Texas Retail Store Insurance (TX) – policies and cost

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

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

What actions do retail stores do in Texas?

But first, a retail store should not to be understood to be 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.

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The latter generally has some kind of registered license, and so they need to buy their own liability insurance in TX. A salesperson in Texas is likely to be younger than the average for the state, and to earn less than the average for Texas.

Retailers deal in public to sell merchandise to institutional clients for group consumption and so need Small Business insurance in Texas to cover all possible risks.

Retail Store Insurance in Texas

General statistics

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

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

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

General liability insurance.

The usual general liability policy for retail stores in Texas covers a total of $2 million for the whole year, with a upper limit of $1 million for a single event.

Professional liability insurance

Every retailers in Texas will see the need for a policy of at least $10000, and many choose considerably more when their own sort of business warrants it. In some cases, the insurance company in Texas gives a discount 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 TX, is dependant on the type of products that the store markets as well as the level of sales.

Commercial vehicle insurance

As soon as goods leave your premises in Texas, your standard insurance stops cover. If you are doing your own distribution with a truck, then you need targeted policy giving you commercial vehicle insurance in Texas 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 Texas is especially designed to take into account the risks that can end up costing you a lot of money.

Property insurance

Texas 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 shop owner 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 TX, that have hit retail businesses hard. It is wise 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 Texas

Although every retailer is unique, there are enough examples of standard quotes from insurance companies in Texas for us to give rough guidelines. Of course, you should always check with an agent of what’s relevant for your business.

The below list is for annual premiums for the main types of insurance retailers need in Texas.

Types of insurance Price range
Business income insurance $384 – $1123
Public liability insurance  $370 –  $781
Commercial vehicle insurance  $1778 – $2742
General liability insurance  $489 – $1500
Commercial insurance  $903 – $2525
Property insurance  $1349 – $3509

Cost of insurance in Texas 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 Texas 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 robbery than a florist conducting Texas 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 Texas?

Most retailers in TX, will have to have at least some insurance, covering obligations because they are dealing with the public, and also probably to qualify to be granted to register with a business license in Texas . As well, insurance in Texas 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 word “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 classification would be if the business sells at least one of the following to the public:

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

Where to find the right insurance?

In every city in Texas 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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