Tennessee Retail Store Insurance (TN) – policies and cost

Retail store Liability Insurance in Tennessee  – (TN), is a must have type of insurance to have for any individual who conducts business selling to the public from local shops.

If you’re a Retail store manager, you must buy retail store liability insurance, and here’s why! 

What actions do retail stores do in Tennessee? 

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

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

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

Retail Store Insurance in Tennessee

General statistics

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

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

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What are the standard forms of retail store insurance policy types in Tennessee? 

General liability insurance.

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

Professional liability insurance

Almost all retailers in Tennessee 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 Tennessee gives a bonus to include a deductible of a few hundred dollars, to stop the nuisance of senseless claims.

Product liability insurance

The standard level of cover in TN, 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 Tennessee, your standard insurance stops cover. If you are doing your own distribution with a truck, then you must have targeted policy giving you commercial vehicle insurance in Tennessee 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 Tennessee is especially designed to take into account the dangers that can end up costing you a lot of money.

Property insurance

Tennessee carries special risks when it comes to buildings, and every 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 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 TN, that have hit retail businesses hard. It is advantageous to get proper protection 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 Tennessee

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

Types of insurance Price range
General liability insurance $586 – $1508
Property insurance $1242 – $3377
Commercial vehicle insurance $1502 – $2817
Commercial insurance $1135 – $2078
Business income insurance $318 – $1419
Public liability insurance $392 – $617

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

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

What is considered a retail store and what is not?

Some businesses use the title “shop” in their definition, but don’t really act as retailers.

For example:

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

A better wording would be if the business sells many 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 Tennessee 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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