Nationwide earned our top spot for the best small business insurer for retail companies due to its affordability and coverage. However, we recommend comparing quotes from our other top picks, including NEXT, The Hartford and biBerk.
Best Retail Business Insurance
Updated: July 8, 2025
Advertising & Editorial Disclosure
Key Takeaways
Nationwide is the best business insurance company for retail firms because it offers the greatest balance of customer service and coverage.
The cheapest overall commercial insurance varies by coverage type for retail businesses, with Nationwide offering the lowest rates for general liability and BOP insurance.
To shop for business insurance for your retail business, assess the risks in your industry, consult agents and other similar organizations and compare multiple options.
Best Business Insurance for Retail Companies
| Nationwide | 95 | 98 | 91 |
| NEXT Insurance | 93 | 92 | 94 |
| The Hartford | 93 | 94 | 91 |
| biBERK | 93 | 97 | 91 |
| Simply Business | 87 | 85 | 83 |
| Coverdash | 87 | 85 | 83 |
| Chubb | 86 | 82 | 87 |
| Thimble | 85 | 86 | 81 |
| Hiscox | 83 | 80 | 87 |
| Progressive Commercial | 82 | 80 | 81 |
*All scores were based on a retail business with two employees across professional liability, general liability, workers' comp and BOP policies.
1. Nationwide
pros
Cheapest BOP and general liability
Strong customer satisfaction score
Longstanding reputation and stability
cons
Online quote process may be slower
COMPANY HIGHLIGHTS
Nationwide is the top pick for retail businesses thanks to its affordability and dependable coverage across core policy types. It offers the lowest prices for both general liability and BOP insurance, giving retailers a cost-effective way to protect their storefront, inventory, and customers.
Nationwide is known for its broad network of agents and responsive claims handling, which is especially valuable for brick-and-mortar businesses. With over 90 years in the industry and consistently strong financial ratings, it's a trusted name among retail owners. The quote process isn't fully digital, but the personal service and experience make it worth your time.
2. NEXT
pros
Fast, fully digital platform
High customer satisfaction rating
Competitive pricing across policies
cons
Limited human support for complex needs
COMPANY HIGHLIGHTS
NEXT is a strong option for retail companies looking for a fast, modern insurance experience. Its digital-first platform allows you to get covered, manage your policies, and access certificates all online, ideal for busy shop owners.
NEXT offers competitive pricing across general liability, workers' comp, and BOP insurance, especially for retailers with fewer than five employees. NEXT also has a 4.7‑out‑of‑5 rating from thousands of business owners. While hands-on support may be limited, it's a standout for retailers who value speed, simplicity, and savings.
3. The Hartford
pros
Cheapest professional liability coverage
A+ AM Best financial rating
Reliable claims and service support
cons
Slightly dated digital tools
COMPANY HIGHLIGHTS
The Hartford remains a top choice for retailers who want stability and strong protection, especially for professional liability and general business risks. It offers the lowest rates for professional liability insurance in our pricing data and competitive options for BOP and workers' comp. Backed by an A+ rating from AM Best, it’s known for excellent customer support and claims service. Whether you operate a boutique, electronics store, or specialty shop, The Hartford’s deep underwriting experience can help you get the right coverage mix. While its digital tools lag slightly behind newer platforms, the trade-off is dependable, hands-on service.
Cheapest Business Insurance for Retail Firms
Based on our study of business insurance pricing, the cheapest retail business insurance varies by coverage type, with Nationwide leading in general liability and BOP insurance, while other providers offer the lowest rates for workers' comp and professional liability.
However, this applies only to retail companies with two employees, and you may find lower rates elsewhere. Below are the most affordable providers by major coverage types.
Cheapest General Liability Insurance for Retail Companies
With an average monthly rate of $30, Nationwide offers the lowest-cost general liability insurance for retail companies. Even so, consider getting quotes from the next-most-affordable insurers: biBerk and The Hartford.
| Nationwide | $30 | $359 |
| biBERK | $39 | $471 |
| The Hartford | $53 | $638 |
| NEXT Insurance | $54 | $648 |
| Thimble | $68 | $819 |
| Coverdash | $74 | $887 |
| Simply Business | $76 | $910 |
| Chubb | $79 | $945 |
| Progressive Commercial | $92 | $1,104 |
| Hiscox | $99 | $1,193 |
Cheapest Workers' Comp Insurance for Retail Companies
For retail businesses shopping for workers' comp insurance, Thimble tops our list as the most affordable insurer, with average rates of $15 per month or $180 yearly. Still, it's worth checking quotes from other low-cost insurers like Progressive Commercial, Hiscox, NEXT, and Coverdash.
