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Marcus Said:

Insurance for a retail business?

We Answered:

An average premium means nothing because there are too many variables that affect the final premium.

What type of business? (are we talking about a Hallmark card shop or a jewelry store)
What is the total value of your inventory?
Do you own the building you occupy?
Are there other occupants in the building?
Do you have any other locations?
What are the total annual sales of your business?
Do you have employees? (i.e. Workers compensation insurance)
Do you plan on providing health insurance benefits for employees?
Will your business need to deliver the products you sell, such as furniture, that might require one or more delivery trucks?

Can't really give you even an educated guess without some information about your business. Kind of like asking what is the average cost of insuring a 2004 Chevrolet Impala, because the individual circumstances vary significantly the answer you get is meaningless.

Clinton Said:

What kind of business insurance is needed for a small business retail store?

We Answered:

You will need workman's compensation which will vary on the amount of employee wages you pay. You will also need to have liability insurance in case a customer gets hurt in your store. Typically people will get a commercial pack which includes your liability insurance and insurance on your store contents which will cover your merchandise and your fixtures and store interior. Your landlord may also require you to have an additionally insured clause on your policy which means your insurance will pay for any damage caused to the building due to you. Your commercial pack will vary depending on the amount of merchandise, the type of building, the cost of your interior and other variables. If you have $100,000 of inventory and $100,000 in interior and fixtures your policy my be in the $2000.00 a year ballpark. The additionally insured clause is pretty reasonable about $50 a year or so.

Judith Said:

How would one start their own retail business?

We Answered:

Check with SCORE, the Service Corps of Retired Executives. They are a nonprofit organization who provide resources and advice for entrepreneurs and small business owners.

A Tax ID (also known as an EIN) can be obtained from the IRS - just search their site for EIN application.

He needs to work on a business plan and show how he expects to make a profit. SCORE can help some with this as well, and can answer most of his questions, I'm sure.

To incorporate, he can either incorporate directly with the Secretary if State in his state, or hire a lawyer or company to do it for him. Doing it yourself is cheaper (as you only have to pay the filing fees and so on) but especially if you're setting up a business for the first time, it may make sense to pay someone else to help him through the process. One such company is The Company Corporation, which has been helping people set up corporations and LLCs for 110 years (since 1899).

Marion Said:

how much does insurance for retail and service businesses cost?

We Answered:

Depends. You may need fire, theft, flood, and liability insurance. Lots depends on your location,
the locks on the doors, whether you have smoke alarms and sprinklers, the condition of your sidewalk, even the arrangement of your parking lot.

You want to talk to an insurance agent.

An inventory cost is what it costs you to have stuff on hand: shelf and floor space.

Grandpa

Adrian Said:

how much can i expect to pay for small business insurance for a retail store?

We Answered:

VERY loaded question, depends on the size, what is being sold, ETC, ETC, your credit score.