Retail Trade Insurance

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Retail Trade

The U.S. Department of Labor lists the retail trade industry as a high growth industry. It is this country’s largest employer, providing jobs for more than 16 million Americans. While these businesses offer high potential for growth and financial gains, they also face risks of low sales during tough economic times and losses caused by natural disasters, crime and liability lawsuits.

Fortunately, business insurance for the retail industry is designed to provide exactly the type of coverage that business owners need to protect their retail trade investments.

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What Types of Businesses Fall within the Retail Trade Sector?

The NAICS, or National American Industry Classification System, enables economists to collect, analyze and report on financial data from a variety of U.S. industries by classifying every business type into specific industry sectors. Currently, the NAICS lists 1,848,093 U.S. businesses as falling into the retail trade industry.

The retail trade sector includes businesses that deal primarily with the final step in the distribution of merchandise, small-quantity sales directly to the public. These establishments may also engage in after-sale services such as repairs and installations. The retail trade industry is comprised of, but not limited to, the following business types:

  • Vehicle Dealers, including:
    • New and used cars
    • Recreational vehicles
    • Motorcycles, ATVs and other motor vehicles
  • Boat Dealers
  • Manufactured (Mobile) Home Dealers
  • Stores, including but not limited to:
    • Furniture stores
    • Floor and window treatment stores
    • Hardware stores
    • Electronics and appliance stores
    • Nursery, garden center and farm supply stores
    • Grocery, supplement and confectionery stores
    • Beer, wine and liquor stores
    • Cosmetic and accessory stores
    • Clothing and shoe stores
    • Book stores
    • Gift, novelty and souvenir stores
    • Pet and pet supply stores
    • Department stores
  • Home Centers
  • News Dealers and Newsstands
  • Florists
  • Warehouse Clubs and Supercenters
  • Art Dealers
  • Vending Machine Operators
  • Fuel Dealers, Gas Stations and Convenience Stores
  • Mail-Order Houses

Protect Your Retail Business with the Right Insurance Coverage

When you run a retail business, you have several inherent risks. If your retail merchandise is damaged or stolen, you can face large financial losses. If a customer is injured in your store or parking lot, you may face a liability lawsuit. 

It is important for all business owners to protect their investment with a business insurance policy, and for retail store owners, the property insurance aspect of this coverage is of particular importance.

Business insurance policies for the retail trade sector are designed specifically to meet your industry’s coverage needs. Some coverage options you may want to give serious consideration to include:

  • General liability insurance:  This is designed to provide liability coverage should a customer suffer an injury or property loss while in your store or on your retail establishment’s property. This includes coverage for any related court costs and legal fees.
  • Product liability coverage: If a customer is injured or sickened by a product that you sell, both your establishment and the company that produced it may face liability charges. This coverage is designed to cover your for your legal defense and liability charges.
  • Property damage coverage: If your business merchandise or store equipment such as cash registers, computers, or display racks are lost or damaged as the result of a covered event, this insurance can provide you with coverage to make up for your losses. You may also need to buy additional endorsements specifically designed to cover glass display cases and outdoor signs.

These are just some of the many coverage options available to you with this type of business insurance plan. Before purchasing a policy, it is important to consider all of your potential hazards so you can ensure that you have all the coverage you need.


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Build a Policy to Meet Your Retail Trade Business Needs

Because business insurance policies involve several different coverage options, it can be difficult to put together a well-suited policy without the help of an insurance professional. Agents in our network are independent of any particular insurance company, so they are free to work for you to help you find the right coverage at a competitive rate.

Contact an independent agent near you for ethical advice, a coverage-needs assessment and the answers to all of your insurance-related questions. With your agent’s help, you can soon start comparing policies and rates for coverage that is designed specifically for your retail trade business.

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