Indiana Retail Store Insurance

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Indiana Retail Insurance

In Indiana, there have been $6,780,466,000 in commercial insurance claims paid in 2019 alone. Retail store insurance is essential because of the risk associated with the industry. If you're unsure which policies are right for your business, a licensed professional can help. 

An independent insurance agent has access to multiple carriers so that you get the best deals in town. They offer affordable rates without all the work. Connect with a local expert for tailored quotes and more ways to save.

What Is Retail Store Insurance?

Coverage for your Indiana retail store can come in many different forms. There are several policy options to choose from, but a few are pretty standard for this type of business. Check out some common coverage choices for retail stores.

What Does Retail Store Insurance Cover?

In Indiana, there are roughly 512,348 small businesses, and a portion of those are retail stores. To have adequate protection, you'll need a combination of policies. It will also depend on what exposures your store has and how much you'll need to insure. Check out some common retail store coverages.

  • Coverage for bodily injury or property damage claim
  • Coverage for your business property that is damaged due to a covered loss
  • Coverage for your business inventory such as products
  • Coverage for business equipment that breaks down due to a covered loss
  • Coverage for employees who are injured or become ill on the job
  • Coverage for commercial vehicles used to operate the business
  • Coverage for disgruntled employees who sue due to discrimination or harassment

Common perils covered under your retail store insurance policies

  • Fire
  • Natural disasters
  • Theft
  • Vandalism
  • Water damage (not from a direct flood loss)

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How Much Is Retail Store Insurance in Indiana?

The cost of Indiana retail store insurance will vary. All of your business insurance policies will have unique pricing. This is because carriers rate your specific risk factors when setting your premiums. Take a look at the criteria companies use when quoting.

  • Loss history
  • Replacement cost values
  • Insurance score
  • Experience level
  • Type of retail store
  • Location
  • Local crime rate
  • Local weather patterns

Will My Location Impact My Rates?

In short, yes, your location will impact your insurance rates no matter what policy you are obtaining. From personal to commercial insurance, part of your premium will be determined from your territory. The less risk a place has, the lower your costs are. 

In Indiana, there will be areas that are affected by flooding. Based on where your retail store is located, you could be in a high-risk flood zone. If this is the case, you'll pay more for flood insurance. While flood insurance isn't mandatory unless you are in a flood zone A or V, it is still necessary for every property to avoid thousands of dollars in damage. 

How an Independent Insurance Agent Can Help

When you're searching for coverage in Indiana, a trusted professional can help. There are several policies that your retail store will need to have for proper protection. If you review your insurance annually with an adviser, you can avoid missing key coverages.

An independent insurance agent can help with policy and premium options that fit your budget. They work on your behalf for free and do the shopping for you. Connect with a local expert on to get started.

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