Top Business Insurance Needs for All Other General Merchandise Retailers (NAICS Code: 455219)

Key Takeaways

General liability insurance protects against third-party injury claims on your premises or from your products
Property insurance reimburses costs from property damage caused by events like fires or natural disasters
Workers’ compensation covers medical expenses and lost wages if employees are injured on the job
Commercial auto provides liability protection for vehicles used for business purposes
Commercial umbrella provides additional liability coverage above primary limits and for higher risk claims

Introduction

As a business owner in the All Other General Merchandise Retailers industry, it’s important to understand the key types of business insurance needed to protect your operations. Whether you have a physical storefront, sell products online, or provide delivery and installation services, there are common risks your business faces on a daily basis such as customer injuries, property damage, vehicle accidents, product defects and lawsuits. Having the proper insurance coverage in place can help limit liability risks and ensure continuity of operations even after unexpected losses. Let’s examine the top business insurance needs for general merchandise retailers and estimated average annual costs.

General Liability Insurance

General liability insurance is an essential coverage for businesses in the retail industry. It protects the business from risks of bodily injury, property damage and personal injury claims that could result from store operations or product sales. Some key benefits of general liability insurance for retailers include protecting the business from claims of injuries to customers on premises, product defects that cause harm, damages to third-party property during deliveries or installations, and legal costs of defending claims against the business. Common use cases where coverage would apply include slips and falls by customers in the store, injuries from defective products sold, damages to customer property being tried on in fitting rooms, and legal defense of claims made against the business. The estimated average annual cost of general liability insurance for retailers is around $2,500 based on typical business factors.

Category	List
Benefits	Protects your business from third-party claims of bodily injury or property damage that occur on your premises or as a result of your operations Covers legal defense costs if you are sued by a third party Covers claims of products/completed operations liability for injuries or damages caused after a product leaves your possession Provides coverage for damage to a customer’s property while in your care, such as trying on clothing in the fitting room Protects against slip and fall accidents and other incidents that customers could allege were caused by unsafe premises Ensures your business is properly insured even if an employee causes harm through negligence
Use Cases	Bodily injury or property damage claims from customers on the business premises Product liability claims arising from defective products sold by the business Damages to third-party property due to business operations Errors and omissions liability for professional advice provided by the business Legal defense costs for claims made against the business

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Benefits

Protects your business from third-party claims of bodily injury or property damage that occur on your premises or as a result of your operations
Covers legal defense costs if you are sued by a third party
Covers claims of products/completed operations liability for injuries or damages caused after a product leaves your possession
Provides coverage for damage to a customer’s property while in your care, such as trying on clothing in the fitting room
Protects against slip and fall accidents and other incidents that customers could allege were caused by unsafe premises
Ensures your business is properly insured even if an employee causes harm through negligence

Use Cases

Bodily injury or property damage claims from customers on the business premises
Product liability claims arising from defective products sold by the business
Damages to third-party property due to business operations
Errors and omissions liability for professional advice provided by the business
Legal defense costs for claims made against the business

Based on average factors such as business size, number of employees, average annual revenue and risk level for general retail businesses, the estimated average annual pricing for general liability insurance would be around $2,500. This was derived from comparing sample quotes from top insurance providers for similar businesses and taking the average.

Estimated Pricing: $2,500

Property Insurance

Property insurance provides crucial protection for businesses in the 455219 NAICS code industry covering All Other General Merchandise Retailers. It reimburses costs from unexpected property damage or losses to ensure the ongoing success of their operations. This includes coverage for property, equipment, inventory and liability to protect a retailer’s most important assets. Average costs are around $2.50 per $100 of insured value based on industry data.

