Insights 101 | The lowdown on flooring & drapery retail
Call it the HGTV Canada effect. Composite wood or sustainable bamboo, wood-like porcelain tiles, patterned concrete as well as 100% natural black-out drapes and window coverings are all trending. It’s good news for the flooring and drapery industries. And it’s great news for retailers that specialize in flooring and drapery.
People want to see, touch and feel the flooring and drapery they buy for their condos, homes, rental properties and cottages. And this is why they want to visit flooring and drapery retail outlets with actual products on display. Whether you sell online or have customers in your showroom, you’re googling “business insurance Canada” to get custom-fit coverage.
We know that time costs money. And we know it takes a lot of time to price compare with multiple insurance companies, fill out multiple quotes and research multiple providers.
Let us do the work for you. From Victoria to Charlottetown and everywhere in between, we know the commercial insurance marketplace. We’ll find you the most affordable flooring and drapery store business insurance Canada options. We’ll custom-fit your coverage to precisely match your specific risk exposures. Let us handle your insurance needs so you can get back to running your business.
Get a free insurance quote aligned now for your retail store(s) in Canada.
Want the best business insurance fit? Check out these key coverages.
The Canadian retail market is no joke. You compete against online retailers as well as bricks and mortar big box neighbours. Finding suppliers who reliably deliver quality products that appeal to suburban homeowners, urban renters, design professionals, small business and/or corporations isn’t easy. Nor are the complexities of supply chain management. From shipping to warehousing to installation services and beyond, consumers expect a lot when they buy from your flooring and/or drapery store.
What Types of Insurance Do Flooring Installation Businesses Need?
Commercial General Liability Insurance – Coverage for day-to-day risks in your operations. It gives your flooring contractor business coverage against legal claims and lawsuits for injuries or property damages to a third party as a result of your work.
For example, if your flooring installation caused your client to slip and hurt themselves, they can sue you for causing bodily injury. Commercial general liability insurance will cover medical and legal fees associated with the injury claim.
A basic commercial general liability insurance can provide a coverage of up to $1 to $2 million, but you can choose to purchase more coverage depending on your risk management concerns.
Commercial Auto Insurance – Commercial vehicles must be insured in Canada. It provides coverage for liability, property, and accident benefits if there is a collision or car accident.
For example, if one of your vehicles is involved in a collision en route to a client’s house or while transporting goods and equipment, you can be sued for bodily injuries and damages to their car. Commercial auto insurance provides you with legal defence if there is a lawsuit and can also cover medical costs for injuries.
Property Insurance – Covers the cost of repairs and replacements to your property and equipment, such as building, tools, equipment, and machinery in the case of theft, fire, floods, vandalism, storms, etc.
For example, if someone breaks into your business office and damages your drill bits and flooring nailer, property insurance can cover the cost to replace your equipment.
Crime insurance – Provides coverage and compensation for employee and customer-related crimes that your business faces during operations.
For example, if an employee steals from your showroom or office, crime insurance can reimburse your business for loss of money and inventory.
What Does Business Insurance for Flooring Contractors Cover?
Business insurance for flooring contractors covers the costs, damages, and losses resulting from litigation, third-party claims, bodily injuries, and property damage because of your flooring business. It also provides your flooring contractor business with protection against losses and damages to your property and equipment in the event of the perils outlined in your insurance policy agreement.
Coverage for business insurance can include:
- Loss of income
- Defence costs for legal actions
- Property damages to your business caused by fires, floods, theft, etc.
- Bodily injuries caused to third parties because of your work
- Property damages to a third party during your operations
What Should I Consider Before Buying Insurance for My Flooring Contractor Business?
Before purchasing insurance:
- Know the types of insurance you need
- Consider the risks of your industry and business
- Research the different insurance policy rates available
- Learn about what might affect your insurance rates
The inherent value of business insurance customization…
Your store is not the same as other retail stores, even within the same industry. Insurance for flooring and drapery stores in Canada should be customized based on the risks that apply to your store. You want liability coverage and protection for your store and inventory to be specific to your store. Your insurance coverage should be based on how many people you employ, what type of location you run, and what products and services you offer.
Ready to renew or buy retail insurance? Talk to an ALIGNED commercial expert.
Our business insurance brokers are here to get the best possible products aligned to match your specific risks. Get your free quote started now using our simple online form.
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Related Matters:ALIGNED Insights – How to choose insurance for a Home Décor Store in Canada
Are you a home décor retailer? HGTV lists 25 top Home Décor Stores in Canada from EQ3 to Restoration Hardware to Cottage Industry. In Canada, home décor stores have a unique challenge of using brick and mortar stores while also providing a significant online presence. The key here is that the store fronts show Canadians that the brand is strong and the products can be tested…”
Still not convinced? Let us canvas the market.
A Canadian carpet success story. Alexanian opened in 1925 in Hamilton, Ontario and keeps changing with the times. When Aris Alexanian first founded his retail store, he travelled to India and the Middle East to find carpets to import back to his customers. As new developments in carpet came to Canada, he was able to offer new products. 1
Today, stores like Alexanian are marketing to online customers as well as in-store shoppers. These days, more people are removing their carpet and choosing tile, vinyl and hardwood options. As the times change, so do your business insurance risks. You need insurance for flooring and drapery stores in Canada that reflects the business you run today.
Insurance for flooring and drapery stores in Canada has changed over the years as products and services have changed. The styles of today are much different than in the past, just as store services have also changed with the times. As a storeowner, you need to know what types of current insurance products your store needs and where to find them at an affordable price.
At ALIGNED Insurance we search through more than 65 top insurance companies in Canada. We find the insurance for flooring and drapery stores that specifically fits your business.
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.