Finding the Best Retail Store Insurance in the GTA
Even though many people are turning to online shopping, retail stores are still a vital part of the Canadian economy. People can visit these stores and examine things in person and not have to wait for home delivery. Whether you run a small shop, boutique, or major retail chain in the Greater Toronto area, you need retail store insurance that meets all your needs in business. Without the right insurance, you could be facing all kinds of unexpected losses and here is an example.
Jennifer M always wanted to have her own clothing boutique. In fact, she knew that many people were tired of driving all the way on the other side of Toronto just to find the latest fashions at affordable prices. Jennifer didn’t have enough money to start up her shop but she checked into business loans and was eventually approved for the funds she needed.
Before she opened for business, she talked to her husband George about insurance. George was no risk management expert but their independent insurance agent was, and the agent went over all her business needs, to make sure she would be fully covered. Jennifer was uncertain that she would need all the retail insurance options her agent recommended, but she knew he was honest and looking out for her best business interests, so she decided to take his advice. This turned out to be a smart decision on Jennifer’s part.
About seven months after Jennifer’s Boutique opened, business was good. She closed the shop one evening as it began to rain. In fact, a major storm hit Ontario and this triggered a sewer line backup into her shop. The damage was extensive and several businesses were affected. Some shop owners did not think to take out sewer backup insurance but fortunately Jennifer’s retail business insurance took care of everything. Had she not listened to her agent, her business (and dreams) would have been ruined.
Defining Retail Store Coverage?
Retail store insurance is there to protect local merchants from all kinds of business losses. This includes lawsuits and a number of hazards.
Who Needs Retail Insurance?
Here are some of the businesses that will benefit from the coverage:
- Florists
- Gift shops
- Beauty salons
- Camera stores
- Electronic retailers
- Spas
- Hardware stores
- Home improvement retailers
- Bakeries
- Fabric shops
- Grocery stores
- Shoe shops
- Appliance stores
- Paint stores
- Antique shops
- Cell phone stores
- Pharmacies
- Secondhand stores
- Clothing shops
- Comic book stores
- Specialty boutiques
- Hobby shops
- Convenience stores
- Tobacco shops
What is Standard Retail Business Insurance?
If you own a retail shop, these coverage items are essential:
- General liability – can include slip and fall liability
- Commercial property coverage – protects your building from a wide range of hazards like storms and reckless drivers running into your building.
- Building contents – important if you lease your store
- Commercial auto insurance – especially important for delivery services and if you have company cars
Options for Retail Store Insurance
You might need these options depending on the nature of your business:
- Equipment breakdown – can include communications systems, computers, AC systems, refrigeration equipment, and security systems
- Earthquake coverage
- Flood insurance
- Sewer backup protection
- Loss of income insurance – reimburses you for downtime
- Sign or canopy coverage
- Professional indemnity – protects you from claims that your employees caused damage to customers (like improper advice).
- Employers practice liability – covers hiring practice lawsuits
- Contingency insurance – can cover large deductibles
- Cyber insurance
- Peak season endorsement – protects additional inventory for the Christmas season or other special times of the year.
Getting the Right Retail Insurance in the Greater Toronto Area
If you have all the time in the world, you can learn all about insurance, risk management, and the many different policies and insurance coverage options on the market today. However, for most retail business owners, time is a limited asset. In fact, there never seems to be enough to go around. One of the best ways to save time shopping for insurance, is to let experienced insurance professionals take care of this matter for you. You will receive many important benefits from the services of a trusted insurance brokerage like Multi risk Insurance Brokers, such as:
- We are independent agents working for you and an insurance company.
- We have access to top Canadian insurers like AXA Insurance, Southwestern Group, Eagle Underwriting Group, and York Fire & Casualty Insurance, just to name a few
- Professional risk management services
- Financial planning
- Customized insurance packages for your business
- Affordable premiums
Your independent insurance professional from Multi risk Insurance Brokers is there to go over your entire policy and make sure you have the best possible coverage and the most affordable rates. To get info about a retail business insurance quote, fill out our simple quote form and we’ll contact you about a quote. You may also call us at 416-224-2800.