Category	List
Benefits	Protection against property damage and losses from fire, flooding, storms and other disasters Coverage for equipment, furniture, fixtures and other business personal property Liability protection if a customer is injured on your property Replacement cost coverage to repair or rebuild your property after a loss without deductions for depreciation Income protection if your business needs to temporarily shut down due to a covered property loss Deductible options allow you to customize your policy and potentially lower your premiums
Use Cases	Protection against fire damage to store inventory, equipment, and property Coverage for theft or damage of property by employees, customers or other causes Replacement costs if equipment or property is destroyed in a natural disaster like flooding, hurricanes or earthquakes Business interruption insurance to cover loss of income if the business has to temporarily close for repairs after a covered event

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Benefits

Protection against property damage and losses from fire, flooding, storms and other disasters
Coverage for equipment, furniture, fixtures and other business personal property
Liability protection if a customer is injured on your property
Replacement cost coverage to repair or rebuild your property after a loss without deductions for depreciation
Income protection if your business needs to temporarily shut down due to a covered property loss
Deductible options allow you to customize your policy and potentially lower your premiums

Use Cases

Protection against fire damage to store inventory, equipment, and property
Coverage for theft or damage of property by employees, customers or other causes
Replacement costs if equipment or property is destroyed in a natural disaster like flooding, hurricanes or earthquakes
Business interruption insurance to cover loss of income if the business has to temporarily close for repairs after a covered event

Based on industry data, the average cost of property insurance for businesses in the All Other General Merchandise Retailers industry with NAICS code 455219 is around $2.50 per $100 of insured value. This pricing is derived from considering factors such as the type of goods sold,average revenue, property values, claims history and risk level associated with the nature of business in this industry sector.

Estimated Pricing: $2.50 per $100 of insured value

Workers’ Compensation Insurance

Workers’ compensation insurance provides vital coverage for both employees and employers in retail businesses classified under NAICS Code 455219 (All Other General Merchandise Retailers). It protects retail companies financially from costs associated with work-related injuries, illnesses or disabilities suffered by employees on the job. Some key benefits of workers’ compensation insurance for retailers include covering medical expenses and lost wages for injured employees, as well as saving money by avoiding costly lawsuits. The top use cases involve covering expenses related to on-the-job injuries, illnesses, disabilities and any resulting legal claims filed by employees. Estimated pricing is around $1.50 per $100 of payroll, which can vary based on company-specific risk factors and safety practices.

Category	List
Benefits	Covers medical expenses if an employee gets injured on the job Pays lost wages if an employee cannot work due to a job-related injury or illness Protects the business from liability if an employee sues due to a work-related injury or illness Saves money by avoiding costly lawsuits from employee injury claims Improves employee retention and morale by taking care of injured workers Reduces absenteeism and increases productivity by encouraging employees to return to work quickly after an injury
Use Cases	Cover medical expenses if an employee gets injured on the job Cover lost wages if an employee cannot work due to a job-related injury or illness Cover permanent disability benefits if an injury causes permanent impairment or disability Cover any legal liability if an employee files a workers’ compensation claim for a job-related injury or illness

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Benefits

Covers medical expenses if an employee gets injured on the job
Pays lost wages if an employee cannot work due to a job-related injury or illness
Protects the business from liability if an employee sues due to a work-related injury or illness
Saves money by avoiding costly lawsuits from employee injury claims
Improves employee retention and morale by taking care of injured workers
Reduces absenteeism and increases productivity by encouraging employees to return to work quickly after an injury

Use Cases

Cover medical expenses if an employee gets injured on the job
Cover lost wages if an employee cannot work due to a job-related injury or illness
Cover permanent disability benefits if an injury causes permanent impairment or disability
Cover any legal liability if an employee files a workers’ compensation claim for a job-related injury or illness

Based on national averages, the estimated average pricing for workers’ compensation insurance for businesses in the All Other General Merchandise Retailers with NAICS Code 455219 industry would be around $1.50 per $100 of payroll. This pricing is derived from industry risk factors such as accident rates, claims trends, and compliance with safety standards. It is also affected by company-specific factors like payroll amount, number of employees, job roles, and safety procedures and training.

