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
- Property damage
- 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.