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There are more than 200,000 retail shops in Canada and hundreds of e-commerce stores running all over the country. From an earring to a telescope, a retailer has the freedom to sell whichever product they like the most.
You may have a physical store for your customers to visit or run your business through an e-commerce store. Either way, you need to protect your business against the risks of producing or selling merchandise.
Opening your retail store takes hard work, passion, and vision. Once you have made your dream a reality, ensure that you protect the business, inventory, and customers you have worked hard to build, safe from all risks.
Perhaps you are a florist, clothing store, gift shop, food store, or sell fashion accessories. Irrespective, you will need retail insurance to cover your expenses in case of an unprecedented event.
Comparewise is a local Canadian company that understands how small businesses work and protects what’s important to them. Our platform strives to make insurance solutions more accessible to you, helping you find the right insurance policy in your budget.
Accidents are a part of daily life. Your retail shop or your products are not designed to harm anyone, but accidents can happen at any point.
There is always a chance you can get caught up in an accident and face a lawsuit from your customer. No matter how safely and carefully you run your business. Retail insurance helps you cover these financial expenses, keeping your business up and running.
Retail insurance is specifically designed to protect all retailers, whether they have a physical or an e-commerce store, against the risks associated with producing or selling their products.
Your customers are your source of revenue and risk. Perhaps they are unhappy with the product you offered, or your product resulted in any bodily injury or property damage.
In this case, they can file a lawsuit against your business. Retail insurance will help you fight these lawsuits by covering your legal expenses, including lawyer fees and penalties.
As an owner of a retail shop, you may come across different types of liabilities. For instance, if a customer visits your store while climbing the poorly aligned stairs, they trip and break their leg. Since they suffered a bodily injury from your store, they can file a lawsuit against you.
Similarly, if you run an e-commerce store and sell energy drinks, and if someone had a bad reaction due to your drink and got sick, they can sue your business.
Retail insurance will help you cover all these expenses and ensure that your business does not go under due to financial or legal liabilities.
All the products that you sell to your customers carry an implicit promise that your product would not harm them or their property in any manner.
If there is a defect in your product or oversight that led to some property damage, you will be held responsible for the repair costs for the client. Retail insurance will help you cover these costs based on your coverage amount.
Similarly, through your e-commerce store, you would need to handle clients’ personal information, including their credit card details. In this instance, it is your responsibility to ensure that their data is secure and protected at all times.
If a hacker attacks your computer and your customer data gets leaked, then there is a chance you’ll face a lawsuit by your customers. A comprehensive retail insurance package would cover all your legal expenses, along with the repair costs for your hardware or software.
As a retail shop owner, you might get into trouble with a lawsuit if your product is damaged, or worse, causes damage to the health or property of your client.
The legal expenses can build up over time and affect the continuity of your business. Retail insurance will help you battle the lawsuits, cover all the damages, and ensure that your business stays up and running.
Your business relies on your property and the inventory of your product. Whether you run an e-commerce store or have a physical shop in your locality, keeping your property safe should be your priority.
In an unpredictable event such as a fire, your property or inventory can get damaged, leading to substantial financial losses for your business. Retail insurance helps you cover these damages based on your coverage amount.
Thefts and burglaries are in no one’s control. These are huge problems when you run a physical store. If thieves damage your store at night and steal your products and cash, then it can cause substantial financial damage to your business. Retail insurance will help you recover from this loss by replacing stolen goods, equipment, or supplies.
Keeping your data safe from cyber attacks is essential, especially when running an e-commerce store. Your customers trust you with their personal information, including their credit card details and address.
It is your responsibility to safeguard it from hackers and attackers. If your system comes under attack and your clients’ data is leaked, your customers can file a lawsuit against you. Retail insurance covers all the legal expenses and other costs related to a data breach.
Even after you create a safe space for your customers, there is a good chance that your customers can trip and fall on the entrance or while they’re in your store.
If a customer is injured, they can sue the owner and the store for bodily injury. Retail insurance helps tackle all the legal expenses and the customer’s medical costs.
Retail insurance combines different insurance policies that work together to create comprehensive coverage for your small business. While other companies may have different needs, the basic coverages include the following.
Product liability is essential coverage for retailers. This policy protects you against claims alleging third-party property damage or any bodily injury caused by a product that you manufacture or sell.
These damages are usually the result of design, manufacturing, or marketing defects. For instance, if you were selling a protein bar with peanuts and failed to mention it on the box.
If someone with an allergy consumes your protein bar and suffers an allergic reaction, they can sue you. A product liability coverage will protect you against these legal expenses.
Commercial general liability insurance is the basic insurance policy that will protect you against the day-to-day risks of running a business. This is a common type of insurance policy for physical retail stores.
Also known as the ‘slip-and-fall’ insurance, it protects your business against the in-person shopping accidents that can occur in your store.