| Thimble | $15 | $180 |
| Progressive Commercial | $16 | $194 |
| Coverdash | $17 | $205 |
| Hiscox | $17 | $201 |
| NEXT Insurance | $17 | $209 |
| Simply Business | $17 | $200 |
| The Hartford | $17 | $204 |
| biBERK | $18 | $211 |
| Nationwide | $19 | $225 |
| Chubb | $20 | $242 |
Cheapest Professional Liability Insurance for Retail Companies
The Hartford offers the most affordable professional liability insurance options for retail companies, with low average monthly rates of $49. You may also want to compare prices from other low-cost providers like NEXT, Progressive Commercial, and Simply Business.
| The Hartford | $49 | $583 |
| NEXT Insurance | $51 | $608 |
| Progressive Commercial | $52 | $627 |
| Hiscox | $54 | $651 |
| Simply Business | $54 | $646 |
| Thimble | $55 | $657 |
| biBERK | $56 | $675 |
| Coverdash | $56 | $667 |
| Nationwide | $59 | $707 |
| Chubb | $64 | $766 |
Cheapest BOP Insurance for Retail Companies
Nationwide provides the most affordable business owner's policy (BOP) coverage for retail companies, with an average yearly cost of $536 for bundled general liability and property protection. That’s a savings of roughly $81 annually compared to biBerk, the second most affordable option.
| Nationwide | $45 | $536 |
| biBERK | $51 | $617 |
| The Hartford | $68 | $815 |
| NEXT Insurance | $78 | $941 |
| Coverdash | $107 | $1,287 |
| Thimble | $108 | $1,293 |
| Simply Business | $113 | $1,361 |
| Chubb | $118 | $1,417 |
| Progressive Commercial | $139 | $1,672 |
| Hiscox | $149 | $1,789 |
What Type of Coverage Do You Need for a Retail Business?
Most companies with employees are legally required to carry workers' comp insurance, and businesses that use vehicles must have commercial auto coverage. Many clients or contracts also require businesses to carry general liability insurance before starting work. A surety bond may also be necessary in certain industries, especially when contracts require guarantees of service or compliance.
RECOMMENDED RETAIL BUSINESS COVERAGE
General liability insurance is strongly recommended for retail companies as it covers common risks like bodily injury, property damage and legal defense costs, even if it's not legally required.
Professional liability insurance is also a smart option for businesses that work under client contracts or provide specialized services. This coverage becomes especially useful for companies offering specialized services or handling large contracts where the risk of disputes is higher.
Coverage Recommendations by Retail Company Type
We've organized retail business types by their risk exposure, from highest to lowest, to help you understand their insurance needs. Businesses with higher risk should consider more comprehensive coverage to protect against potential claims.
Retail Business Type | Coverage Types Recommendation | Most Common Insurance Claims | Most Common Reasons For Litigation |
|---|---|---|---|
Clothing or Apparel Store | General Liability, BOP, Workers’ Comp, Property Insurance | Customer slip-and-fall, inventory theft, water damage | Injury claims, ADA violations, employee disputes |
Electronics or Appliance Store | General Liability, Professional Liability, BOP, Cyber Liability | Product malfunction, data breach, customer injury | Faulty product lawsuits, tech support negligence, privacy violations |
Grocery or Convenience Store | General Liability (high limits), BOP, Workers’ Comp, Liquor Liability (if applicable) | Slip-and-fall injuries, food spoilage, theft | Premises liability, food safety violations, security issues |
Home Goods/Furniture Store | General Liability, BOP, Inland Marine, Workers’ Comp | Delivery damage, large-item injuries, product defects | Delivery-related lawsuits, property damage, product liability |
Specialty Retail (e.g., Hobby, Pet, Toy) | General Liability, BOP, Product Liability, Cyber Liability | Customer injury, product harm, online payment breach | IP claims, child safety lawsuits, data security disputes |
How to Get the Best Cheap Business Insurance for Your Retail Company
Here's a step-by-step method for finding the best and cheapest business insurance for your retail company.
- 1
Decide on coverage needs before buying
Consider risks specific to your business for claims, get advice from similar businesses, talk to agents and research the types of business insurance. This helps you understand what you actually need and avoid paying for coverage you don't.
