Utah Retail Store Insurance (UT) – policies and cost

Retail store Liability Insurance in Utah  – (UT), is an important type of insurance to have for any person who conducts business selling to the public from street-front shops.

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

What actions do retail stores do in Utah? 

But first, a retail store should not to be mistaken for a shop. There are many workrooms that include the word shop in their name, like tattoo shop that are not selling products, but provide repairs to the public.

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

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

Retail Store Insurance in Utah

General statistics

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

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

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

General liability insurance.

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

Professional liability insurance

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

Product liability insurance

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

Commercial vehicle insurance

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

Property insurance

Utah 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 floods 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 UT, that have hit retail businesses hard. It is wise 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 Utah

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

Types of insurance Price range
Commercial insurance $1032 – $2658
Business income insurance $440 – $1101
Commercial vehicle insurance $1637 – $2613
General liability insurance $563 – $1626
Property insurance $1378 – $3001
Public liability insurance $398 – $789

Cost of insurance in Utah 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 Utah 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 vandalism than a bookstore conducting Utah 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 Utah?

Most retailers in UT, 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 Utah . As well, insurance in Utah 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:

  • 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 several of the following to the public:

  • Sport, recreation, and leisure goods.
  • General retail as in department stores and clothing retailers.
  • Books, newspapers, magazines and office supplies.
  • Specialty products for narrow sectors, like florists, jewellers.
  • Home living and homeware, trade, and gardening 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
  • Entertainment, communication, and technology goods.

Where to find the right insurance?

In every community in Utah 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 – 6:30 PM
Thursday – 8:00 AM – 6:30 PM
Wednesday – 8:00 AM – 6:30 PM
Thursday – 8:00 AM – 6:30 PM
Friday – 8:00 AM – 6:30 PM
Saturday – 7:00 AM – 1:30 PM

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