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Average insurance rates for a retail store?

Average retail store general liability insurance price?

  • I'm opening a retail clothing store with a hangout area in the Portland, OR area, within about a year. The store will be open 24/7, and have couches, a stage for events, and vending machines. What I'm wondering is, about how much am I looking at per month for general liability insurance for the place, and worker's comp? I don't need an exact number, of course. Not yet anyway. I'll get that from an agent when I get closer to opening the store, but I need a rough number so that I can work on my budget. Does anyone know approximately how much it will run me per month? Any help would be appreciated. Thanks.

  • Answer:

    What you are talking about is both a good idea and an underwriter's nightmare. There are ways of classifying your business, but a retail store is probably not how it will be rated. I am sure that you can appreciate the fact that there will be a lot more risk factors found in how you want to run your business than in a traditional retail clothing store. You will probably wind up being rated as a 24/7 coffee house or entertainment facility with a sideline retail clothing sales than just a retail store and the premiums will be significantly higher. Good luck to you! MyInsuranceXpert

Armand Audrey at Yahoo! Answers Visit the source

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What, exactly, is the point of a 24/7 "hangout area"? And since you're staging "event", you're not going to qualify for a "retail clothing store" policy. Not having ANY idea what kind of events you're talking about, which permits you have, or what kind of events you have, or the "requirements" of people who will be there overnight (hotel? rave?), how many people will be there, or how many employees you'll have, you should probably budget darned close to $20,000 for the insurance. Maybe more, depending on all the above. And for a new business like this, you won't be able to buy it by the month - you'll have to cough up the full premium up front, except for workers comp, where you'll either have to pay the full amount, or 50% minimum up front, depending on which state you are in and the premium size.

mbrcatz

Retail clothing store would be inexpensive, liability would be around $2,000. Then you went and added a stage for events, 24 hours of operation and a "hang-out" area. Your insurance just jumped over $10,000 easily.

Casey Y

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