thursday – 8:00 AM – 6:30 PM
Wednesday – 8:00 AM – 6:30 PM
Thursday – 8:00 AM – 6:30 PM
Friday – 8:00 AM – 6:30 PM
Saturday – 7:00 AM – 1:30 PM

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