- 2
Research costs
To ensure you get the best deal, research average costs for your business profile and determine which providers offer the cheapest rates overall. This helps you spot good deals and know which companies to contact first.
- 3
Look into company reputations and coverage options
Check what customers say on review sites and forums to get the real story about each company's service. Look into coverage options to make sure you're protected for what matters most to your business.
- 4
Compare multiple quotes through different means
Get quotes from multiple companies for the same coverage levels so you can compare prices fairly. Pricing differs by your comparison method, whether with captive agents, comparison sites, company websites or independent agents.
- 5
Reassess annually
Your business situation will change, influencing your rates and coverage needs. Repeat these steps annually to ensure you still have the best deal.
How to Decrease Your Retail Business's Liability Risk
Reducing liability risks helps keep your insurance costs down. We've organized risk strategies by business type so you can find what works for your situation.
Risk Level | Included Types | Risk Mitigation Tactics |
|---|---|---|
Highest | Grocery stores, liquor retailers, furniture stores with delivery | Train employees in food safety and lifting techniques. Use clear signage for wet floors. Insure delivery vehicles and staff. Install security systems and maintain inspection logs. |
Moderately High | Electronics/appliance stores, pet supply retailers | Use contracts for extended warranties. Secure all tech and data systems. Offer training on product use. Insure against cyber threats and product liability. |
Moderate | Clothing, shoe, or accessory shops with foot traffic | Maintain clean, clutter-free walkways. Train staff on anti-theft procedures. Display warning signs where needed. Carry general and workers’ comp insurance. |
Moderately Low | Small specialty retailers with low foot traffic | Use disclaimers for hobby or pet products. Handle transactions through secure systems. Bundle BOP for property and liability. |
Lowest | Online-only or kiosk retailers with minimal in-person activity | Use encrypted payment processors. Carry cyber and product liability insurance. Avoid in-person sales without coverage. Include terms of use on all platforms. |
Best Insurance for Retail Business: Bottom Line
Nationwide is the best insurer for retail business insurance, offering top overall ratings and competitive rates across multiple coverage types. We also recommend getting quotes from NEXT, The Hartford, and biBerk. For the best deal, talk to agents, research providers and pricing and compare multiple quotes side by side.
Retail Business Insurance: FAQ
Below, we answer common questions about retail business insurance.
Who offers the best retail business insurance overall?
Nationwide offers the best business insurance for retail companies, with a MoneyGeek score of 95 out of 100, excelling in customer service. biBerk is also a competitive option with a score of 93.
Who has the cheapest business insurance for retail companies?
Here are the cheapest business insurance companies for retail businesses by coverage type:
- Cheapest general liability insurance: Nationwide at $30 per month
- Cheapest workers' comp insurance: Thimble at $15 per month
- Cheapest professional liability insurance: The Hartford at $49 per month
- Cheapest BOP insurance: Nationwide at $45 per month
What business insurance is required for retail organizations?
Workers' compensation insurance (if you have employees) and commercial auto insurance (if you own business vehicles) are legally required for retail businesses, with requirements varying by state. While not legally mandated, general liability insurance and surety bonds are effectively required by most commercial clients and property leases.
How much does retail business insurance cost?
Business insurance costs for retail companies vary depending on location, store size, and number of employees. Below are the average monthly costs for commonly needed policies:
- General liability: $66 per month
- Workers comp: $17 per month
- Professional liability: $55 per month
- BOP insurance: $98 per month
How We Chose the Best Retail Business Insurance
We selected the best business insurer for retail companies based on the following criteria:
- Affordability (50% of score): The lower a company's costs compared to the competition based on our base profile for four core coverage types, the better it performs.
- Customer service (30% of score): We scored providers on overall customer satisfaction using industry studies, customer review forum ratings and public forum sentiment analysis from sites like Reddit.
- Coverage (15% of score): We scored business insurance for this category based on the flexibility, payment and actual coverage options.
- Financial stability (5% of score): Using financial stability industry ratings from companies like AM Best and Moody's, we created an overall rating to judge how likely a company is to pay out claims compared to the competition.
All pricing in this article is based on the following base profile to represent the vast majority of small businesses in all states:
- Three-person business with two employees
- Coverage: $1 million per occurrence and $2 million total per year for all but BOP, which includes the same coverage plus $5,000 of business property coverage
- $150,000 in payroll
- $300,000 annual revenue
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- NEXT. "Customer Reviews." Accessed June 16, 2025.