Your business will have several risk exposures. The proper protection is crucial to avoid a significant loss and financial ruin. Mississippi business insurance for your retail store can provide coverage for the unexpected.

A Mississippi independent insurance agent can help with coverage and premium options. They work with several carriers so that you get the best pricing for your business. Get connected with a local expert for custom quotes in minutes. 

What Is Retail Store Insurance?

Retail store insurance in Mississippi will come in many forms. From property to liability coverage, you'll have options and need several policies. Check out some common coverage choices for retail stores below:

• General liability
• Business property
• Business inventory
• Business equipment breakdown
• Commercial umbrella liability
• Workers' compensation

Other policies that are used can be commercial auto and employment practices liability. Retail stores are growing rapidly in today's markets. More specifically, sporting goods, hobbies, musical instruments, and bookstores. In Mississippi, there is a 10.7% increase in sales alone. Take a peek at the nationwide statistics below:

Increases in retail sales by state as of October 2020

When shopping for the right coverage for your retail business, insuring your exposures is critical. The best way to be fully protected is by knowing what's covered under your policies.

What Does Retail Store Insurance Cover in Mississippi?

Mississippi currently has 257,404 small businesses in existence. Every industry will be protected according to its needs, and retail store insurance will be no different. Let's look at common retail store coverages:

• Coverage for bodily injury or property damage claims
• 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 become ill on the job
• Coverage for commercial vehicles used to operate the business
• Coverage for disgruntled employees that sue due to discrimination or harassment

There are a few primary coverages that will be included in each retail store policy. Your Mississippi insurance will typically come with protection against these perils automatically:

• Fire
• Natural disasters
• Theft
• Vandalism
• Water damage (not from a direct flood loss)

How Much Is Retail Store Insurance in Mississippi?

The cost of your commercial insurance policies will vary. Every business is different and has its own unique risk factors. In Mississippi, $3,120,632,000 in commercial insurance claims were paid in 2019 alone. Take a look at the factors companies look at when quoting:

• Loss history
• Replacement cost values
• Insurance score
• Experience level
• Type of retail store
• Location
• Local crime rate
• Local weather patterns

If you want instant savings on your business insurance, consider bundling. When you bundle all your policies with the same carrier, you'll get rewarded. A discount of 30% or more is typical across the board.

How Much Theft Is Covered with Mississippi Retail Store Insurance?

When it comes to your Mississippi retail store insurance, you'll want protection for theft and vandalism. Fortunately, most policies that you obtain will have this coverage automatically included. Take a look at the theft rates by state in 2019:

Crime rate in the US in 2019 by state (per 100,000 population)

There are several items that can have an affect on your insurance pricing. Where you're located will play a big role in costs, among other factors. 

Will My Mississippi Location Impact My Rates?

There are 2,999,468 residents in the state of Mississippi. Where your retail store is located will have an impact on your pricing. The more dangerous the spot, the higher the cost.

Another policy that you'll want to consider is flood insurance. Every property is at risk for a flood loss. The flood zone your location is assigned will determine how likely you are to experience a flood claim.

How an Independent Insurance Agent Can Help in Mississippi

When you're shopping for the perfect Mississippi retail store insurance, consider using a trained professional. There are several coverage options you'll have to choose from when it comes to protecting your livelihood. To ensure that you're not missing anything, consulting with an adviser can help. 

A Mississippi independent insurance agent has access to multiple markets so that you have options. They do the shopping on your behalf at zero cost to your business. Get connected with a local expert on TrustedChoice to get started today.