West Virginia Retail Store Insurance (WV) – policies and cost

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

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

What actions do retail stores do in West Virginia? 

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

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

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

Retail Store Insurance in West Virginia

General statistics

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

Interesting fact – workers in WV 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 West Virginia? 

General liability insurance.

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

Professional liability insurance

Almost all retailers in West Virginia will see the need for a policy of at least $10000, and many choose considerably more when their own type of business warrants it. In some cases, the insurance company in West Virginia gives a bonus to include a deductible of a few hundred dollars, to stop the nuisance of senseless claims.

Product liability insurance

The recommended level of cover in WV, is worked out on the type of merchandise that the store markets as well as the volume of sales.

Commercial vehicle insurance

Once goods leave your premises in West Virginia, 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 West Virginia 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 walk out the door. Commercial insurance in West Virginia is especially designed to take into account the occurrences that can end up costing you a lot of money.

Property insurance

West Virginia 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 disasters 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 WV, that have hit retail businesses hard. It is advantageous to get proper cover 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 West Virginia

Although every retail business is unique, there are enough examples of usual quotes from insurance companies in West Virginia 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 West Virginia.

Types of insurance Price range
Commercial insurance $906 – $2413
Public liability insurance $365 – $691
General liability insurance $532 – $1630
Commercial vehicle insurance $1716 – $3492
Property insurance $1067 – $3809
Business income insurance $326 – $1299

Cost of insurance in West Virginia 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 West Virginia 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 vandalism than a florist conducting West Virginia 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 West Virginia?

Most retailers in WV, 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 West Virginia . As well, insurance in West Virginia is especially designed to take into account the risks 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 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 classification would be if the business sells at least one 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 West Virginia 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