Insurance for Toronto Flooring Retailers
Toronto retailers that specialize in flooring need custom-fit commercial insurance that covers all their risks. That means insurance for Toronto flooring retailers must have enough liability insurance to protect against lawsuits.
Liability insurance protects you and your Toronto flooring business against legal claims for accidents causing third-party bodily injury or third-party property damage (customers and suppliers).
Western Financial Group, a 100% Canadian company, can help you navigate your car, home, and business insurance during this period of economic uncertainty.
Wherever your small business is located in Toronto, the Greater Toronto Area (GTA), or elsewhere in Ontario, a Western Financial Group business insurance broker will get you commercial coverage that uniquely protects what you do.
Western is a trusted, national insurance brokerage that has partnered with Canada’s top insurance companies to provide commercial insurance. We work with our insurance partners to find the best business coverage rates for your flooring retail business.
We make the process easy by getting insurance quotes for you to choose from and giving you policy coverage options that suit your Toronto business’s specific needs.
What is insurance for Toronto flooring retailers?
When you work with the public, your Toronto retail flooring business is exposed to risks. Business insurance for flooring retailers protects you against risks that are associated with selling and distributing flooring products. Your retail flooring policy can be customized to shopping in-store and shopping online.
Who should get retail flooring insurance?
- Carpet retailers
- Flooring retailers
- Flooring distributors
Liability insurance is a key part of your flooring insurance package.
Here are the liability coverages that you need to help protect your Toronto flooring business from lawsuits.
Commercial general liability (CGL) insurance
This is necessary liability insurance for Toronto flooring retailers. Without CGL insurance, you will pay the costs out of your own pocket related to third-party (customer/supplier) injuries or damage to their property.
If you were sued, commercial general liability insurance would cover the legal costs to defend the claim against your Toronto retail flooring business in court, as well as costs to cover damages to compensate third parties whether you win or lose your case.
What kind of risks does commercial general liability insurance cover?
- Injury to a third party who is not your employee
- Damage to someone’s property
- Damage to rented property
- Medical bills if someone is injured
- Legal costs and settlement costs of liability lawsuits filed against you
- Liability lawsuits related to slander and libel
It would not be unusual to have $2 million or as much as $5 million or more in CGL coverage, depending on the size of your Toronto retail flooring business.
Did you know that Western Financial Group has an Independent Retail Insurance Program that offers commercial insurance coverage options that are specific to independent retailers' needs. We work with your store location to provide an insurance program that provides superior coverage and manages your risk.
Product liability insurance
Product liability insurance is recommended for Toronto flooring retailers who sell, manufacture, or distributes a flooring product. It provides protection against claims alleging third-party property damage or bodily injury caused by a product you sell, distribute, or make.
Product liability insurance covers:
- Design defects: There’s something wrong with the product’s design.
- Manufacturing defects: Something went wrong during manufacturing.
- Marketing missteps: A mistake in marketing materials, such as improper labels.
- Insufficient warnings: The product doesn’t include sufficient warning/information about potential harm.
Cyber liability insurance
Cyber liability insurance is a smart business insurance coverage for Toronto flooring retailers, given the popularity of credit, debit, and online payments. Cyber liability insurance will help protect your Toronto retail store financially in case of a cyber-attack.
Depending on the size of the data breach and the information that was taken, the customers who are affected can hold you liable and sue you for damages. That’s when cyber insurance can protect you financially.
What other types of insurance do Toronto retail flooring businesses need?
Commercial property insurance
Commercial property insurance provides financial support to replace or cover repairs to your Toronto retail flooring business if it is damaged by a flood, fire, or severe weather. It also covers vandalism and theft.
Commercial property insurance also covers the firm’s contents such as computers, furniture, tools, equipment, and inventory. Commercial property coverage also extends to protect others’ property that is under your care.
Business interruption insurance
This type of insurance supports you when your Toronto flooring business can’t operate due to a covered loss.
There are a number of losses that can force your retail flooring business to shut down. Some examples are:
- Damage to your equipment from fire or vandalism
- A major reduction in revenue due to a client/supplier facing losses of their own
- A disruption in your supply chain
Business interruption insurance can help with these expenses:
- Payroll
- Rent
- Utilities
- Property taxes
- Alarm monitoring
- Relocation of your business
Crime insurance
Shoppers and staff may have the opportunity to steal from your Toronto retail flooring business. Crime insurance helps protect you against certain types of losses that are not covered by a standard commercial property policy, such as: employee theft, credit, debit or automated teller, counterfeit money, or loss of money at your store.
Business insurance add-ons that your Toronto retail flooring store should consider:
Overland flood insurance
Overland flood insurance provides protection for loss or damage related to water entering a property from a sudden accumulation of water. This usually results from heavy rain, spring run-off, or overflow from lakes or rivers. If you don’t have this add-on, you may not be covered.
Sewer backup coverage
Sewer backup coverage helps protect your Toronto retail store against water damage from sewer backups. Note that sewer backup insurance does not cover every type of water damage insurance claim.
In Canada, most standard commercial property insurance policies do not automatically cover sewer backup and overland flooding.
What do I do if I have a claim against my Toronto business?
Contact your broker immediately after any business-related mishap. Waiting to file a claim can confuse insurers about the severity of the damages to your business.
- Know your policy so that when you contact your broker you are familiar with what will be covered or not.
- Document the damage. Take photos right away and write down what happened.
- Do not throw away damaged goods after taking photos. Keep the physical evidence so that your adjustor can see it.
- Do not invite lawsuits. Don’t say anything that could be used against you, especially if you aren’t sure what happened.
- Be honest about what your damaged property is worth. Damaged commercial property is generally valued according to its actual cash value or replacement value.
Here’s an insurance checklist:
- Do you have the best Toronto business insurance rate that suits your work?
- Do you have the right amount for your deductible and regularly review it to make sure it’s the right amount for you?
- Are you or your employees using personal vehicles for work?
Western Financial Group has licensed BUSINESS INSURANCE EXPERTS to get you the right insurance coverage as a Toronto flooring retailer. Our experts are available now to help you navigate the business insurance journey to protect your Toronto business.
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5 FAQs about business insurance
How much liability insurance coverage do I need for my business?
A very small business would need at least $1 million in commercial general liability (CGL) insurance to cover injury and damage to third parties (customers/suppliers) and their property. It wouldn’t be unusual to have $2 million to $5 million in CGL or more depending on the size of your business and what it sells or the services it provides.
How are business insurance premiums calculated?
Business insurance premiums are usually influenced by business size, number of employees, location, claims history, deductibles, annual revenues, services provided or products sold, and risk reduction measures.
How can I lower my business insurance premium?
Savings can come from choosing higher deductibles, maintaining a claims-free history, and taking advantage of multi-policy and loyalty discounts. Ask your business insurance expert if a bundled package of commercial insurance coverages will get you a discount. Review your policy annually to make sure it is still covering your business adequately.
Why is a certificate of insurance important for my business?
A certificate of insurance (COI) shows your clients that you have active insurance coverage for your business, including the types and limits of that coverage. It is provided at no charge by your business insurance provider.
Is my home-based business covered by my homeowner’s policy?
A standard homeowner’s policy usually offers limited or no coverage for business activities, especially for professional liability or business equipment. You’ll need to consider separate business insurance to protect your home-based business.