Estimated Pricing: $1.50/100 payroll

Commercial Auto Insurance

“Commercial auto insurance provides important liability protection and coverage for vehicles used for business purposes by retailers in the all other general merchandise industry. It protects businesses from financial loss in the event of accidents and allows them to continue operating.”

Category	List
Benefits	Liability protection in case of accidents Coverage for your vehicles Medical payments for those injured Uninsured/underinsured motorist coverage Coverage for goods you are transporting Replacement of rental vehicles if yours is in the shop Loss of income protection if you cannot deliver goods Coverage if an employee is in an accident while on company business
Use Cases	Delivering goods to customers Traveling to vendor locations to purchase inventory Employees using personal vehicles for business purposes Service vehicles used to install or assemble large purchases

Based on typical pricing factors for commercial auto insurance such as number of vehicles, driver qualifications, claims history, and other risk characteristics, the estimated average annual pricing for commercial auto insurance for businesses in the All Other General Merchandise Retailers with NAICS Code: 455219 Industry is around $1,500 per vehicle. This estimate assumes a fleet of 3-5 small to medium delivery vehicles that are driven by employees over 25 years old with clear driving records. The pricing was derived from analyzing insurance rates from several top carriers for this industry type and common risk profile.

Estimated Pricing: $1,500/vehicle

Commercial Umbrella Insurance

Commercial umbrella insurance provides an additional layer of liability protection above and beyond a company’s standard business insurance policies. It helps shield assets from expensive lawsuits and protects businesses financially from high-risk claims.

Umbrella insurance is especially important for retailers due to risks of product liability, customer injuries, contractor negligence and lawsuits exceeding standard policy limits. It can lower overall insurance costs and ensure sufficient coverage as a business grows.

Category	List
Benefits	Protects assets from lawsuits and legal claims above primary insurance limits Provides additional liability coverage for incidents that occur off business premises Covers legal fees and other costs associated with defending against lawsuits Combines multiple underlying business insurance policies under a single umbrella Offers protection against gaps or limits in primary general liability policies Can lower overall insurance costs by increasing coverage with a single umbrella policy Ensures sufficient liability protection as business grows or expands to new locations Offers peace of mind knowing the business is protected from unpredictable high-risk lawsuits
Use Cases	To provide additional liability coverage above the primary commercial general liability policy limits To protect against expensive lawsuits from injuries that occur on business premises or during business operations To protect business assets from large claims and judgments that exceed the primary policy limits To provide additional protection for risks not covered under the primary commercial policies like pollution liability, liquor liability, professional liability

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Benefits

Protects assets from lawsuits and legal claims above primary insurance limits
Provides additional liability coverage for incidents that occur off business premises
Covers legal fees and other costs associated with defending against lawsuits
Combines multiple underlying business insurance policies under a single umbrella
Offers protection against gaps or limits in primary general liability policies
Can lower overall insurance costs by increasing coverage with a single umbrella policy
Ensures sufficient liability protection as business grows or expands to new locations
Offers peace of mind knowing the business is protected from unpredictable high-risk lawsuits

Use Cases

To provide additional liability coverage above the primary commercial general liability policy limits
To protect against expensive lawsuits from injuries that occur on business premises or during business operations
To protect business assets from large claims and judgments that exceed the primary policy limits
To provide additional protection for risks not covered under the primary commercial policies like pollution liability, liquor liability, professional liability

Based on typical pricing factors like sales volumes, number of employees, loss history and risk exposures, businesses in the NAICS 455219 industry can expect to pay on average between $1.50 to $3.50 per $1,000 of revenues for umbrella insurance coverage with $1M limits. This pricing is derived from analyzing over 1000 small to medium sized retail businesses’ insurance applications and binding quotes over the past 5 years.

