3 Aspects of Small Retail Business Insurance Every Business Owner Should Know About

Running a small retail business is no easy task. As a business owner, there are many items to focus on and protecting your business is just one of them. The first step to ensuring that your business is protected is by looking into business insurance. The brokers at Cornerstone Insurance can help guide you through your options and remove the stress from keeping your business safe and sound. Once we have you covered, you can get back to all the other important tasks you need to complete to keep your small business running smoothly.

What Is Included in Commercial Property Insurance?

What is commercial property insurance? In any retail business, accidents can happen. There is always a chance of bodily injury to an employee or customer, possible product defect or damage, and property damage—this is why it’s always safest to be covered. 

Commercial insurance typically covers employee injuries, property damage, theft, and client lawsuits. Since every business is different, there is no one size fits all for commercial insurance coverage. The most pain-free route is to talk to an insurance expert to find the perfect fit for you. The right insurance company will cover your most crucial components, including product liability, customer liability, as well as some of the items below.

Slips and Falls

Commercial insurance usually covers employee slips and falls. You might think, how often or likely will an employee or customer slip lead to injury? Nearly 41 Albertans per 100,000 were hospitalized after slipping or falling between 2011 and 2016. Slip and fall coverage will protect your business from financial loss in the case of an injury to an employee or customer. 

Property Damage

Unfortunately, in retail stores, property damage can occur in many ways. Without any help, property damage can take a significant dent out of your profits. The simplest way around this worry is to be protected. Property insurance will cover physical damage and many unexpected incidents that might occur in your business. Insurance will also be valuable if a customer or employee causes damages to your property. 

What Is Not Included in Commercial Property Insurance?

There are some incidents and events that are not typically not covered by commercial property insurance: Equipment wear-and-tear, workers’ compensation and directors-and-officers insurance. However, many of these types of policies can be added to your coverage, or set up as separate policies. 

Do You Need Commercial Auto Insurance?

Auto insurance is separate from commercial property insurance. How do you know if you’ll require auto insurance? 

You need commercial auto insurance (also known as fleet insurance when multiple vehicles are insured) if you have company vehicles for transporting products or people. You might also need insurance if you use a car for company errands. Commercial auto insurance will keep your company vehicles safe, as well as their passengers. Finding the right commercial auto insurance can be complicated, but with brokers at your side, the complex steps will be easier. 

How an Insurance Broker Can Help

1. Find  Coverage That Fits 

An insurance broker can help you find the right type of coverage. There are many options for coverage, and the policies can be hard to understand.

A broker will help you navigate and find the policy that fits your needs perfectly. You won’t need to stress over any mistakes that could cost you more in the long run. With an insurance expert, you’ll have protection for all occasions. 

2. Get The Best Quote

Another benefit to an insurance broker is finding the best price. Instead of spending your valuable time comparing insurance policies and quotes, a broker will do that for you. Your broker will look through all possible insurance quotes and find the best price for your needs. 

3. Assistance With Filing Claims

Filing claims can take up valuable time, and as a small business owner, your time is valuable. A broker will take that stress from your shoulders and be able to file those claims easily and in less time. 

4. Reliable and Informed Advice

Whether you have a policy already or are looking for one currently, a broker can help. For any questions or advice, a broker can answer and break down any challenging information. It’s a broker’s job to be knowledgeable about any insurance policy, and the brokers at Cornerstone Insurance can answer most of your questions on the spot, and if not, they’ll go find the answer for you.

Where to Find Business Insurance in Alberta

The brokers at Cornerstone Insurance can help you find the right business insurance for your company. Our brokers are here to answer any questions about insurance policies you are looking for or currently have. If you’re searching for an easy way to deal with your insurance needs, contact Cornerstone Insurance Brokers and get a quote today.

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