What Is Retail Insurance and What Does It Cover?

What is retail insurance?

Retail businesses have risks like all other businesses. Fortunately, purchasing a retail insurance policy in Alberta protects you from these risks. Some of the issues covered by retail insurance include:

  • Wind damage
  • Lightning damage
  • Fires
  • Liabilities
  • Injuries
  • Negligence
  • Theft
  • Vandalism

You can also purchase extended policies to protect against additional risks. This lets you rest easy, knowing your store is financially safe and sound.

No two retail establishments are the same. At Bow Valley Insurance, we work with customers across the province, helping shops find the right retail insurance policy in Alberta to cover their individual needs.

Retail Insurance Protects at Every Turn

The cost/reward ratio of retail insurance products makes purchasing protection worthwhile. Retail stores are different from general office-style businesses. There are more liabilities at risk because there are more potential accidents on every shelf.

Some incidents which could occur in a retail establishment include:

  • Slipping on wet floors
  • Objects falling from shelves
  • Tripping on uneven flooring
  • Customer altercations
  • Hot beverage spills
  • Accidents on the job

Purchasing a retail insurance policy in Alberta not only protects you from liability risks involving your customers but your employees, third-party vendors, hired service workers, and more.

Types of Stores Which Benefit from Retail Insurance

The great thing about retail insurance in Alberta is its versatility. It covers an assortment of retail establishment types, including small, mid-sized, and large companies. Some examples of retailers who should invest in retail insurance include:

  • Department stores
  • Hardware shops
  • Clothing retailers
  • Electronic stores
  • Gift shops
  • Athletic retailers
  • Jewelry stores
  • Convenience stores
  • Bookstores

You may also benefit from retail insurance if you own a café or bakery, especially if you sell additional products such as drinkware, books, or gifts on-site.

Pricing Your Insurance

In Canada, owning insurance protection for your business isn’t a suggestion but a requirement. The type of protection you choose varies depending on a variety of factors. Insurance type, the cost of your retail insurance policy in Alberta is based on variables within your shop, such as:

  • Number of employees
  • Size of store
  • Coverage limits
  • Types of tasks performed on-site
  • Whether food and drink are involved
  • Business vehicles in use
  • Products and services rendered
  • Experience in the industry
  • Gross annual revenue

A small retail shop could purchase a policy for anywhere between $500 to $3,000 annually in Canada. In contrast, larger stores will require more coverage.

When choosing a retail insurance policy in Alberta, remember the policy price is far less than if your business is held financially liable for an injury or accidental death on-site.

What Exactly Does Retail Insurance Protect?

Apart from liability coverage, retail insurance specializes in protection for your unique products and services, including:

  • Inventory: Your stock is a huge part of why your business earns money. If merchandise is damaged, lost, or stolen, you lose money. Your retail insurance policy in Alberta protects you from financial damages relating to your inventory.
  • Interruption: There are things outside of our control, like weather anomalies, local events, and accidents that may cause closures. Closures mean financial loss. Fortunately, retail insurance is designed to handle these types of issues.
  • Equipment and vehicles: If you have specialized equipment or work vehicles, they can be included in your retail policy. Should problems arise, new parts or repairs may be required, insurance is there to help.

Choosing the Right Retail Insurance Provider

Once you’ve committed to the idea of a retail insurance policy in Alberta, you need to find the right broker to support your company. Not every retail business offers all the same services and products. Some of the things to consider as you make your selection are:

  • Prices: There’s nothing wrong with comparing quotes when you shop for insurance. Settling for your first offer could save you time shopping around but cost you more in the long run. Requesting a quote is easy and takes a few minutes online or over the phone.
  • Experience: How long has your potential retail insurance provider been in the retail game? Retail insurance products are different than other standard liability insurance policies. You want your brokers to know what they’re talking about, so they get you a policy that fits your needs and budget.
  • Personality: Customer service is just as important in insurance as it is in retail. Nobody wants to deal with an insurance agent with poor people skills. Instead, chat with the insurance brokers you’re considering, read their employee page, get to know the office and choose the team you connect with.
  • Services: Check to see what coverage each policy provider offers. At Bow Valley Insurance, our retail insurance packages are designed to suit the growing changes in the retail industry. We factor in your individual needs as well, allowing for customization where necessary. When you select a broker to meet your needs, ensure they have the type of coverage you need for everything on-site, including vehicles, equipment, stock, building, employees, and customers.

From liability to product protection, a retail insurance policy in Alberta can make a big difference. Don’t leave your business exposed and risk financial hardship due to unforeseen circumstances. When you are proactive in your insurance purchases, you save time, energy, and money further down the road. Let your policy protect your store’s financial interest so that you can focus on the big picture.

Contact Bow Valley Insurance

Interested in learning more about obtaining a retail insurance policy in Alberta? Bow Valley Insurance can help you get the protection you need to cover all potential risks. If you’re unsure which approach you need, our experienced team can also help you choose a package bespoke for your business.

At Bow Valley, we put our customers first. Being a local Albertan business, our neighbours must be protected from liability and loss. Your business helps support the Alberta economy, and we want to keep you.

For more information on getting a retail insurance policy in Alberta, call 1-800-332-9918 or request a quote online.