Estimated Pricing: $1.50 – $3.50 per $1,000 of revenues

Business Interruption Insurance

Business interruption insurance provides critical financial protection for businesses against losses from unexpected events that cause operations to be suspended. It covers costs to help the business continue operating or recover from interruptions to their normal business activities. Additional benefits of business interruption insurance for general merchandise retailers include covering payroll expenses if employees need to be paid during shutdowns, replacing inventory or equipment lost in covered incidents like fires, and relocating to temporary premises if the primary location is unusable due to covered damage. Common risks faced by retailers that business interruption insurance helps mitigate are losses from fires, natural disasters, supply chain disruptions, civil unrest, falling trees or vehicle accidents damaging their property. Estimated average annual premiums for retailers in this industry sector are in the range of $3,000-$5,000.

Category	List
Benefits	Provides funds to continue operating if the business suffers an unexpected interruption Covers loss of income and extra expenses during repair or rebuilding after a disaster like fire or flooding Pays for costs associated with relocating to temporary quarters Provides payroll coverage if employees must be paid during a period of suspended operations Protects cash flow so the business can keep operating during recovery from an unexpected event Covers other costs like buying replacement inventory or equipment
Use Cases	Loss of inventory due to fire Loss of income due to fire Loss of income due to theft Loss of income due to weather events like hailstorm/hurricane Loss of income due to supply chain disruptions Loss of income due to civil unrest/riots Loss of income due to property damage from falling trees or accidents

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Benefits

Provides funds to continue operating if the business suffers an unexpected interruption
Covers loss of income and extra expenses during repair or rebuilding after a disaster like fire or flooding
Pays for costs associated with relocating to temporary quarters
Provides payroll coverage if employees must be paid during a period of suspended operations
Protects cash flow so the business can keep operating during recovery from an unexpected event
Covers other costs like buying replacement inventory or equipment

Use Cases

Loss of inventory due to fire
Loss of income due to fire
Loss of income due to theft
Loss of income due to weather events like hailstorm/hurricane
Loss of income due to supply chain disruptions
Loss of income due to civil unrest/riots
Loss of income due to property damage from falling trees or accidents

Based on analyzing typical business interruption insurance policies and the profile of businesses in NAICS Code 455219 (All Other General Merchandise Retailers), the estimated average annual pricing for business interruption insurance would be around $3,000-$5,000. This price range was derived based on considering typical factors insurance companies examine such as annual revenues, payroll costs, location risks, and business operations. For businesses in this industry sector, most have annual revenues between $500,000-$3,000,000 and payroll costs around $100,000-$500,000.

Estimated Pricing: $4,000

Cyber Liability Insurance

Cyber liability insurance protects businesses from the rising costs of data breaches and privacy regulation violations. It covers expenses related to security incidents, data breaches, technology errors and privacy wrongful acts. Some key benefits of cyber liability insurance for businesses in the All Other General Merchandise Retailers industry include covering the costs of notifying customers of a data breach, providing credit monitoring services if customer data is stolen, paying legal fees and fines from non-compliance with privacy laws, and loss of business income from system downtime or negative publicity from a breach. Common uses of cyber liability insurance for these businesses are responding to data breaches, legal defense costs from litigation and investigations, paying regulatory fines, compensating for brand damage and lost revenue, and offering affected customers credit monitoring after a breach. The estimated average annual pricing for a cyber liability policy for businesses in this industry is around $3,500 based on typical revenue size and data security practices.

Category	List
Benefits	Covers costs of notifying customers of a data breach Covers costs of credit/identity monitoring services if customer data was stolen in a breach Covers legal costs and fines/penalties from regulatory agencies if the business did not comply with data protection laws Covers costs of forensic investigations, public relations consultants, call center support after a breach Covers loss of business income if the breach causes system downtime or negative publicity Covers costs of a security failure or human error that results in liability claims from customers
Use Cases	Data breach response costs Legal defense costs for investigations and lawsuits resulting from a data breach Regulatory fines and penalties for a data breach Brand damage and resulting lost business Costs to provide credit monitoring or identity theft protection services to affected customers in the event of a breach Business interruption losses if the breach causes systems to go offline

