Paint and Wallpaper Store Insurance

A glimpse of the Paint and Wallpaper Industry 

The home improvement industry in Canada is booming, thanks to homeowners’ unwavering desire to do-it-yourself (DIY). Not only is DIY less expensive, but it can also be rewarding to complete a home improvement project rather than hiring a professional. Painting and wallpaper are a big part of the home improvement sector and are a quick and satisfying way to redecorate. 

There were 966 Paint and Wallpaper Stores in Canada in 2020, employing some 525 people (source). The home improvement industry registered sales totalling $41.9 billion in 2019 (source). As the owner of a Paint and Wallpaper Store, you are well-positioned to take advantage of a thriving industry.

Paint and Wallpaper Store Insurance
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What kind of insurance do Paint and Wallpaper Stores need? 

You have to protect your investment in your store from property damage as well as liability claims, as do most businesses, and especially those that invite the public to their location. Like other retail businesses, the bulk of your assets is contained in your inventory supply. Below are some coverages that protect that investment: 

Small Business Property Insurance – this coverage protects the building your business is housed in if you own it or are responsible for insuring it, as well as property contained within such as leasehold improvements, paint and wallpaper inventory etc. This insurance will typically provide the actual cost value or the replacement cost value of the business’ property, lost due to weather and other extended perils like fire, theft etc. 

Commercial Liability Insurance – this will protect you as the business owner in the event of an incident that causes property damage or bodily harm to third parties as a result of your business’ activities. 

Product Liability – this covers you in the event that the paint, tools or wallpaper you sell causes injuries or damage to a customer or to their property. 

Small Business Auto Insurance – this coverage may be necessary if you have company vehicles or allow your staff to use the company vehicle for business purposes like picking up and dropping off supplies/products to and from customers and vendors. 

There are a few other coverages you may wish to consider for your business, including: 

  • Cyber Liability Insurance – to protect your online assets, including your website and client files, from potential loss or malicious theft. 
  • Employee Theft Insurance – to protect your business in the event that an employee steals money or products from you. 

What are some examples of when a Paint and Wallpaper Store may need insurance? 

  1. A certain type of wallpaper you carried and sold is discovered to contain materials which are toxic and your store is named in a class action against the manufacturer and all stores which sold the products. 
  2. Your staff person accidentally drops a load of paint on a customers car when moving it with a forklift.
  3. A customer trips over paint cans on the floor of your store and breaks his arm.

Find the Right Paint and Wallpaper Store Insurance from ALIGNED 

ALIGNED works with 70+ of Canada’s top insurance companies to provide custom insurance packages at affordable prices. Click Here To Get A Quote or contact one of our business insurance experts for information or with any questions you may have.

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