Retail Package Policy

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Retail package policy

The landscape of retail may be changing with the growth of e-commerce. However, one thing’s for sure — all retail businesses are devoted to delivering excellent customer service throughout the entire shopping experience. Whether you manage a retail franchise, offer handmade goods in a local shop, or run an e-commerce store, you know how important it is to maintain your store and everything in it that helps you deliver a memorable and successful customer experience. But is your retail establishment here to stay? Lockdown that prime corner spot downtown or in an up-and-coming neighbourhood, and build an empire of the most unique, beloved finds you offer. The first step to growing your retail brand is ensuring that you have the right retail package policy.

What is a Retail Package Policy?

Unlike other businesses, retail isn’t just about having a conducive office or a certified manufacturing or processing facility. That’s because retail is all about the experience — giving customers a chance to test out or get a feel of your products and build loyalty from these interactions. A retail package policy is a particular type of insurance that protects your store, online marketplace or even home-based business throughout these customer interactions and product sales. It ensures that your business is appropriately covered from some of the most common risks in the retail industry, such as product defects resulting in injuries to customers, as well as the loss of stocks, and accidents or disasters that damage furniture, fixtures, and leasehold improvements. Retail insurance helps you cover the cost of these losses to ensure recovery and market survival, and potential liability claims that may arise when customers and other third parties are injured or suffer property damage from these interactions.

Ask Our Brokers

At Bow Valley Insurance, our insurance brokers are committed to protecting retail business owners like you — we’re your partners in ensuring that your key products, neighbourhood staples, and high-quality goods made with love will continue to circulate among new and loyal customers.
  1. Tell us about your retail establishment: we’ll need to know about your store and what you sell, as well as the number of years you’ve been in business. Our insurance brokers match you with the right policy for your needs, ensuring comprehensive protection for all your retail essentials.
  2. Compare quotes: discover your options for retail package policies from leading insurance providers in Canada. Compare offers and unlock generous discounts for multi-policy plans, as well as proper risk mitigation strategies.
  3. Sell your goods: design new products and introduce hot new finds that the market will love — all with peace of mind knowing that your store is protected throughout any event that can hamper operations and keep you from delivering a memorable customer experience.
Bow Valley Insurance offers a choice of Retail Packages from leading insurance companies. We make sure you get the right coverage at the most competitive price – we’ll show you the rate comparisons.

What Does Retail Insurance Cover?

A retail package policy protects a wide range of retail establishments, including brick-and-mortar stores, online marketplaces, and even home-based businesses. The goal is to cover your store’s most essential assets, equipping you with key financial resources for repairs and replacements, as well as liability issues.
  • Stock: the most important aspect of retail operations, stock can be damaged as a result of any number of risks, including accidents, disasters, and property crime, such as theft and break-ins. A retail package policy reimburses you for the value of lost stock resulting from an insured event.
  • Store design and leasehold improvements: whether you own the space or are renting this prime store location, retail insurance covers the cost of damage to furniture and fixtures such as glass and signs that communicate your brand. It also covers leasehold improvements or custom modifications you’ve made to a rented storefront.
  • Business equipment: whether it’s for sewing up hems or tracking sales and responding to customer queries, retail insurance protects essential equipment, such as computers and other tools you need to ensure an excellent customer experience every time.
  • Business interruption and additional expenses: fires, water damage, break-ins, and other accidents may force you to close your store for restoration — and as if lost income isn’t enough, there’s also the added burden of fixed expenses, such as utilities. A retail package policy compensates you for business interruption to ensure a smooth transition and return to normal operations.
  • Liability: as a store owner, we know that each product you put on the shelf and every collection you launch comes with a quality guarantee. Unfortunately, this may not always be the case when defective products make their way to customers, causing illness or injury. Similarly, while you strive to curate a unique brand experience in-store, accidents and injuries may still occur. A retail package policy protects you in case of liability claims, providing coverage for damages.

Does My Business Need Retail Insurance?

A retail package policy benefits a wide range of retail establishments — and the list does go on. The basic rule is, if you maintain a store, whether brick-and-mortar or online, and you sell products to customers, a retail package policy is a good investment. Here are some of the most popular retail establishments that need retail insurance:
  • Bakery
  • Bookstore and antique dealer
  • Automotive dealers and rentals
  • Fashion and accessories
  • Tech store
  • Grocery and convenience store
  • Drugstore or pharmacy
  • Gift shop and jewelry store
  • Hardware
  • Parking garage
  • Pet store.

How Much is a Retail Package Policy?

Retail insurance is an investment — it allows you to protect your store and work, ensuring long-term revenue and survival in this ever-changing industry. No one can put a price on this peace of mind, but it helps to know how your retail insurance premiums and coverage are calculated:
  • Gross annual revenue: how much your store makes and its worth informs your coverage limit, ensuring complete protection for your income
  • Experience: how long you’ve been in business informs the stability and value of assets that need to be protected, and along with that your reputation in the community and previous claims history
  • Coverage limits: tell us what keeps your store going, and we’ll recommend the right coverage limits for your needs to help your business recover from just about any loss.

Please contact us for a free, no-obligation quote with one of our knowledgeable, experienced insurance specialists.

Coverage is subject to policy wording, terms, conditions, and deductibles. Protection is limited to the perils, coverage, exclusions, and limits shown on the policy.