Rhode Island Retail Store Insurance (RI) – policies and cost

Retail store Liability Insurance in Rhode Island  – (RI), is an important type of insurance to have for any company who conducts business selling to the public from malls shops.

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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 Rhode Island? 

But first, a outlet 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 services to the public.

The latter generally has some sort of registered license, and so they need to invest in their own liability insurance in RI. A first-line supervisor in Rhode Island is likely to be younger than the average for the state, and to earn less than the average for Rhode Island.

Retailers deal in public to sell merchandise to other businesses for group consumption and so need Small Business insurance in Rhode Island to cover all possible risks.

Retail Store Insurance in Rhode Island

General statistics

About 6% of the total labor force in Rhode Island was employed in the retail sector in 2020. 

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

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

General liability insurance.

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

Professional liability insurance

Almost all retailers in Rhode Island will see the need for a policy of at least $10000, and most choose considerably more when their own kind of business warrants it. In some cases, the insurance company in Rhode Island gives an incentive to include a deductible of a few hundred dollars, to stop the nuisance of senseless claims.

Product liability insurance

The ideal level of cover in RI, is worked out on the type of merchandise that the store markets as well as the volume of sales.

Commercial vehicle insurance

Once goods leave your premises in Rhode Island, 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 Rhode Island 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 Rhode Island is especially designed to take into account the risks that can end up costing you a lot of money.

Property insurance

Rhode Island carries special risks when it comes to buildings, and any business must take out the appropriate cover to protect property and contents. 

As well, the possibility of disasters is increasing because of climate change, so every merchandiser should take care to get all the cover 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 RI, that have hit retail businesses hard. It is advantageous 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 Rhode Island

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

Types of insurance Price range
Commercial insurance $1077 – $2448
Business income insurance $393 – $1279
Commercial vehicle insurance $1538 – $3380
Property insurance $1254 – $3094
Public liability insurance $317 – $688
General liability insurance $456 – $1234

Cost of insurance in Rhode Island 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 Rhode Island 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 robbery than a florist conducting Rhode Island 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 Rhode Island?

Most retailers in RI, 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 Rhode Island . As well, insurance in Rhode Island 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:

  • 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 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 Rhode Island 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