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Retail Store Insurance
General liability insurance covers your retail business if someone sues you due to a bodily injury or property damage at your storefront — regardless of whether you’re to blame. Get a quote and buy online in under five minutes.
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APOLLO and Gallagher Partner to Protect Your Business
We've partnered with Gallagher, one of Canada's leading insurance brokers, to provide insurance designed for businesses and business professionals. Get professional liability, general liability, and/or contents insurance designed specifically for your profession.
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There are three kinds of insurance a retail store needs
Commercial Property Insurance
Commercial property insurance for retail properties protects your retail locations from tragedies such as fire, floods, or bad weather. If such a scenario damages your store, a commercial property policy can pay for your repair costs.
General Liability Insurance
General liability insurance for retail properties covers the legal fees and damage awards related to bodily injuries and property damage occurring at your retail premises. In some instances, it can protect your business from slander and libel lawsuits as well.
Contents Insurance
Contents insurance for retail properties covers the assets and belongings inside your storefront. Whether it's computers, exercise equipment, inventory, or latte machines, you can rest assured if something leaves your property damaged or stolen, your contents insurance policy can repair or replace these items.
Retail locations are core to many businesses
As a small business with one or more retail locations, you need insurance to protect against the risk of having a physical location. We know of the cliche lawsuit that starts with slipping on a wet floor without a wet floor sign, but these events actually occur. To protect yourself from legal fees and potential damage awards, we can provide a customized insurance solution tailored to your business needs.
No matter how careful you are, unexpected disasters can occur. You never know when an ice storm could break your store’s windows and leave you with a massive repair bill. If your landlord isn’t prepared to pay the cost, you’ll ultimately have to pay expenses out-of-pocket or bring legal action against the property’s owner. In another instance, someone may break into your retail location and steal valuables and equipment. A proper retail property insurance plan can protect your business from the consequences of these situations.
You can’t think of insurance as another expense. Purchasing it is a wise business decision that mitigates the risks threatening your company. It provides peace of mind, so you won’t need to worry about unforeseen crises that could hurt your small business.
Why does a retail store need insurance?
If someone injures themselves at your store, you could be legally liable for medical and legal expenses. You ultimately had a duty of care to them because they were on your property. Whether they tripped on a cable or slipped on an icy sidewalk, you may end up with thousands in legal fees and damage award costs. But the right general liability insurance protects you from these financial consequences.
As a business owner, surprises are not always in your interest. Opening your store in the morning to discover broken glass and graffiti everywhere is heartbreaking. But if your location is insured, you won’t have to face the financial consequences of such a horrible scenario. This peace of mind is why insurance for your retail property is so crucial.
As a tenant, your landlord may mandate you have insurance. The fact your insured mitigates risks for the property owner, which is favorable to them. In a landlord-favored rental market, landlords will require you to have a policy ready.
What types of risks does my retail store face?
Whether you’re a clinic, clothing store, or restaurant, there are dozens of customers and clients coming in and out of your store daily. This creates risks because people could trip, slip, or find other ways to injure themselves. If they do, you could be at fault for their injuries or property damage and face a lawsuit. You can plan every detail to prevent this. But on a busy day, you may miss hazards that cause customers to injure themselves.
Another legal risk involves third parties like your neighbours or landlord. If a fire from the adjacent store damages your retail property, you may sue your neighbour or landlord to recover repair costs. Or your landlord may sue you for repair costs. While waiting for the result of litigation, paying for repair costs out-of-pocket could hurt your business’s cash flow.
Retail properties have dozens of other risks. Imagine a pipe burst and floods your store. Not only will you need to repair water damage and replace equipment, but you may also need to close your store for several days. During this time, it may mean no revenues while still needing to pay staff, suppliers, and other bills. Business interruption insurance mitigates this risk.