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Retail Business Insurance Chilliwack

Whether you own a chain of retail stores or a small local retail shop, having the right insurance policy for your unique business will ensure that you are covered in the event of a disaster or accident. At Wheeler-Homemakers Insurance, we always take the time to get to know our clients and their businesses before providing tailored recommendations about the best business insurance policy. Reach out to our team of professional insurance brokers today to learn more about retail business insurance and to find out which policies will work best for your business.

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Types of Retail Business Insurance

Some of the different types of retail business insurance policies that you can choose from include but are not limited to:

Liability Insurance

Liability insurance is specifically designed to provide retail businesses with protection against costs associated with claims made against the business for bodily harm or property damage. Since there are several different types of liability insurance that you can choose from, the policy options that will work best for your retail store will depend on your wants and needs. Some of the different types of business liability insurance available include:

  • General liability—This type of business liability insurance works to help protect clients, employees, and other visitors to your business if someone is injured on your property.
  • Product liability—In the event that one of your products causes serious harm to the user or is defective, product liability insurance will help protect your business.
  • Personal injury liability—Protects against allegations of reputational harm, including character damage or disparagement of a third party goods, products, or services, including false or misleading advertising.
  • Professional liability—Also commonly referred to as errors and omissions insurance (E&O) or malpractice insurance, this type of liability insurance is designed to provide protection from being sued for an error, omission, or negligence.

Property Insurance

Property insurance works to help protect retail stores suffering a financial loss from property damage caused to the business' location, tools, assets, or documentation by an event covered under the insurance policy, such as:

  • Fire
  • Flood
  • Storm
  • Natural disaster
  • Vandals
  • Thieves

Business Income Insurance

Choosing to purchase business income insurance will provide you with complete peace of mind if your business has to shut down because of a covered peril by helping to cover any lost income or expenses over the course of the shutdown. In most cases, business income covered by this type of insurance is considered taxable revenue that is made from a business-related activity.

Retail Business Insurance FAQs

What is Retail Insurance?

Retail business insurance is a type of commercial insurance that is specifically designed to provide protection for you and your business against a wide range of different liabilities and risks, such as:

  • Fire damage
  • Storm damage
  • Theft
  • Vandalism
  • Property damage
  • Lawsuits
  • Loss of income

This type of business insurance policy can also help safeguard against some of the risks that come with producing and selling merchandise to consumers both in store and online. While a standard retail business insurance policy will not cover every possible peril your business might face, your insurance broker will tailor your policy to meet the unique needs of your retail business, ensuring that you are receiving the best coverage possible.

What Kind of Insurance do You Need for a Retail Business?

While the type of insurance you purchase for your retail business will depend on your unique business goals, wants, and needs, the most important type of insurance that you can purchase is general liability insurance. This is because general liability insurance will provide your retail business with coverage against a wide range of different claims, such as damage you may cause to client’s property, bodily injury, legal defence fees, medical payments, damage to products, etc.

Why is Retail Insurance Important?

Having a retail insurance policy is important for your business as it will help manage several different types of risks so that your retail store can continue to sell items and thrive in the event of a disaster or something else going wrong.

How Much Does Retail Insurance Cost?

Even though most BC retail store owners can expect to pay anywhere from $300-$2800 for business insurance, the overall cost of your retail insurance policy will depend on the size of your business and the type of retail items you sell. Make sure to speak with your insurance broker about your unique business needs and goals so that they can help you choose the best retail business insurance plan for your unique requirements and budget.

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