Insurance for your Ontario Retail Store
You’ve realized your dream and opened your own store. You’re always working and interacting with the public, which exposes you to many different types of risks.
You need to protect your investment with the right retail store insurance package.
Ask your Western business insurance expert about what type of retail insurance package you need for your Ontario clothing store, bookstore, hardware store, beauty salon, craft store, sporting goods store, florist shop, drug store, among many other retail businesses.
If you’re a retail store operator in the Greater Toronto area, Schomberg, King City, Kitchener, Guelph, Petawawa, or elsewhere in Ontario, we understand the retail insurance package that you need to protect your store. We’ll tailor your retail package to suit your needs.
Why do I need a retail insurance package?
You need a retail insurance package to help protect your business from different types of risks.
Your retail insurance package can provide coverage for risks such as a customer slipping and falling, property damage, equipment breakdowns, or to protect the contents of you store.
Here are insurance coverages recommended for retail stores:
Commercial General Liability (CGL) Insurance: This type of insurance is also known as “slip-and-fall insurance.” Just like its name, it protects your store if a customer should slip and fall on your premises and get injured.
- This policy can help protect your business against any claims of third-party bodily injury or property damage that occur at your place of business.
- Commercial general liability insurance generally covers medical fees, legal expenses, and settlements regardless of the outcome of a lawsuit by a customer against you.
- Your CGL insurance policy should protect you from libel, slander, copyright infringement, and false advertising allegations.
Without commercial general liability insurance, you would be responsible for paying any liability costs out of your own pocket.
Many retail stores owners carry at least $2 million in commercial general liability coverage. Ask your Western business insurance expert about how much CGL insurance you need for your Ontario retail operation.
Commercial Property Insurance: This coverage protects your retail business and its contents. It can help keep you protected from property losses, such as theft, vandalism, fire, or a flood.
What if there’s a heavy rain and the sewers back up and your business is flooded? You should consider adding sewer backup or overland flood coverage extensions, which standard business insurance policies typically do not cover.
You can also consider adding earthquake insurance.
Creating a contents inventory is necessary if you file a claim for damage or loss due to an insured event.
You’ll also need to do a total inventory of all your business property to determine how much commercial property insurance you will need.
Let your Western business insurance expert explain in detail what is covered with commercial property insurance.
Cyber Liability Insurance: Does your business use e-commerce and take orders and payments online? Do you store client data electronically?
If you use computers for any purpose in your business, you could be at risk for a cyberattack or data breach. These attacks can have serious consequences for your business, both financial and reputational.
If your computer system is hacked, cybercriminals can sell the information. Without cyber insurance, you will have to pay out of your pocket for the cost of restoring your system. You may also be liable for damages to third parties whose information has been stolen and you may have to pay for notification expenses to inform customers affected by a breach.
Ask your Western business insurance expert how cyber insurance can protect your retail business as part of your retail insurance package.
Crime Insurance: Crime insurance provides coverage for events not covered by most property or liability insurance policies.
This type of coverage can protect your retail business from losses due to:
- Employee fraudulent acts, for example: An employee forges your signature and withdraws money from your account
- Theft of money
- Counterfeit money or money orders
- Depositors’ forgery
- Credit card, debit, or automated teller card fraud
Product Liability Insurance: It provides protection against claims alleging third-party property damage or bodily injury caused by a product you sell, distribute, or manufacture.
Damages covered by product liability are usually the result of a defect in the design, manufacturing, or marketing, such as an incorrect label or a lack of safety warnings.
Business Interruption Insurance: Business interruption insurance supports you when your retail store cannot operate due to a covered loss. Being prepared for the unexpected can be the difference between recovering from a loss and closing your business permanently.
There are many losses that can force your business to shut down. Some examples include:
- Damage to your storefront from fire or vandalism
- Damage to a neighboring business
- 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 expenses such as:
- Property taxes
- Alarm monitoring
- Relocation of your business
Equipment Breakdown Insurance: This type of insurance provides coverage for property damage from the sudden and accidental breakdown of insured equipment not automatically covered by a standard commercial property policy. You’ll need to have a list of the equipment at your retail store and how much it’s worth.
Commercial Auto Insurance: If you have a business car that you use for your retail operation, it needs commercial coverage as part of your insurance package. Your personal car or truck insurance usually won’t cover your company vehicles.
How much retail insurance do I need?
It will depend on the size of your Ontario retail store and what you are selling.
That means it’s unlikely that all retail outlets would pay the same monthly or annually for their coverage.
Ask your Western business insurance expert to determine the right level of coverage for your retail business.
Western Insurance has licensed BUSINESS INSURANCE EXPERTS to get your Ontario retail store the right retail insurance package. Our experts are available now to help you navigate the business insurance journey to protect your retail store.
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