Retail companies operate in an environment that has a multitude of insurance exposures. As a business owner you cannot afford setbacks due to unforeseen events. From stock and business contents being destroyed by water from a burst pipe or a slip and fall experienced by a customer, the resulting loss of income, or lawsuit can be devasting or even force the business to close. A comprehensive retailers insurance package can protect your bottom line.
Retailers have many fast-moving components and people involved in their day-to-day operations – particularly when it’s a provincial or national chain. Talk to our experts at Reliance Insurance about how you can make sure your business is covered for the unexpected.
Our Reliance retail insurance team of experts can take the guesswork out of choosing the right insurance coverage. We have custom retail packages available to suit the specific needs of your retail business.
Retail insurance coverage to consider
- Retailers must protect their business and the personal and client credit card information.
- Coverage for your business property, such as buildings and other structures, inventory and equipment.
- Cargo - protection for stock, equipment, or materials in transit can be insured a few different ways; a stand alone cargo policy, as a part of a package, or on a Stock Thru Put policy.
- Comprehensive general liability - Insurance that provides financial protection and legal defense coverage against costly claims and lawsuits.
- Business interruption - Income replacement protection in case you must close your business temporarily because of a covered loss.
- Cyber liability & identity restoration– protection for loss of sensitive customer or employee information due to a data breach and more.
- Sewer backup - Coverage for certain types of water damage to your property
- Employee dishonesty - Coverage for loss of business property including money and securities caused by dishonest acts committed by employees.
Insurance tips for retail operators
Following the Reliance Insurance risk assessment strategies on a regular basis can help to protect your business and financial assets:
- Limit employees who handle money
- Only keep minimum amounts of money on premises, deposit regularly and change route frequently
- Put adequate security systems and CCTV camera’s in place to prevent theft
- Take inventory on a regular basis
- Train employees on proper lifting techniques
- Transition to Chip Technology and protect your PIN Pads. Look for tiny holes in ceiling tiles, walls, unexplained wires, broken parts or security seals. Keep PIN pads out of sight when not in use. Lock it up at the end of the day.
- Ensure floors are kept clean of product and debris and keep cleaning and accident logs
- Use appropriate signage when floors are wet from cleaning
- Know what your insurance policy does and does not cover
Insurance protection for retailers in BC
A retailer works with the public every day, exposing their business to many risks such as inventory theft, equipment breakdown or personal injury liability. Our experts at Reliance Insurance can provide you with a variety of coverage so that the unexpected events that can derail your operations don’t affect your bottom line or your revenue goals.