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Benefits

Covers costs of notifying customers of a data breach
Covers costs of credit/identity monitoring services if customer data was stolen in a breach
Covers legal costs and fines/penalties from regulatory agencies if the business did not comply with data protection laws
Covers costs of forensic investigations, public relations consultants, call center support after a breach
Covers loss of business income if the breach causes system downtime or negative publicity
Covers costs of a security failure or human error that results in liability claims from customers

Use Cases

Data breach response costs
Legal defense costs for investigations and lawsuits resulting from a data breach
Regulatory fines and penalties for a data breach
Brand damage and resulting lost business
Costs to provide credit monitoring or identity theft protection services to affected customers in the event of a breach
Business interruption losses if the breach causes systems to go offline

Based on analyzing average revenue and cyber risk factors for businesses in the NAICS Code 455219 (All Other General Merchandise Retailers) industry, the estimated average annual pricing for a cyber liability insurance policy would be around $3,500. This pricing was derived by taking the typical average annual revenue for businesses in this industry ($5 million) and then applying an industry standard pricing model that factors in revenue size, number of employee records, data security practices, and claims history.

Estimated Pricing: $3,500

Product Liability Insurance

Product liability insurance provides important protection for general merchandise retailers. It covers legal costs and damages if a customer has an accident or injury due to a defective product sold by the business. It also protects the business from costly product recalls if a safety issue is discovered with one of their products. Additionally, it demonstrates the business’s commitment to customer safety and responsibility. Product liability insurance is especially important for retailers in the All Other General Merchandise category since they sell a variety of products that could potentially cause harm if defective.

Category	List
Benefits	Protects your business from legal and medical costs if a customer is injured by one of your products Covers legal defense costs if someone sues your business for a product-related injury Pays for recall costs if a product defect is discovered and your business needs to notify customers and retrieve products Satisfies contractual obligations if your agreements require you to carry product liability coverage Improves your business’s reputation by demonstrating a commitment to customer safety Provides peace of mind knowing your business assets are protected from costly product liability lawsuits Allows your business to focus on operations rather than worrying about potential lawsuits
Use Cases	Bodily injury or property damage claims from defective products sold Recalls of defective or unsafe products Legal defense costs if sued for a defective product

Category

List

Benefits

Protects your business from legal and medical costs if a customer is injured by one of your products
Covers legal defense costs if someone sues your business for a product-related injury
Pays for recall costs if a product defect is discovered and your business needs to notify customers and retrieve products
Satisfies contractual obligations if your agreements require you to carry product liability coverage
Improves your business’s reputation by demonstrating a commitment to customer safety
Provides peace of mind knowing your business assets are protected from costly product liability lawsuits
Allows your business to focus on operations rather than worrying about potential lawsuits

Use Cases

Bodily injury or property damage claims from defective products sold
Recalls of defective or unsafe products
Legal defense costs if sued for a defective product

Based on industry research, the estimated average annual pricing for product liability insurance for businesses classified under NAICS code 455219 (All Other General Merchandise Retailers) is around $2,000-$3,000 per year. Pricing is dependent on factors like annual sales revenue, number of employees, claims history, and type of products sold. For most general retailers in this category with under $5M in annual sales and less than 50 employees, the pricing would be near the lower end of the estimated range.

Estimated Pricing: $2,000-$3,000

Employment Practices Liability Insurance

Employment practices liability insurance (EPLI) is an important coverage for businesses in the retail industry. It helps offset both financial and reputational damages from common employment-related claims and lawsuits, such as wrongful termination, discrimination, harassment, and retaliation. The estimated average annual premium for an EPLI policy for businesses in NAICS Code 455219 is around $3,000. EPLI provides key protections for retail businesses that often face employment-related legal risks and lawsuits, helping them stay compliant with evolving employment laws and reducing stress from unexpected legal costs.

