Retail Business Insurance

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Why Retailers Need Business Insurance

With customers coming and going, merchandise to display; inventories to maintain; vendors to manage; deliveries to receive, check and stock; and more, small retail businesses face risks that are unique to your industry. And that’s in addition to the typical issues most small businesses must prepare for like property damage to your work place or loss or damaged business records. Learn about the coverages retail business owners like you typically need, and most often purchase, from The Hartford.

Business Owner’s Policy

Most retailers have a Business Owner’s Policy (BOP). Why? Because it helps protect your retail business or store in much the same way a homeowner’s insurance policy protects your home and personal belongings.

By combining three basic insurance coverages that are essential to most small businesses, including retailers, a Business Owner’s Policy can help save your small business money on insurance rates while protecting the enterprise you’ve worked so hard to develop. 
  1. General Liability – helps protect your retail business from certain lawsuits alleging injuries or property damage that occurred as the result of your business operations, like if a customer is injured while shopping in your store or an employee accidentally damages a customer’s personal property while helping them with a purchase. It even helps cover certain claims of slander and libel. Business Liability insurance does not cover liabilities directly arising out of the professional retail services you may provide.
  2. Commercial Property – helps protect the place where you run your retail business and the tools and equipment you use to conduct business, like rolling crates, store shelves, computers, and cash registers – whether you own or lease them.
  3. Business Income – helps cover the income you would lose if you couldn’t run your retail store because of covered property damage.
Learn more about our Business Owner’s Policy for your small retail business.
Easily Add Optional Insurance Coverages to a Business Owner’s Policy
Retail businesses often collect sensitive employee and customer information that includes credit, checking account, and Social Security numbers. The loss or theft of that information could leave your store or other retail operation vulnerable to lawsuits and a damaged reputation.
Data Breach Coverage helps pay the costs of notifying impacted individuals, managing public relations, good faith advertising, and more if personally identifiable information is lost or stolen.
Retail businesses may face claims over issues such as harassment, wrongful termination, wrongful failure to promote, retaliation or discrimination by current or former employees. For example, if an employee sues claiming she was not promoted for discriminatory reasons, your retail business may face significant costs for legal defense. EPL may help cover the costs that arise from such claims.
If your retail business depends on a third party to deliver goods and services and a change in their operate causes your business to lose income, Business Income from Dependent Properties coverage may help replace that lost income. For example, if your retail cosmetics store generates a large percentage of its revenue from a specific product line and delivery of those products is delayed due to a shipping error by the manufacturer, this coverage may help replace the income your retail business loses as a result.
If your retail store is part of a franchise arrangement, it may be held to certain standards set by the franchiser. If your store suffers property damage due to a covered event and your franchiser requires the damaged items to be replaced with upgraded property, Franchise Upgrade Coverage may help cover the costs of the new property to meet franchiser standards.
Cashiers, sales help, and stock personnel; employees are central to the success of your retail business. The benefits you provide help keep them motivated to support your company by working harder and selling more. However, errors in administering your employee benefits could be costly. Employee Benefits Liability Coverage helps protect your retail business if you are sued for an error or omission in administering your employee benefits program, including your group health insurance.
Bundle Insurance Coverages for Retail Businesses
It’s easy to increase your retail company’s Business Owner’s Policy protection at an affordable price with The Hartford’s Stretch® endorsements that bundle valuable key insurance coverages. For retail businesses like yours we offer:
  • Basic Stretch
  • Super Stretch
  • Super Stretch for Business Services
Contact an agent or a representative from The Hartford about these cost-effective solutions that help take the guesswork out of selecting the right coverage for your small retail business.

Additional Solutions

If you have employees, use a car for work, or work from home, your retail business may also benefit from:
Other Important Insurance Options for Retail Businesses
Required by most states, workers’ compensation insurance provides benefits to employees of your retail business for work-related injuries or illnesses. These benefits include medical care, wages from lost work time, and more.

In the event an employee’s family decides to sue you, this coverage can help you with related legal fees. Retail businesses are among the many small businesses that have been turning to The Hartford for workers' compensation insurance coverage for more than a century.
Do you use your car to visit vendors or suppliers, make deliveries, go to trade shows, pick up supplies, or more for your retail business? A Business Auto Policy provides coverage generally not included in a personal auto insurance policy. It can cover you or an employee when a personally owned vehicle, used for business purposes, is involved in an accident.
If you run your retail business out of your home, you probably want a Business Owner’s Policy (BOP). A Business Owner’s Policy provides coverage not generally available with a homeowner’s insurance policy. Ask yourself, “Do I have customers come to my home, sell merchandise out of my home, have employees or inventory at my home?” If so, your agent or a representative from The Hartford can help you select the right coverage to protect your retail business.
Certain coverages vary by state and may not be available to all businesses. All Hartford coverages and services described on this page may be offered by one or more of the property and casualty insurance company subsidiaries of The Hartford Financial Services Group, Inc. In TX, this insurance is written by Sentinel Insurance Company, Ltd., Hartford Casualty Insurance Company, Hartford Lloyd’s Insurance Company, Property and Casualty Insurance Company of Hartford, Hartford Underwriters Insurance Company, Twin City Fire Insurance Company, Hartford Accident and Indemnity Company and Hartford Fire Insurance Company. In CA by Sentinel Insurance Company, Ltd. (CA license # 8701) and its property and casualty insurance company affiliates, One Hartford Plaza, Hartford, CT 06155.
The Hartford® is The Hartford Financial Services Group, Inc. and its property and casualty subsidiaries, including issuing company, Hartford Fire Insurance Company. Its headquarters is in Hartford, CT.