South Carolina Retail Store Insurance (SC) – policies and cost

Retail store Liability Insurance in South Carolina  – (SC), is a crucial 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 South Carolina? 

But first, a retailer should not to be mistaken for 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 work to the public.

The latter usually has some kind of registered license, and so they need to get their own liability insurance in SC. A salesperson in South Carolina is likely to be younger than the average for the state, and to earn less than the average for South Carolina.

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

Retail Store Insurance in South Carolina

General statistics

About 6% of the total labor force in South Carolina was working in the retail sector in 2020. 

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

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

General liability insurance.

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

Professional liability insurance

Every retailers in South Carolina 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 South Carolina 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 SC, is dependant on the type of products that the store sells as well as the level of sales.

Commercial vehicle insurance

As soon as goods leave your premises in South Carolina, your standard insurance stops cover. If you are doing your own issuing with a van, then you need specific policy giving you commercial vehicle insurance in South Carolina 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 get damaged. Commercial insurance in South Carolina is especially designed to take into account the risks that can end up costing you a lot of money.

Property insurance

South Carolina 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 disasters is increasing because of climate change, so every retailer 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 SC, 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 South Carolina

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

Types of insurance Price range
Property insurance $1239 – $3783
Business income insurance $467 – $1362
Commercial vehicle insurance $1948 – $2615
Public liability insurance $337 – $709
General liability insurance $488 – $1713
Commercial insurance $852 – $2117

Cost of insurance in South Carolina 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 South Carolina 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 vandalism than a babywear shop conducting South Carolina 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 South Carolina?

Most retailers in SC, will have to have at least some insurance, covering regulations because they are dealing with the public, and also probably to qualify to be allowed to register with a business license in South Carolina . As well, insurance in South Carolina 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 at least one 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 South Carolina 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