Retail Store Insurance in Calgary

Here are 5 essential types of insurance for your Calgary small business:

1. Commercial general liability (CGL) insurance: If you are operating a small business, this type of insurance coverage is essential. It can be a risk not to have CGL (business liability) insurance.

What if a customer gets injured at your business or her property gets stolen? Without commercial general liability insurance, you would be responsible for paying any liability costs out of your own pocket.

You’ll also hear CGL insurance called “slip and fall” insurance.

It’s recommended that you have at least $1 million in CGL coverage, but more is often recommended depending on the size of your business and what it sells or the service it offers.

2. Commercial property insurance: Commercial property insurance keeps your business protected from property losses, such as theft, fire, or vandalism. You can also add earthquake insurance, sewer backup or flood coverage extensions to protect your small or medium-sized business.

Property you may need to insure would be:

• Buildings and other structures
• Computers
• Equipment, supplies, furniture
• Documents such as payroll and accounts receivable

3. Product liability insurance: It protects your small business against claims that allege third-party property damage or bodily injury caused by a product you manufacture, distribute, or sell.

Product liability insurance protects your business from design, manufacturing, or marketing defects, such as incorrect labelling and safety warnings.

4. Professional Liability Insurance: If you offer your customers advice or provide services, such as those offered by a consultant, contractor, accountant, you’ll need professional liability insurance. This type of insurance helps cover you in the case of allegations of professional negligence, failure to deliver a service as promised, or a mistake that causes financial harm to a customer.

It’s also called errors and omissions (E&O) insurance.

5. Cyber liability insurance: Small and medium-sized businesses are increasingly the targets of cyberattacks. Do you store client information digitally and take online payments? If so, your business’s computer system could be hacked by cyberthieves.

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 was stolen and you may have to pay for notification expenses to inform customers affected by a breach. Better safe than sorry when it comes to cyber insurance.

Insurance can seem like an extra expense, but when the unexpected happens it is there to protect your business. Can you afford not to have business insurance?

Are there other insurance coverages that protect small businesses?

Business interruption insurance: If there is an insured loss at your business that’s severe enough to prevent it from being opened, the expenses associated with getting your business running again will be covered.

This type of policy usually covers vandalism, fire, wind, flooding, and other risks (make sure to understand what your policy covers).

Business interruption insurance will help compensate you for lost income and expenses that you will need to continue paying even while you are unable to work. It can mean the difference between closing and not reopening your Calgary business.

Commercial auto insurance: Your business needs commercial auto coverage as part of your business insurance package. Personal car policies will not cover your drivers or your business.

Business interruption insurance helps recover lost business income and ongoing business expenses while your Calgary small business is temporarily closed.

This type of insurance usually can’t be purchased as a standalone policy. Business interruption insurance is included under your commercial property insurance, or as an add-on to your business insurance policy.  

What does business interruption insurance cover?

There are a number of losses that can force your Calgary small 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

Commercial property insurance helps provide your Calgary business with financial coverage for physical loss or damage to your building, property, and contents.

Commercial property insurance can also be called business property insurance or commercial building insurance.

Commercial property insurance can help cover repair or replacement costs if your Calgary business’s property is damaged or destroyed due to a covered loss, such fire, theft, storms including wind and hail, or vandalism.

Commercial Property insurance helps cover the cost of repairing or rebuilding your Calgary business.

Commercial property insurance typically covers:

• Your premises, including signage and other physical structures such as a fence
• Equipment
• Machinery
• Computer systems
• Hardware
• Inventory/Stock

What’s not included:

• Equipment wear-and-tear
• An unexplained loss
• Deliberate damage to your business
• Theft at a vacant location (more than 30 days)
• Cash/securities