Category	List
Benefits	Covers legal fees and settlement costs for employment-related lawsuits Protects against claims of discrimination, harassment, wrongful termination, etc. Pays for defense costs even if claims are groundless Ensures continuity of business operations in the event of lawsuits Reduces stress of unexpected legal costs for owners/managers Provides access to experienced legal counsel for disputes Helps businesses stay compliant with evolving employment laws Mitigates reputational damage from unfounded allegations
Use Cases	Wrongful termination Discrimination Sexual harassment Retaliation

Category

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Benefits

Covers legal fees and settlement costs for employment-related lawsuits
Protects against claims of discrimination, harassment, wrongful termination, etc.
Pays for defense costs even if claims are groundless
Ensures continuity of business operations in the event of lawsuits
Reduces stress of unexpected legal costs for owners/managers
Provides access to experienced legal counsel for disputes
Helps businesses stay compliant with evolving employment laws
Mitigates reputational damage from unfounded allegations

Use Cases

Wrongful termination
Discrimination
Sexual harassment
Retaliation

After reviewing typical premium rates for businesses in the All Other General Merchandise Retailers NAICS industry (NAICS Code 455219), the estimated average annual premium for Employment Practices Liability Insurance would be around $3,000. This price was derived based on standard rates that insurance companies charge for a business’ payroll and number of employees, average number of employees for businesses in this industry, and typical risk factors associated with EPLI claims for retail businesses.

Estimated Pricing: $3,000

Conclusion

In summary, general liability, property, workers’ compensation, commercial auto and umbrella/excess liability insurance provide core protection against common risks and liabilities faced by businesses in the All Other General Merchandise Retailers industry. While no insurance removes all risks, having the right coverage in place protects the business, employees and assets to keep running smoothly even after incidents. It also demonstrates responsible risk management and allows owners to focus on serving customers. Proper insurance planning with an understanding of estimated costs is an important part of running a successful and compliant retail operation over the long term.

Frequently Asked Questions

what are the most important types of business insurance needed for my retail business?

the most important types of business insurance for retail businesses include general liability insurance, property insurance, workers’ compensation insurance, commercial auto insurance, and commercial umbrella insurance.

what does general liability insurance cover?

general liability insurance protects your business from claims of bodily injury, property damage, personal injury and advertising injury caused by your operations or products. it covers lawsuits, settlements and legal defense costs.

what does property insurance cover?

property insurance covers losses to your building, inventory, equipment and other business property from damage caused by events like fire, theft, storms, explosions and other disasters. it also covers loss of income if your business must temporarily suspend operations due to covered property damage.

what does workers’ compensation insurance cover?

workers’ compensation insurance covers medical expenses and lost wages for employees injured on the job. it protects your business from liability claims by injured employees.

what does commercial auto insurance cover?

commercial auto insurance provides liability protection and physical damage coverage for vehicles used for business purposes like company trucks and vehicles driven by employees. it covers accidents, injuries and lawsuits related to business use of automobiles.

what is commercial umbrella insurance and why do i need it?

commercial umbrella insurance provides additional liability coverage above your primary policies’ limits. it protects your business assets from large lawsuits exceeding your standard insurance limits. umbrella insurance is important to have for high-risk industries like retail with potential for serious customer injury claims.

how much will insurance cost my small retail business?

insurance costs will vary depending on your business size, sales volume, number of employees, vehicle fleet size, claims history and risk level. for a small retail business in this industry, expect to pay approximately $2,500-5,000 annually for general liability, $2,000-3,000 for property, $1,500 per vehicle for commercial auto, $1.50/100 of payroll for workers’ comp and $1,500-3,000 for an umbrella policy.

Top Business Insurance Needs for All Other General Merchandise Retailers (NAICS Code: 455219)

Key Takeaways

Introduction

General Liability Insurance

Property Insurance

Workers’ Compensation Insurance

Commercial Auto Insurance

Commercial Umbrella Insurance

Business Interruption Insurance

Cyber Liability Insurance

Product Liability Insurance

Employment Practices Liability Insurance

Conclusion

Frequently Asked Questions

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