Retail Insurance in Ontario

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Retail insurance for all types of retailers

All retail stores require insurance. Whether you are a small retail shop, wholesaler, franchise location, or small local shop, you need insurance to protect your retail establishment. Retailers are inherently exposed to a variety of risks. Business insurance for retail stores helps to reduce these threats and provides financial protection in many situations. A retail insurance policy will protect your business from theft, property damage, product issues, and liability.

Business insurance coverage designed specifically for retailers protects against the unique threats and liabilities in your industry. ThinkInsure will help you compare retail store insurance quotes and find you the lowest premiums. Start a quote online, or call us to compare your options.

Key takeaways about retail insurance policies

Retail insurance is liability coverage that provides financial protection if you are liable for injuries or property damage.
All types of retailers can benefit from this type of insurance.
Premiums depend on the size of your company, safety protocols, and many factors specific to your operations.

What is retail insurance?

Retail insurance is a liability policy specifically designed for retail companies. It protects you from the inherent risks of selling products in-store and online. It covers you if your products, employees, or store cause injury or harm to your customers or those visiting your property. Some insurers may refer to this as commercial retail insurance or retail liability insurance. Retail store insurance is designed for both brick-and-mortar shops and online retailers.

What companies need retail store insurance?

A male customer and store assistant choosing sneakers.

Any company that operates as a retailer should have retail store insurance. Here’s a list of companies that fall into this category:

Artisan and crafters
Amazon sellers
Sporting goods stores
Department stores
Discount retailers
Furniture retailers
Butcher shops
Cannabis retailers
Clothing stores
Convenience stores
E-commerce stores
Flower shops
Gas stations
Grocery stores
Home-based stores
Jewellery stores
Stores in malls
Vendors
Retail franchises
Pharmacies
Big box stores
Warehouse retailers
Wholesalers

Why do you need retail insurance?

All retailers with a physical location require insurance to protect their property. But you also need additional coverage to protect against a variety of risks. Accidents happen, and you could face a lawsuit if you or your employees accidentally injure someone or cause damage to third-party property.

Retail store insurance in Canada is an extension of what is included in commercial general liability insurance coverage. It offers coverage for specific liability threats to retailers and shop owners.

What does retail insurance cover?

retail fashion shop assistant helps clients

Retail store insurance provides you with liability protection from potential threats to your business operations. Policies will cover you for:

Slip and falls
Customer injuries
Employee mistakes, errors, oversights, negligence
Food products causing illness
Lawsuits by customers
Store equipment causes damage to customers, vendors, or third-party property.
Shutdowns due to health and safety violations
Legal fees and medical costs stemming from third-party injuries

Retail store insurance is a liability plan, so it doesn't cover everything. It only provides you with financial protection if you are liable for injuries or property damage. For example, retail insurance doesn't cover the physical building of your business. This is covered by commercial property insurance. It also doesn't cover things like equipment malfunctions. This is covered by equipment breakdown insurance coverage. You can get maximum protection when you combine retail coverage with other commercial insurance products.

Examples of how retail insurance coverage works

Example 1: Slip and fall in the entranceway

It's the holiday shopping season. There was a fresh snowstorm, and many customers came in and out of your clothing store. The floors become wet and slippery, and one customer slips and breaks their leg. The customer sues. Your policy covers legal fees and medical expenses.

Example 2: A shopping cart smashes into a customer's car

One of your employees is in the parking lot collecting shopping carts. One of the carts accidentally gets away from them and smashes into a parked car, leaving significant scratches. Your policy covers the cost of repairing the customer's vehicle.

Example 3: Customer gets food poisoning from freshly made meals

Your grocery store has a fresh food counter. One of your customers reports getting food poisoning from a freshly prepared meal. The customer sues you to recover medical costs related to the illness. Your policy covers your legal representation and settlement costs.

How to get retail insurance quotes

Shop and compare insurance for all types of retailers by following these easy steps:

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How much does retail store insurance cost?

Retail store insurance premiums can start as low as $50 per month, about $600 annually, for a basic policy for a small retail shop. Costs can be significantly higher for larger retailers or stores with greater liability. Speak with our commercial insurance brokers to review your insurance needs and compare insurance quotes.

What factors affect retail store insurance rates?

Insurers consider a long list of factors when calculating retail store insurance premiums, including:

Years of experience in the retail industry
Store size and location
Annual revenue
Number of employees
Previous insurance claims
Coverage limits
Type of products you sell
Safety practices and policies

How can I get cheaper retail insurance premiums?

Lowering your costs is all about risk management. The more you can do to reduce potential threats to your business, the less you’ll pay. Here are some things insurers will look favourably upon that could help you save more:

Increase your policy deductible.
Have a detailed health and safety policy.
Maintain excellent safety records.
Implement all risk and loss reduction strategies.
Don’t file claims on small loss events - keep a clean claims record.
Install burglar and fire alarms.
Have a good security camera system.

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2024-11-28

Betsy was a genuine pleasure to deal with considering the circumstances. Thanks again for all your help

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2024-11-27

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2024-11-15

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2024-11-05

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2024-11-05

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2024-11-04

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2024-11-01

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Retail insurance FAQs

Retail vs wholesale insurance - what’s the difference?

The type of insurance coverage needed by a retail store is similar to that needed by a wholesaler. There are many similarities between these types of businesses. Specific coverage needs will depend on the company's size, scope, and requirements.

Is insurance for online retailers different?

The type of insurance you need as an online retailer can differ slightly from that needed by brick-and-mortar stores. For example, even if you are an online store, you may need insurance to protect your inventory and the location where you store your goods. Both retailers need liability coverage to protect their businesses against legal claims, lawsuits, and financial losses. Our commercial brokers will work with you to create a customized insurance package to address your company's insurance requirements.

Is retail store insurance mandatory in Ontario?

Business insurance is not legally required in Canada. However, it's highly recommended you have coverage because there are many potential threats to your retail business. Most cannot afford to pay out of pocket if an accident or mistake happens that leads to a lawsuit. Insurance provides your store with much-needed financial protection when unforeseen events happen.

Get a retail liability insurance quote today

Get the best retail liability insurance policy from Canadian insurers. We offer many options regardless of the types of goods you sell. Get a quote today and save more! Call toll-free 1-855-550-5515 or request a quote online.

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