Toronto building materials store insurance simplified
Measure twice and cut once. A master carpenter trains their apprentice to always follow this rule. In the GTA, the cost of running a bricks and mortar business has never been more expensive. And with land and leasing costs skyrocketing, finding the best possible value for every single dollar you spend is critical.
As a building materials store owner or operator, an online search for Toronto commercial insurance is likely what caused you to land on this page. And that’s great. We’re ALIGNED and we’re super proud to deliver Toronto commercial insurance products and services to businesses of all sizes across the GTA.
We only work with top Canadian insurance companies. Our brokers know the marketplace. We search the market and find our clients the best value and options in Toronto commercial insurance.
What types of commercial insurance does a GTA building material store need?
Every business needs insurance. But there’s no one-size-fits-all insurance product. And this is the precise value we deliver as your go to insurance broker Toronto. Here are four foundational insurance products that you should consider for your building materials store(s):
Worst case scenarios are why all stores need some form of Property insurance. You want your insurance company to help you pay for storm damages, or other damages to the premises. Your property insurance can help cover lost costs due to damage to your inventory or the building itself.
With properly fit property insurance in place, your insurance will respond. If a driver causes structural damage after backing up into the side of your insured lumber warehouse, your insurer will help. It also means that if a storm floods your warehouse and both the building and lumber are damaged, you’ll be covered.
2. General liability
Lawsuits happen. This is why building material stores use Commercial General Liability (CGL) insurance to protect against costs related to liability lawsuits. Liability insurance is important because it starts with your basic “slip and fall” injury, but can extend much further based on your business’s specific exposures and needs.
Depending on the size and scale of your building materials store, you may have employees using heavy machinery. You may also have contractors coming through your warehouse doors to shop. Your insurance company should offer liability insurance based on what liability risks are most likely to occur within your store and on your commercial property.
When you’re in the market for commercial insurance Toronto, our ALIGNED brokers know the marketplace for custom CGL options.
3. Product liability
Imagine an emerald-ash bore infected eight-by-eight. It’s a scary thought. That’s why building material stores also rely on Product Liability insurance to protect against defective or malfunctioning products. If you send a lumber order to a customer and some of the boards are not structurally sound, you need product liability insurance to cover potential legal costs. You can’t always plan for liability claims.
This is why your ALIGNED Toronto commercial insurance broker will search the market and find the best possible protection options.
Theft and fraud happen. Unfortunately, your building materials store(s) also needs Crime insurance to help mitigate any losses from employee or customer crimes. If an employee steals from your inventory you can recoup lost revenue. And if a customer commits credit card fraud, you can be compensated for those losses as well.
Your ALIGNED commercial insurance Toronto broker knows the entire Canadian insurance marketplace. This is why our insurance brokers can help you secure the best coverage for building material stores in Toronto and and across Canada.
ALIGNED brokers know what’s involved with finding the best coverage for business insurance Toronto and beyond. You’ve got a wide range of stores that offer a wide range of services. Not all building material stores are the same. This is why you need customized insurance for building material stores.
It’s not only important to know what types of coverage you need but how to get customized Toronto commercial insurance.
Why should your Toronto commercial insurance be custom-fitted?
It all goes back to the master carpenter’s advice to measure twice, cut once. Without custom fit coverage, your Toronto commercial insurance may respond when worst case scenarios happen in your building materials store.
Your GTA store isn’t the same as other building materials stores, and it’s certainly not the same as other retail stores. This is why your ALIGNED insurance broker will want to know:
- The number of people you employ
- The inventory you stock, and
- Your annual revenue
It’s important that your Toronto commercial insurance company understands whether your business allows customers to walk the warehouse. If you have higher traffic areas where customers go, versus low traffic areas where high skilled workers operate heavy machinery, your broker and commercial insurer need to know.
Your insurance needs to deliver coverage for all potential risks. Additionally, you want to make sure that the cost of your Toronto commercial insurance isn’t higher than it should be.
Ok. So how do I get insurance for my building material stores now?
Just provide some basic information about your building materials business and an ALIGNED Toronto commercial insurance broker will get back to you quickly. If you’d like to call a business insurance Toronto expert, you can also call us directly at 1-866-287-0448.
We’re proud to help business owners find the best insurance for building material stores in Toronto and across Canada at the right price.
Business is booming. An ALIGNED insurance broker Toronto delivers value.
The Building Material Council of Canada knows that building materials represent a $46 billion industry that directly employs 135,000 Canadians. With downtown Toronto properties being rebuilt as condos and high-rises, and homeowners renovating instead of buying up, demand for building material stores has never been higher.
With such a booming building industry, there’s also high demand for employees. In fact, the Building Material Council recounts that when Sears stores started closing their doors, building material industry leaders reached out to workers to show them the abundance of available building jobs.
Insurance for building material stores in Canada doesn’t just protect the employers and the products. Most of all, it protects the 135,000 Canadians who employed in the industry.
If building materials stores shut down due to liability lawsuits, people lose their jobs. You want to be sure that your Toronto commercial insurance company is prepared to help you fight for your business, so you can fight for your employees.
We only work with top Canadian insurance companies. Our brokers know the marketplace. We’ll search the market and find you the best value and options in Toronto commercial insurance. We’re ALIGNED.