Small business insurance policies vary significantly because no two businesses are exactly alike. However, certain types of insurance coverages are necessary for almost any business, such as commercial general liability and business property insurance.
Protects businesses from financial losses related to theft, accidental damage, and loss of inventory, equipment, and other on-site contents.
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What Is Store Insurance?
Ontario store insurance, otherwise known as retail or shop insurance, is a type of business insurance policy designed to meet the needs of retail store owners in general and each individual policyholder specifically with a combination of property and liability insurance coverage that is tailored to the unique insurance needs of the business. Store insurance offers protection against financial losses by providing insurance compensation for expenses such as repair, replacement, damage restoration, theft and vandalism in the event of an insured disaster or incident, along with legal defence fees, settlement costs and other costs related to liability, up to the limits listed on your Ontario store insurance policy.
Who Should Have Store Insurance?
Anyone who owns or is looking to start a retail business and has a storefront needs the financial protection of a store insurance policy. It's necessary for any business that develops, manufactures, and/or sells products of any kind. Business types include boutiques; big box stores; convenience and grocery stores; gas stations; clothing and home goods stores; wholesale stores; plant nurseries; drop-shippers; pop-up shops; gift shops; and more. Regardless of the type of retail business you operate, our experienced brokers at Morison Insurance will consult with you to learn more about your business so we can recommend the right Ontario store insurance coverages and limits for you with a personalized store insurance quote.
What Isn't Included In Retail Insurance?
Ontario insurance experts will tell you that just because you have insurance, it doesn't mean it will cover every possible event or scenario. This holds true for store insurance. For example, your business won't be covered if there is a government-mandated closure for infectious disease control. This is why it is critical for you to communicate your business insurance needs and details of your business operations with your insurance broker. This will ensure you get more comprehensive store insurance coverage for a wide range of scenarios.
What Endorsements Should I Consider Getting With My Store Insurance?
The type of insurance endorsements you should get with your policy will depend on your unique business needs. For example, if you provide professional or legal advice, you may want to consider getting additional coverage for errors and omissions (E&O) insurance, or if your business serves alcohol, you will need liquor liability insurance coverage. Endorsements to consider include sewer back-up coverage; overland water endorsement; cyber insurance endorsement; scheduled personal articles endorsement; equipment breakdown insurance.
Is Store Insurance Legally Mandatory?
No, it's not. In Canada, most types of business insurance are not mandatory, with the clear exception of commercial auto insurance. But just because the government does not require you to have Ontario store insurance coverage, that doesn't mean you can realistically operate a retail business without insurance. Many business owners think to themselves, 'I'll just be extra careful,' or 'I have a great relationship with my customers and employees, so I'll be fine,' but those aren't realistic expectations. If a neighbouring building goes up in flames in the middle of the night, your business will likely be heavily impacted, if not destroyed. Most business owners can't afford to pay out of pocket for the astronomical costs associated with fire damage restoration or an expensive and time-consuming lawsuit, which would have been covered under a store insurance plan.
How Do I Know If I Have The Right Policy Limits In My Retail Insurance?
Ontario residents can often find navigating the insurance industry confusing, and even with a trusted broker, they can wonder if they have the right amount of policy coverage for their store insurance. However, there are several ways they can determine if they have the proper amount of coverage, which include:
