Retail/Wholesale
Workers' Comp Coverage for Retail Businesses
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Workers' Compensation Codes Related to Stores
Employees are grouped into classification codes based on their job duties and work functions. The National Council on Compensation Insurance (NCCI) currently utilizes nearly 800 class codes to help insurance companies and agents categorize employees for rating purposes. Insurance companies set a base manual rate for each class code in order to begin pricing a policy.
Properly classifying workers is an important part of the quote process. Mis-classified employees can cost small businesses thousands of dollars. You could end up paying too much for coverage or owing more money after an annual audit.
Class Code 8017
Retail Store
Retail store insurance is a very broad class of business. It is the most common class code for most retail stores that sell many different varieties 1of general merchandise. Class code 8017 applies to all stores that are not classified under another code as a specialty store.
Retail stores that typically fall under this classification include office supply stores, gift and novelty stores, electronics, paint, rental centers, shoes and clothing, sporting goods, liquor, tobacco, consignment and pawn shops, pet supplies, books and magazines, baked goods, medical supplies and many related inventory.
Class Code 8006
Grocery Store
Grocery stores typically sell perishable items as opposed to durable or dry goods. While the rates are similar to retail stores, grocery stores may involve higher labor costs and different underwriting considerations. Class code 8006 includes retail grocery stores, coffee and tea shops, confectionary and candy stores and convenient stores.
Class Code 8010
Hardware Store
The hardware store class code applies to both retail and wholesale stores that sell hardware goods such as tools, nails, bolts, lumber and other related items. Locksmiths, outdoor power equipment stores and farm supply stores also fall under this classification.
Class Code 8044
Furniture Store
This code refers to both retail and wholesale dealers who primarily sell furniture. Merchandise sold includes home furnishings, antiques, lawn furniture, office furniture, etc.
Class Code 8045
Drug Store
Class code 8045 is specific to pharmacies and drug stores. Incidental compounding of drugs is permitted.
Class Code 8018
Wholesale Distribution
Wholesalers typically provide a variety of good to retail operators rather than consumers. Items may include groceries, appliances, office supplies and electronics. Wholesalers are separately rated under class code 8018.
Alternative State Class Codes for Stores:
Sometimes a state will deviate from the industry class code recommended by NCCI. Instead of the NCCI code, they may require the utilization of a state specific class code for certain business segments.
There are numerous other classification codes used to define specialized stores such as Jewelry Repair-3383, Florists-8001, Bicycles- 8010, and more. Several states often utilize different codes for certain types of classification so class codes may vary. Call our workers comp Specialists for details about your classification code.
Synonyms: residential cleaning, housekeeping, maid service, house cleaners, cleaning company, janitorial service, floor waxing, window washing, mobile pressure washing, chimney cleaning, furnace cleaning, pest control, termite control, property preservation.
How Does Workers' Comp Work?
Workers' comp coverage protects employees when injured. It makes good financial sense for both parties.
- Loss of income for employees unable to perform job duties
- Medical expenses for employees injured on the job
- Retraining expenses for employees unable to return
- Permanent injury or disability for lasting injuries
- Survivor benefits if employees are killed on the job
Coverage does not protect employers from everything. Sometimes employees and employers can be negligent.
- Injuries resulting from a violation of the law
- Incidents resulting from employees' use fo drugs or alcohol
- Injuries that did not occur in connection with the job
- Clear company policy violations
- Injuries that did not occur in connection with the job
How Much Does Store Insurance Cost?
The average rate our customers pay for workers’ compensation under the retail class code is around $1.54 per $100 of payroll. The average cost for a general liability insurance or business owners (BOP) policy is about $1,150.00 per year.
- Work Comp is priced based on payroll
- Your state and EMR Rating will affect your cost
- The type of good sold can modify rates
- Premium discounts and policy credits may apply
- GL rates for stores are based on sales (rated per $1000)
- Gross revenue may affect pricing
- The type of store matters to underwriters
- Prior clams and years in business affect pricing
How do I get started?
Here's what we need from you
- Business details, locations, FEIN or SSN
- Estimated annual payroll and job duties- class codes
- Claims info or loss history- if applicable
What Happens Next?
We go find for your best price
- Our software matches you with top-rated carriers
- Our agents apply and negotiate your lowest rates
- We present and recommend your best options