South Dakota Retail Store Insurance (SD) – policies and cost

Retail store Liability Insurance in South Dakota  – (SD), is a must have type of insurance to have for any person who conducts business selling to the public from street-front shops.

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

What actions do retail stores do in South Dakota? 

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

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

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

Retail Store Insurance in South Dakota

General statistics

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

Interesting fact – workers in SD 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 South Dakota? 

General liability insurance.

The average general liability policy for retail stores in South Dakota 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 South Dakota 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 Dakota gives an incentive to include a deductible of a few hundred dollars, to stop the nuisance of ill-considered claims.

Product liability insurance

The standard level of cover in SD, is worked out on the type of inventory that the store sells as well as the level of sales.

Commercial vehicle insurance

Once goods leave your premises in South Dakota, your standard insurance stops cover. If you are doing your own issuing with an auto, then you need special policy giving you commercial vehicle insurance in South 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 burn. Commercial insurance in South Dakota is especially designed to take into account the dangers that can end up costing you a lot of money.

Property insurance

South Dakota carries special risks when it comes to buildings, and any business must take out the proper cover to protect property and contents. 

As well, the possibility of floods is increasing because of climate change, so every merchandiser should take care to get all the protection 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 SD, 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 South Dakota

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

Types of insurance Price range
General liability insurance $498 – $1450
Property insurance $1257 – $3661
Commercial vehicle insurance $1617 – $2873
Commercial insurance $1005 – $2610
Public liability insurance $377 – $747
Business income insurance $473 – $1393

Cost of insurance in South Dakota depends on many different factors

Please remember that the above figures are based on averages for small retail businesses. The size and location of your business in South Dakota can have a big impact on the cost, and also the type of trade and inventory will.

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For Example – a liquor store on the high street has a much different risk of vandalism than a babywear shop conducting South 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 South Dakota?

Every retailers in SD, will have to have at least some insurance, covering obligations because they are dealing with the public, and also probably to qualify to be permitted to register with a business license in South Dakota . As well, insurance in South Dakota is especially designed to take into account the risks that can end up costing you a lot of money.

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

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

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

Where to find the right insurance?

In every town in South 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 – 8:00 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

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