Online Insurance For Retail Stores Plans | ALIGNED Insurance

How To Insights | Get online insurance for a retail store

The consumer buying process can be simple or complex. It may be as simple as ensuring the scent of freshly baked bread wafts through grocery store aisles and leads hungry people to gluten-free artisanal loaves. Or it may start with a property flipper reading online reviews about barn door hardware and trending paint colours who searches Google for “building materials” and finds your store.

As the owner or operator of a retail store in Canada, you know what your consumers will and won’t buy. You intuitively understand that a broad yet limited selection of products on store shelves can help people decide to buy, ask questions and/or look online for more options. How Canadians choose the retailer they buy their products from is informed by history, location, convenience, price, service and more.

Why getting insurance for a retail store online has never been easier

The insurance industry connects individuals and businesses alike with the peace of mind. Similar to traditional retailing, the insurance industry works to deliver products and services that meet the specific needs of consumers. Insurance products range from foundational – such as commercial general liability – to specialty – such as product recall – and everywhere in between.

Ensuring the right product is available in the right location at the right time and for the right price can help to simplify the decision-making process. Every decision consumers make, whether it is to click, research, drive to a store, arrange for overnight or drone delivery is informed by value. The value proposition you offer your consumers is constantly evolving. New technologies, consumer trends and tastes and a myriad of other factors are contributing to the rapid and constant change in the retail sector.

Before you get a retail insurance quote, take a look at some of the standard coverages for Canadian retail stores such as:

Depositors Forgery

If you write cheques as part of your business to pay suppliers, sub-contractors or employees, for example, you should consider having Depositors Forgery coverage as part of your Retail Insurance package. This type of coverage protects you in case financial instruments in your name such as cheques or promissory notes are forged or altered.

Employee Dishonesty

The sad reality is that employee theft is common in retail. Unfortunately, theft is not the only type of employee dishonesty retailers have to insure against. Credit card fraud, computer fraud and funds transfer fraud are just a few more ways an employee’s dishonesty can cost you money and land your business in hot water. Click on the link for more details.

Employee Benefits Liability

Employee benefits packages can be confusing to figure out who is covered for what and filling out the forms can get complicated. Employee Benefits Liability coverage insures retailers and other business owners in case of errors that hamper an employee’s ability to access benefits s/he is otherwise entitled to. For example, if an employee needs a medical procedure that would be covered by the benefits plan but is mistakenly told that it’s not covered and pays for the procedure out-of-pocket, that employee can sue your company. Employee Benefits Liability cover can protect you from the costs of that lawsuit.

Equipment and Tenants Improvements

If you are leasing your retail space, upgrades you make to the property such as shelving, new fixtures, new flooring, new rooms or offices, etc., will need to be insured in case of a peril that causes damage to the building. The lease agreement should state who’s responsible for ensuring those improvements. If the onus is on the tenant, Tenant Improvement cover is the only way to ensure the improvements you’ve made to the building are also insured. You may also be responsible for ensuring your equipment depending on who supplied it and the terms of the lease agreement.

General Liability

This is a standard coverage and will more than likely be part of your Retail Insurance package. General Liability coverage protects retailers and other businesses from lawsuits claiming personal injury or property damage resulting from your company’s products, services or operations.

Loss Outside The Premises

This type of insurance is important for retailers and can protect money and securities while in transit between your business and the bank.

Money Orders and Counterfeit Paper Currency

As the name suggests, this protects your business by covering losses resulting from purchases or payments made using counterfeit currency or money orders.

Standard Non-owned Automobile Policy

Your Commercial Auto Insurance policy only covers vehicles owned by the business when used for business purposes. If your employees use their personal vehicles to run business errands, to transport products or for work-related travel, their own insurance policies may not cover an accident while they are doing so. If that happens, your company could be named in a lawsuit for damages claiming personal injury and/or property damage from the accident. Standard Non-owned Automobile policies cover vehicles used but not owned by your business. This can also include hired or rented vehicles.

Tenant’s Legal Liability

Depending on your lease agreement, your landlord may insist on this coverage being included in your Retail Insurance package. Tenant Legal Liability can cover the costs to repair damage you unintentionally cause to the commercial property you lease. Even if your landlord doesn’t insist on it, having this coverage is a wise investment as commercial repair costs can escalate quickly.

Simple How To Steps | Your online retail store insurance quote

Our user-friendly online retail quote application contains simple and straightforward questions. These questions are specifically designed to assess what’s most important to you for your retail store. Across the country, our team of experienced insurance brokers understand the intricacies of retailing and can help you manage your retail risks with the best insurance products and solutions. 

Whether you sell handmade items, building materials, kitchen products, food, gas, antiques, fabrics, electronics, glasses, second-hand furniture or countless other consumer products, you can get a quote started for retail insurance with us.

Questions about insuring your traditional retail store? Connect with one of our Canadian Business Insurance Brokers today.

Read more about retail store insurance and coverages:

Source(s): Ontario Trucking Association: FedEx Begins Testing Autonomous Delivery Robot

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