Best Retail Insurance

Travelers offers a robust business owner’s policy that includes coverage for computer equipment and employee dishonesty. The company also offers several add-ons, including cyber liability/data breach coverage, sewer backup and food spoilage, a global extension for periodic overseas travel, and employment practices liability coverage. You can get workers’ compensation, commercial auto, and umbrella coverage from Travelers as well. 

Travelers also has the highest financial strength grade from AM Best and the lowest complaint index with the NAIC for commercial property and liability combined. The insurer is open to a wide range of retail businesses and accepts 90% of applicants. However, average premiums are relatively high, so microbusinesses may want to look elsewhere for coverage. Larger small businesses that need employee benefits coverage may also be better served by another company. 

The following are average annual Travelers premiums, according to data from Insureon:

• BOP: $2,486
• General liability: $1,110
• Workers’ compensation: $1,931

Chubb offers general liability insurance that includes bodily injury, personal and advertising injury, and medical expenses. For some states and businesses, privacy liability and data breach coverage are included at no additional cost. You can also opt for a platinum package with employment practices liability coverage and hired and non-owned auto insurance coverage. 

Chubb offers online quotes to small businesses with less than $2 million in revenue, for which coverage options are limited, and also offers a wider array of retail insurance products to larger businesses, for which you’ll need to obtain a quote by phone. The company has the highest financial strength grade with AM Best and no complaints with the NAIC about liability insurance. 

The following are average annual Chubb premiums, according to data from Insureon:

• BOP: $1,516
• General liability: $494
• Workers’ compensation: $2,429
• Commercial auto: $1,578

For retail businesses that need employee benefits, Nationwide offers options for group insurance and retirement plans. Though average premiums are relatively high, you can also get workers’ compensation coverage. The company’s BOP includes business income and equipment breakdown coverage, but you’ll need to add coverages like product liability and cyber liability. You can also get business auto, crime insurance, employee dishonesty coverage, inland marine, and umbrella insurance from Nationwide. 

Nationwide also offers loss-control services and risk management resources for retail stores, which can help small businesses mitigate losses. The company has an A+ (Superior) financial strength rating with AM Best and relatively low NAIC complaint indices across the board. 

The following are average annual Nationwide premiums, according to data from Insureon:

• BOP: $2,477
• General liability: $898
• Workers’ compensation: $3,557
• Commercial auto: $3,505

Liberty Mutual approves 100% of Insureon customers for commercial auto insurance and provides a relatively low average premium. The company can cover bodily injury and property damage liability, physical damage from numerous risks, uninsured motorists coverage, and more. And the available risk management services and resources may help small businesses prevent accidents. Furthermore, Liberty Mutual offers general liability, management liability, professional liability, property, workers’ compensation, and a small business owner’s policy to meet the needs of retailers. 

Liberty Mutual has an A (Excellent) financial strength rating with AM Best and a low complaint index for commercial auto. However, the company has more complaints than expected with the NAIC for other retail insurance products, like commercial liability. You’ll also need to connect with an agent to get a quote for commercial auto insurance. 

The following are average annual Liberty Mutual premiums, according to data from Insureon:

• BOP: $1,639
• General liability: $778
• Commercial auto: $1,930
• Workers’ compensation: $2,762

CNA offers standard workers’ compensation coverage at an affordable price, along with risk management services and tools to help reduce the chances of a workplace injury or illness. The company also offers a small business owner’s policy with a retailer’s endorsement, along with options such as commercial auto, cyber insurance, general liability, inland marine, and commercial property. The company doesn’t provide employee benefits, however. 

CNA has an A (Excellent)  financial strength rating with AM Best and fewer complaints than expected with the NAIC regarding commercial auto. However, the company has more liability insurance complaints than expected for a company of its size. Furthermore, while CNA has a high quote rate, you need to speak with an agent to get a quote and purchase coverage. 

The following are average annual CNA premiums, according to data from Insureon:

• BOP: $2,225
• BOP plus workers’ compensation: $2,185
• Workers’ compensation: $1,761

If you don’t meet the eligibility requirements for other companies, Progressive has a higher quote rate for retail businesses than the other companies we reviewed. Progressive works with multiple insurers to provide its commercial retail insurance products, however, so you’ll need to evaluate the company you are quoted with individually. Progressive does underwrite its own commercial auto policies but received more complaints about those policies than expected over the last few years. 

Progressive has an A+ (Superior) financial strength rating with AM Best. The company offers a BOP, general liability, workers’ compensation, commercial auto, and other coverages. 

The following is the average annual Progressive commercial auto premium, according to data from Insureon:

• Commercial auto: $3,832