Retail business is huge in Alberta. Whether it is a 24 x 7 convenience or food store, or a specialty shop selling antiques, collectibles & art, there is a visible trend of entrepreneurs setting up shop.
Investments are increasing in other popular segments as well such as clothing & footwear, hardware & home supplies, pet supplies, hobby, bakery and bookstores and experts attribute this trend to:
– A growing tendency in global retailers to test the waters in Canadian provinces such as Alberta, British Columbia and Ontario before expanding into other global markets.
– Preference of Australian brands towards Canada due to similarities in language and laws.
– Growing investments in Canadian real-estate from Chinese, Japanese and Korean retailers.
– Influx of luxury brands into Canada.
Growth in retail industry fuels growth in business insurance
This positive sentiment has created a favorable impact on insurance industry in Canada, especially business insurance Alberta. Insurers are reaching out to retailers and offering them attractive terms and conditions to buy retail insurance. They are offering retail insurance that includes covering risks associated with property, liability, crime, and business interruption. Additional coverage is also available for other risks. Below is an overview of covers being offered under business insurance Alberta:
– Commercial building and contents for the retail business:
This protects your building and the contents including equipment and stock.
– Enhanced water endorsement:
Protection against water damage to building, stock and equipment caused by a sewer backing up or by flooding caused by rainfall as a result of melting snow, or an overflowing river or lake.
– Contents at new locations not disclosed:
Insurance is provided for contents stored at your new locations for up to 60 days.
– Assumption of consequential losses including off-premises power:
This provides protection in case power goes off and your food stock gets destroyed due to non-refrigeration.
– Seasonal automatic increases:
This provides coverage for extra stock that you might need to carry due to increase in demand.
– Off premises being used by sales reps:
In case your sales reps take property off the premises for their calls, then coverage gets extended to that property.
Stock or equipment taken to an expo or a trade show is also covered.
– Commercial general liability:
This liability protects your business in case some mistake happens from your side unintentionally and as a result either some person or business suffers a loss, or someone is injured and for which you become legally obligated to pay for injury and damage to them or their property. Coverage includes bodily injury, property damage, personal injury, medical expenses and tenant’s legal liability.
– Insurance for additional people:
If additional people are required to be insured, say for example the landlord of the building, then are also included in the policy and get covered.
– Losses caused due to criminal acts:
It provides coverage against losses that occur as a result of criminal acts such as robbery, theft, dishonest employees, or counterfeiting.
Business interruption coverage:
– Coverage for business interruption:
This is an important coverage which protects you in case of events that happen which force you to close your business temporarily. Losses that you incur while you are not earning and till the time things get favorable and allow you to re-open are covered by this type of insurance.
Additional or other coverage:
The above are four standard covers under business insurance Alberta that usually serve the retail industry sufficiently. However, some retailers prefer to take insurance for other risks as well. For this, provisions are made in their policy for additional covers. These additional covers are over and above the standard business insurance for retail package and are as follows:
– Equipment breakdown:
Imagine if you are a baker and use commercial cooking equipment for your day-to-day work. In case this equipment breaks down, then your work will come to a standstill. This insurance provides you cover should such an event occur.
– Coverage for business on the move:
In case your business requires you to carry your tools from job to job, then this coverage will protect you while you are travelling and outside your work space or office. For this you will need to fill up the Miscellaneous Property Form and get additional coverage.
– Coverage for computer virus:
This coverage is extended in case your computer system gets infected with a virus causing you to lose critical data.
– Insurance cover for undamaged stock:
In a situation where the main product has got destroyed in an accident, or is lost otherwise due to a loss, then this coverage for companion products that were associated with the main product, but are no longer saleable now, will protect your business.
– Cover for records and data:
This cover protects you from losses occurring as a result of lost or destroyed records.
Business insurance Alberta and why you need it for your retail business?
From the above, it is quite clear that if you are in the retail business in Alberta, you certainly need business insurance Alberta.
It does not matter whether you have to pay money to buy insurance since you might think that it is an expense to cover a risk that may or may not occur. But look at it this way – if you don’t have business insurance Alberta and if a potential mishap does occur, then the financial consequences of that mishap could easily wipe out the assets of your retail business.
By taking business insurance Alberta you not only protect yourself but also your customers and passersby who might unintentionally be harmed by you or by an incident such as a fire.
Take professional advice form a registered business insurance brokerage
Rather than buying business insurance on your own, it is better to take professional advice. Beneficial Insurance Solutions is your one stop destination for finding just right insurance for your retail business.