What Insurance Do Calgary Retailers Need?
Business liability insurance is the cornerstone of commercial insurance coverage for Calgary retailers.
Specific business insurance liability coverages for retailers protect you against risks that come with selling and producing merchandise, shopping in store, and shopping online.
A Western Financial Group business insurance broker will get you commercial coverage that uniquely protects your Calgary retail business.
Western is a trusted, national insurance brokerage that has partnered with Canada’s top insurance companies to provide business insurance. We work with our insurance partners to find the best coverage for your retail needs.
We make the process easy by getting insurance quotes for you and giving you policy coverage options that you can choose for your Calgary retail business’s specific needs.
What Calgary businesses need retail insurance?
- Clothing and shoe stores
- Florists
- Bike shops
- Soap maker shops
- Jewelry stores
- Book stores
- Gift stores
- Pop-up stores
- Vape shops
- Online retailers
- Among others
Why Calgary retail stores need specialized insurance
You are dealing with employees, customers, and members of the public every day. Accidents, mishaps, and theft can happen, and so can lawsuits against your retail operation.
Your Calgary retail business needs to be protected financially with liability business insurance.
Liability insurance is an essential part of your retail insurance package. Here are the liability coverages that you need to help protect your Calgary retail business from lawsuits.
Commercial general liability (CGL) insurance
This is essential commercial insurance for Calgary retail operations. Without CGL insurance, you will have to pay the costs related to third-party (customer/supplier/member of public) injuries or damage to their property out of your own pocket. That can hurt your bottom line.
If you were sued, commercial general liability insurance would cover the legal costs to defend the claim against your Calgary retail store in court. It covers cover legal awards to compensate third parties whether you win or lose your case.
What kind of risks does commercial general liability insurance cover?
- Injury to a third party (customer, supplier, member of the public) who is not your employee
- Damage to someone’s property
- Damage to rented property
- Medical bills if a third party is injured
- Legal costs and settlement costs of liability lawsuits filed against you
- Liability lawsuits related to slander and libel
Product liability insurance
As a Calgary retail store owner, you are responsible for the products that you sell, distribute, or manufacture.
Product liability insurance covers design defects, manufacturing defects, and marketing missteps, such as improper labels. It covers products that have insufficient warnings/information about potential harm.
Product liability insurance also covers allegations and claims of third-party bodily injury or property damage caused by the products you sell to customers.
This type of insurance helps protect your Calgary retail business from a loss if you’re found legally liable for bodily injuries or property damage to a customer/supplier.
Commercial umbrella insurance
You may want to consider commercial umbrella insurance for your Calgary retail business. Commercial umbrella insurance addresses gaps in your business liability coverage. It’s used when the primary liability coverage, for example on your commercial general liability insurance or professional liability insurance, has reached its coverage limit.
Cyber insurance
If your Calgary retail shop processes debit and credit card transactions, online or in person, you need cyber insurance. Your system could be vulnerable to cyberthieves and a resulting cyber-attack.
Without cyber insurance, you will have to pay out of your pocket for the cost of restoring your retail business’s computer system if it’s hacked.
As a Calgary retail owner, 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.
What other types of insurance do Calgary retail stores need?
Commercial property insurance
Commercial property insurance is essential for your Calgary retail business. It protects your retail business and its contents (including stock and inventory) from insured risks that occur beyond your control, such as theft or a fire.
Commercial property insurance protects the building you’re in, whether you own or rent, and also provides coverage for your equipment, inventory, furniture, computers, and other electronics. You might also hear it called business property insurance.
Crime insurance
Crime insurance provides coverage for events not covered by most property or liability insurance policies.
This type of coverage can protect your Calgary 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
Business interruption insurance
Business interruption insurance is important because this type of insurance supports you when your Calgary retail business can’t operate due to a covered loss.
There are a number of losses that can force your 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 auto insurance
Note that if you are using your car for your job for your Calgary retail business, it won’t be covered by your personal car insurance policy. You will need commercial coverage as part of your retail insurance package.
Fleet insurance
Does your Calgary retail business have its own vehicles? You will need fleet insurance if you have 5 or more vehicles that are registered and/or leased to your business.
All employees who drive your company’s vehicles must be listed on your fleet insurance policy or a claim could be denied.
Fleet insurance is typically cheaper than having individual policies on each of your company’s vehicles.
How much does retail insurance cost?
The following factors are usually considered when determining the cost of your Calgary retail insurance:
- Location(s)
- Services provided
- Number of employees
- Years of experience
- Annual revenue
- Any past claims
What do I do if I have a claim against my Calgary retail business?
- Contact your broker immediately after any business-related mishap. Waiting to file a claim can confuse insurers about the severity of the damages to your business.
- Know your policy so that when you contact your broker you are familiar with what will be covered or not.
- Document the damage. Take photos right away and write down what happened.
- Do not throw away damaged goods after taking photos. Keep the physical evidence so that your adjustor can see it.
- Do not invite lawsuits. Don’t say anything that could be used against you, especially if you aren’t sure what happened.
- Be honest about what your damaged property is worth. Damaged commercial property is generally valued according to its actual cash value or replacement value.
Here’s an insurance checklist:
- Do you have the best business insurance rate that suits your work?
- Do you have the right amount for your deductible and regularly review it to make sure it’s the right amount for you?
- Are you or your employees using personal vehicles for work?
Western Financial Group has licensed BUSINESS INSURANCE EXPERTS to get you the right insurance coverage as a Calgary retailer. Our experts are available now to help you navigate the business insurance journey to protect your Calgary business.
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