It covers both property damage and third-party bodily injury which occurs while a client is in your store. The general liability insurance covers both legal expenses and medical fees.
Commercial property insurance can help you protect your physical store and inventory from events beyond your control, like theft, fire, or flood.
The insurance policy will reimburse you in full for all the damages caused to your property and product. Commercial property insurance also includes business interruption coverage.
This refers to a situation where your property is damaged due to an insured peril and cannot be opened up for business. Then the insurance provider will cover your business expenses for that particular duration.
Cyber liability insurance is specifically crucial for e-commerce stores, as they handle their customer’s data, including credit card information. Even if you have a physical store, you will still have a database of your customers for which you are responsible.
If your system suffers a cyber-attack and your customer’s data is leaked out, then they can file a lawsuit against you. Cyber liability insurance helps cover the expenses of such cases, along with other additional damages a cyberattack may cause.
Whether you have an e-commerce store, a minor physical store, or a large retail shop, you can take advantage of the retail insurance policy coverage.
It is helpful for all retailers who manufacture, distribute, or sell products to customers. Some businesses that may need retail insurance are
Different businesses have varied needs, and the price of your retail insurance will depend accordingly. Additionally, depending upon your industry, your risk factor would also vary.
For instance, if you have a jewelry shop, your risks would be low, so will be your coverage and monthly premium. However, your risk percentage will be pretty high if you manufacture protein bars. So will your coverage and monthly premium.
Suppose you have a low-risk, small business. In that case, you can anticipate an annual premium of $450 and coverage of around $2 million.
Your coverage and monthly premium depend upon a few factors that every insurance provider will consider.
There are hundreds of insurance providers in the market that offer you different monthly premiums for additional coverages.
Not everyone will include the services you need for the coverage you require for your business. Hence, it is essential to carefully analyze your needs and research the market before settling on an insurance policy.
Here are a few factors you should consider before you buy retail insurance.
Your monthly premium and coverage amount depend upon the risks of your business. If you have a small store, your risks are comparatively less than a large retail store with shops at different locations.
You need to assess the risks involved in your line of business to get an idea of what you want to get covered under your policy.
Depending upon this analysis, you can then decide whether you want total or partial coverage at the time of claims.
When you are just starting or have a small retail store, you need to manage your budget accordingly. When your budget is tight, every penny saved counts.
However, when you decide on your retail insurance, you should get as much coverage as possible and not settle for a cheap policy. Retail insurance will play a crucial role in protecting your business from severe financial damages.
Different factors will affect the monthly premium you will pay for your insurance policy. In comparison, factors such as risks, location, or the size of your company are something that you cannot change or control.
However, there are other factors that you can keep in mind to lower your monthly premium amount. For instance, you can make sure that you pay your premium on time and not lapse.
Breaks in your coverage can cause your premium to exceed. You can also install security alarms and a fire suppression system to protect your store.
The best way to ensure that your business is always protected is to consider top-rated and verified insurance providers.
They will help you decide the coverage you need for your business and customize the policy based on your needs. You can search for trusted insurance providers at Comparewise.
We have a vast database of insurance providers, which you can filter out and compare based on your requirements.
Analyzing your risks, deciding on your coverage, and then searching and comparing multiple quotes from tens of insurance providers is a tedious job.
You need to scroll through hundreds of results on Google before you can find a provider that suits your needs. Additionally, you will need to do a little background check to ensure that the company is legit and helps their customer at times of claims.
At Comparewise, you can effortlessly search for different verified insurance providers and compare their quotes.
By clicking on the ‘Get Started’ button and filling up the online form, you will get access to the top-rated insurance providers in your area based on your needs.
Comparewise is available everywhere in Canada and strives to make the process of finding the perfect insurance for your company easier.
Make your money do more.
Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.
Retail insurance is specifically designed to protect all retailers, whether they have a physical or an e-commerce store, against the risks associated with producing or selling their products.
At Comparewise, you can effortlessly search for different verified insurance providers and compare their quotes. By clicking on the ‘Get Started’ button and filling up the online form, you will get access to the top-rated insurance providers in your area based on your needs.
Different businesses have varied needs, and the price of your retail insurance will depend accordingly. Additionally, depending upon your industry, your risk factor would also vary. For instance, if you have a jewelry shop, your risks would be low, so will be your coverage and monthly premium. However, your risk percentage will be pretty high if you manufacture protein bars. So will your coverage and monthly premium.
Whether you have an e-commerce store, a minor physical store, or a large retail shop, you can take advantage of the retail insurance policy coverage. It is helpful for all retailers who manufacture, distribute, or sell products to customers.
As a retail shop owner, you might get into trouble with a lawsuit if your product is damaged, or worse, causes damage to the health or property of your client. The legal expenses can build up over time and affect the continuity of your business. Retail insurance will help you battle the lawsuits, cover all the damages, and ensure that your business stays up and running.
Protect your business' financial future
