In the retail business, dealing with the public means you are exposed to many risks every day. With retail insurance in place, you can have peace of mind knowing your business is protected from theft, legal action, interrupted operations or other unexpected events. We’ll shop Ontario’s leading insurance companies to get you the best coverage for:
Let Mitchell & Whale Insurance Brokers shop Ontario’s leading insurance companies to find you the best retail insurance package at an affordable price. Recommended retail insurance packages will include:
Commercial General Liability Insurance will protect your business if it’s found to be legally responsible for injuries or property damage at your retail location, your customers’ location or elsewhere. A typical claim would be for a slip and fall at your shop
Product Liability Insurance protects your business if products that you sell are found to cause injury to your customers or to third parties, or damage to their property. This could be an electrical device that is badly designed and starts a fire, or a cannabis product that someone claims made them schizophrenic. Even if a claim is unfounded, product liability insurance pays your legal fees to defend against the accusation.
If your business has its own vehicles, then you would definitely want a commercial auto insurance policy (or a fleet policy) to provide all the same coverage for your business vehicles that your personal auto insurance does for your personal vehicles.
Note that if you or your employees use your own personal vehicles for business purposes. Whether you are picking up inventory or delivering orders. In this case you should look into what is called non-owned auto insurance coverage to protect:
Protects the physical assets of your business such as the building, inventory, equipment and computers. Standard coverage includes losses due to fire, theft or vandalism.
More on commercial property insurance
Bailee’s coverage will protect you in the case of loss or damage to your customers’ goods while in your possession for storage, repair, or servicing. Bailee’s insurance includes coverage for customer property in transit to and from your premises.
More on bailee’s insurance coverage
Employee dishonesty insurance is a type of crime coverage that covers you from financial loss due to fraudulent or dishonest acts by your employees, such as theft of cash, securities, or property. Employee dishonesty is more common in retail than many other business sectors, as numerous staff members often have access to the cash register and stock.
Business interruption insurance protects you from financial losses in the event that your retail location is closed due to losses caused by property damage or theft. This important coverage complements your property insurance, allowing you to meet your financial obligations during the time your store is closed for repairs.
Protection against cyber attacks and data breaches is critical to all retail businesses due to the high volume of credit card transactions made on a daily basis, and the high volume of personal and financial information most retailers keep about their customers. Credit and debit card information stored on retail point-of-sale systems are often targeted by cyber thieves, and cyber insurance will help cover legal and other expenses associated to data breaches that might affect your customers and your business.
Although this coverage is essential for any retailer, it is particularly critical for retailers that derive a significant portion of their revenues from online sales. Imagine if 30% of your revenue comes from web sales, and your website is taken offline for a week by a ransomware attack.
The world of retail is not one-size-fits-all. If your retail business falls into one of the following categories, you may require more specialized coverage:
Our business insurance experts will go over all your options with you to tailor a package of insurance that meets your needs and respects your bottom line. Call us today!