Washington Retail Store Insurance (D.C) – policies and cost

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

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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 Washington? 

But first, a outlet 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 repairs to the public.

The latter mostly has some sort of registered license, and so they need to buy their own liability insurance in D.C. A cashier in Washington is likely to be younger than the average for the state, and to earn less than the average for Washington.

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

Retail Store Insurance in Washington

General statistics

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

Interesting fact – workers in D.C are ten time more likely to find jobs in general merchandise stores than in book stores.

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

General liability insurance.

The normal general liability policy for retail stores in Washington 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 Washington will see the need for a policy of at least $10000, and most choose much more when their own type of business warrants it. In some cases, the insurance company in Washington gives a discount to include a deductible of a few hundred dollars, to stop the nuisance of senseless claims.

Product liability insurance

The ideal level of cover in D.C, is worked out on the type of merchandise that the store sells as well as the value of sales.

Commercial vehicle insurance

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

Property insurance

Washington 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 floods is increasing because of climate change, so every retailer 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 D.C, 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 Washington

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

Types of insurance Price range
Commercial insurance $1136 – $2239
Commercial vehicle insurance $1564 – $3098
Business income insurance $406 – $1462
General liability insurance $527 – $1281
Property insurance $1122 – $3593
Public liability insurance $345 – $726

Cost of insurance in Washington 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 Washington 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 boosted risk of robbery than a babywear shop conducting Washington 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 Washington?

Most retailers in D.C, 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 Washington . As well, insurance in Washington is especially designed to take into account the occurrences 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 word “shop” in their definition, but don’t really act as retailers.

For example:

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

A better wording would be if the business sells many 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 Washington 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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