Wisconsin Retail Store Insurance (WI) – policies and cost

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

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

What actions do retail stores do in Wisconsin? 

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 tattoo shop that are not selling products, but provide services to the public.

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The latter generally has some sort of registered license, and so they need to invest in their own liability insurance in WI. A first-line supervisor in Wisconsin is likely to be younger than the average for the state, and to earn less than the average for Wisconsin.

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

Retail Store Insurance in Wisconsin

General statistics

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

Interesting fact – workers in WI 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 Wisconsin? 

General liability insurance.

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

Professional liability insurance

Every retailers in Wisconsin will see the need for a policy of at least $10000, and usually choose substantially more when their own type of business warrants it. In some cases, the insurance company in Wisconsin gives a discount to include a deductible of a few hundred dollars, to stop the nuisance of frivolous claims.

Product liability insurance

The standard level of cover in WI, is dependant on the type of products that the store sells as well as the value of sales.

Commercial vehicle insurance

Once goods leave your premises in Wisconsin, your standard insurance stops cover. If you are doing your own distribution with a truck, then you need specific policy giving you commercial vehicle insurance in Wisconsin 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 walk out the door. Commercial insurance in Wisconsin is especially designed to take into account the risks that can end up costing you a lot of money.

Property insurance

Wisconsin carries special risks when it comes to buildings, and each business must take out the appropriate 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 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 WI, 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 Wisconsin

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

Types of insurance Price range
Commercial vehicle insurance $1621 – $2890
Public liability insurance $384 – $759
Commercial insurance $1109 – $2038
Property insurance $1263 – $3525
General liability insurance $597 – $1705
Business income insurance $354 – $1437

Cost of insurance in Wisconsin 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 Wisconsin 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 robbery than a babywear shop conducting Wisconsin 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 Wisconsin?

Almost all retailers in WI, will have to have at least some insurance, covering regulations because they are dealing with the public, and also probably to qualify to be granted to register with a business license in Wisconsin . As well, insurance in Wisconsin is especially designed to take into account the risks that can end up costing you a lot of money.

What is considered a retail store and what is not?

Some businesses use the phrase “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 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 town in Wisconsin 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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