Mississippi Retail Store Insurance

As one of the top industry sectors in Mississippi, retail stores are responsible for about $37 billion in sales per year in this state. That’s more than $12,400 in sales per capita. As the owner of a retail store, you can help your business stay profitable by protecting it with the right insurance policies.

Independent insurance agents in Mississippi can help you find comprehensive and reliable retail store insurance at a competitive price. Contact an insurance agent near you to learn more.

What Is Retail Store Insurance?

Retail store insurance is a general term used to describe a business owners policy (BOP) or a business insurance policy package that has been customized to meet the specific coverage needs of retail store establishments.

A local independent insurance agent can help you build a solid coverage portfolio so that you can rest assured that your store is fully covered.

How Much Does Retail Store Insurance Cost in Mississippi?

Coverage costs can vary significantly from one retail store to the next because they are based on several different considerations such as:

• The size of your store and its expected annual revenues
• How long your store has been in business and its claims history
• The value of your store’s assets and inventory
• The number of workers you employ
• The crime rate and weather risks where your store is located
• How long your store has been in business and its claims history

In general, retail stores with low risks and little inventory may pay about $500 a year for coverage, while mid-sized stores with a lot of valuable assets may spend as much as $2,000 a year.

The only way to find out how much a policy will cost for your Mississippi retail store is by contacting a few competing insurance companies and requesting customized quotes. Independent insurance agents can save you time and money by doing the comparison shopping for you.

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What Does Retail Store Insurance Cover?

Your Mississippi retail store insurance can cover as much or as little as you want it to. This is because you can fully customize your policy package to only include any insurance products you believe are necessary.

A basic BOP or business insurance policy can provide your retail store with the following types of coverage:

• Commercial property insurance: This can cover damage to your store’s property (including things like merchandise, inventory, display cases, and shopping carts) if it is lost or damaged due to a covered event like a fire, theft, or severe weather.
• Commercial general liability insurance (CGL): This can cover your retail store against many of the most common liability risks businesses face. It includes premises liability insurance, product liability insurance, advertising liability insurance, and coverage against accusations of libel and slander.
• Business interruption insurance: This can provide your store with a continuation of income if it must remain closed for an extended time due to damage caused by a covered disaster like a fire, tornado, or hurricane.

Sometimes additional policies are necessary to cover your store against all its potential risks. Some of the coverage options your agent may want to discuss with you include:

• Employment practices liability insurance (EPLI): This can cover your retail store against accusations of illegal employment practices like discrimination, harassment, retaliation, and wrongful termination.
• Workers’ compensation insurance: This can cover the cost to treat injuries your employees may experience on the job and can provide disability pay while they recuperate. In Mississippi, this insurance is required if your business employs at least five regular workers.
• Bailee's insurance: If your retail store offers repair, maintenance, or alteration services, this insurance can cover your customers’ personal property whenever it is in your store’s custody, care, or control.
• Commercial flood insurance: This is important because flood damage is specifically excluded from coverage by your commercial property insurance, even if the flood is the direct result of a covered hurricane. Fortunately, you can purchase affordable flood insurance coverage through the National Flood Insurance Program (NFIP).

A local independent agent can help you determine whether these or any other commercial insurance products are appropriate for your Mississippi retail store.

How Can an Independent Agent Help You Find the Best Retail Store Insurance in MS?

Buying insurance for your retail store can get complicated, especially when you try to do it on your own. It is easy to accidentally have coverage gaps or to pay for coverage you don’t actually need. This is particularly true when you are buying your coverage online and don’t have the benefit of expert advice.

Experienced independent insurance agents are ready to answer your questions, explain your various coverage options, and help you find great policies at the most competitive prices.

There are more than 200 independent insurance agents with offices in Mississippi. Set up an obligation-free consultation with an insurance agent near you to start comparing customized retail store insurance quotes.