As an owner of a retail shop, you experience a number of risks while providing products and services to your customers. Retail Insurance helps protect your business from lawsuits, product malfunctions and other risks that cause disruptions in the day-to-day function of running your store. A comprehensive retail insurance program protects your business by providing coverage for your building, products, software, liability and more. If you don’t have a physical location, we have a number of insurance options available for online stores and e-commerce businesses.
Types of Retail Businesses we work with:
- Clothing stores
- Home décor and furniture stores
- Antique and vintage stores
- Gift shops
- Hardware stores
- Baked goods shops
- Specialty food stores
- Cannabis retailers
- E-commerce companies
- Computer and electronic shops
What types of insurance do retail businesses need?
There are many different policies that can help protect your business depending on your shop’s individual needs. A combination of some of the policies below can form your Retail Insurance package and provide comprehensive coverage for your retail business. This is not an exhaustive list of insurance types, so it is best to speak with an insurance broker who can create an insurance package that is customized for you.
Commercial General Liability (CGL):
This coverage provides protection from everyday risks that happen in your store. This covers your business against claims of third-party bodily injury or property damage that occur in and around your retail location.
Commercial Property Insurance:
This provides coverage for your building and its contents (including stock and merchandise) in the event of a covered loss including fire, theft or water damage.
Product Liability Insurance:
This protects your business from claims of third-party property damage or bodily injury due to a product you sell, distribute or manufacture. These claims can occur due to any flaw in your product’s marketing, design or manufacturing such as an incorrect or insufficient labeling.
If your retail business uses any type of technology such as a POS system, a website or an inventory management system, you are exposed to cyber liability risks. The last thing you want is a cyber breach that exposes the stored data of your customers. Cyber insurance helps protect you in the event of a cyber attack.
This policy provides coverage for burglary, theft and robbery of money & securities by third parties. It can cover your store against theft, embezzlement or forgery by employees. This can be purchased as a standalone or as part of your commercial package policy.
If you use your own vehicle or a company car to transport supplies or products related to your business, you should speak with one of our brokers about adding commercial auto insurance to your program.
Business Interruption can provide coverage for the income lost when your normal business operations are interrupted or stopped altogether. This interruption or damage must be caused by or be a direct result of a covered cause of loss, which are the same causes of loss found in your Commercial Property policy. There must be visible physical damage to your business property for it to apply.
Your Retail Business and COVID-19
Many businesses across Canada have been affected by multiple unexpected closures over the last 2 years due to COVID-19 provincial regulations. While we strive to ensure your retail insurance package covers all the unique risks to your business, there are still very limited options to cover income lost due to a pandemic, government-mandated closure or infectious disease.
Retail Store Insurance helps your business recover from unforeseen events and losses that can be costly and affect your ability to run your business. Whether you run a local stand alone store or a number of chains across Canada, the experienced brokers at Fuse Insurance understand the retail industry and are ready to help you find the best insurance coverage for your needs. Our online quote application is quick and easy and provides the information we need to get your insurance policy in your hands as soon as possible. To start your quote now, fill out our form online or call 1-866-387-FUSE (3873).