South Dakota has approximately 86,550 small businesses in existence. If you're one of them, you'll need adequate protection for all that life throws at you. Retail store insurance comes in many forms and can be tricky if you're not a licensed professional.
Fortunately, an independent insurance agent can help find a policy at a fair price. They will review your coverage for accuracy and quote through their network of carriers. Connect with a local expert for tailored protection.
What Is Retail Store Insurance?
In South Dakota, your commercial insurance is essential to running a smooth operation. Retail store insurance will help pay for all the what-ifs. Check out some common coverage choices for retail stores below.
- General liability
- Business property
- Business inventory
- Business equipment breakdown
- Commercial umbrella liability
- Workers' compensation
- Business auto
- Employment practices liability
What Does Retail Store Insurance Cover in South Dakota?
When you're insuring your livelihood, it's important to know what's covered. Your primary business policies will protect your operation from numerous perils. Take a look at the most used policy options for your retail store below.
- Natural disasters
- Water damage (not from a direct flood loss)
The most common occurrences at your South Dakota retail store are listed below. The majority will be protected under your policies obtained by a professional.
- 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 ill on the job
- Coverage for commercial vehicles used to operate the business
- Coverage for disgruntled employees who sue due to discrimination or harassment
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How Much Is Retail Store Insurance in South Dakota?
Whether you're insuring a commercial auto or commercial property, your premiums are specific to you. Carriers look at your business as a whole to determine rates. Take a look at the criteria companies use when quoting your retail store coverage.
- Loss history
- Replacement cost values
- Insurance score
- Experience level
- Type of retail store
- Local crime rate
- Local weather patterns
One way for instant savings is by bundling. When you bundle your policies with the same carrier, you'll get deep discounts. A savings of 30% or more is typical.
Will My Location Impact My Rates in South Dakota?
In 2019, South Dakota had $2,227,477,000 in commercial insurance claims alone that were paid. Several of those claims had to do with your property and where it's located. Take a look at what could affect your rates based on your territory.
- Local crime rate
- Local natural disasters reported
- Local claims reported by other insureds
- Flood zone assigned
Flood insurance is a separate policy for your business. All properties have a potential for flooding, and depending on where yours is located will determine how at risk you are. If you are in a flood zone A or V, you'll be required to carry coverage.
How South Dakota Independent Insurance Agent Can Help
In South Dakota, your commercial insurance is essential to be adequately protected. Since there are several policy options, you must have a trusted adviser in your corner. Retail store insurance can be confusing if you're not a licensed professional.
Fortunately, an independent insurance agent can help you find a policy that won't break the bank. They do the shopping for you so that you can save time and money. Connect with a local expert on TrustedChoice.com to get started today.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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