Health food stores in Canada are experiencing market growth as more and more Canadians are adopting healthier lifestyles. As the owner of a health food store, you are well poised to capitalize on this growing marketplace by offering your customers the best in natural health products. Along with growing your business, it’s also important to focus on ensuring you are protected against whatever potential liability claims associated with this sector.
What Insurance Does Your Health Food Store Need?
It’s important to understand the potential risks to your Health Food store business and guard against them. Let’s explore some of the insurance coverages that apply to Health Food stores:
Commercial Property Insurance – this insurance covers the replacement or repair of your commercial store property in the event of a fire or lightening related loss, as well as theft or burglary. You can also buy a standard policy that provides coverage for extended perils, such as floods, windstorms, hail, earthquakes, acts of terrorism, explosion, riots, smoke, civil commotions and vehicles that damage your property. Beyond this, coverage for vandalism and malicious mischief can also be included.
General Liability Insurance – this coverage is a vital part of your insurance portfolio and is the most recommended coverage for businesses. It covers claimes for bodily injury or property damage that your clients may incur related to related to your premises, operations, products, completed operations as well as advertising and personal injury liability. As well, with Products Liability the liability for bodily injury or property damage incurred by a merchant or manufacturer as a consequence of some defect in the product sold or manufactured can be covered. Learn more about general liability here.
Commercial Vehicle Insurance – if you have a delivery or other vehicle associated with your business, this is essential coverage.
Cyber Liability Insurance – protect your business’ online assets, including customer information and website, from any cyber threats or attacks with this coverage.
Additional coverages to consider:
Product Recall Insurance – this coverage protects you in the event one of the products you sell is recalled by the manufacturer.
Small Business Umbrella Coverage – this type of insurance provides additional coverage in the event of an unforeseeable event. It kicks in when your primary general liability coverage is exhausted by filling in any gap areas.
When Do You Need Health Food Insurance?
Some potential claims instances that you may encounter include:
- A product you sell is found to cause gastrointestinal issues and one of your customers is seriously affected. They decide to sue the manufacturer and name your store in the lawsuit.
- Your staff person accidentally leaves a freezer door slightly ajar overnight and an entire freezer’s worth of stock is spoiled.
- Your clients’ personal health information that you store in cloud software is compromised.
There are many reasons why your health food store should be covered, but most important is your own peace of mind. You have built your business from the ground up with your clients in mind and protecting it with the right insurance coverage is the next step in your success. Contact ALIGNED today to speak to one of our expert brokers that can help you find the right coverage for your health food store.
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