Best Buy Insurance Analysis & Coverage Guide
Best Buy, a leading entity in the retail industry since 1966, headquartered in Richfield, MN, boasts over 10,000 employees and reports impressive annual revenues upwards of $45 billion. The company has established a robust market presence, specializing in consumer electronics and related merchandise.
Company Overview
Retail
10000+ employees
1966
Richfield, MN
$45B
60/100
Insurance Spend Analysis
Estimated Annual Spend
Based on industry benchmarks and company specifics, Best Buy's annual insurance expenditure is estimated to be in the range of $10 million to $25 million.
Industry Average
N/A
Savings Opportunity
Best Buy could potentially lower its insurance expenditures by negotiating better rates or terms, leveraging its size and market position, and through more tailored risk management strategies.
Primary Risk Factors
Cyber Security Threats
Property Damage
Employee Injuries
Product Liability
Theft and Vandalism
Recommended Coverage Types
general-liability
Recommended: $2 million per occurrence / $4 million aggregate
Premium: $20,000 - $40,000 annually
professional-liability
Recommended: N/A
Premium: N/A
cyber-liability
Recommended: $10 million
Premium: $200,000 - $500,000 annually
workers-compensation
Recommended: Statutory requirements vary by state
Premium: $500,000 - $1 million annually
commercial-property
Recommended: $50 million
Premium: $300,000 - $600,000 annually
business-interruption
Recommended: $20 million
Premium: $100,000 - $250,000 annually
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