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Retail Insurance

Retail insurance should be comprehensive insurance that covers a wide spectrum of elements including stock, public liability insurance in case someone gets injured while on your premises, fire and theft, business interruption insurance, cyber insurance and potentially a handful of other important insurance elements to ensure your retail business is protected.

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Calgary Retail Insurance

Why You Need Retail Insurance in Calgary, AB

Professional Insurance Solutions for Retail Business Owners

To successfully run a company, entrepreneurs have to be organized, prepared, creative, and hard-working. By practicing and demonstrating these outstanding qualities day in and day out, you may believe you have everything under control—and with every aspect of your company right under your thumb, how could an accident covered by Calgary retail insurance even happen in the first place?

If there’s one thing that’s certain, it’s that the world is a place full of uncertainty. You can’t control what happens, but you can plan for difficult situations to mitigate any negative impacts that might come with them. No matter how unlikely you think a lawsuit is, you can’t predict how your customers and employees will react to a situation. To file a lawsuit, one party simply has to believe that they are entitled to compensation—even if the other party did nothing wrong. By the end of the debacle, you may be able to prove that you weren’t in the wrong, but this won’t cover all the legal fees that you were already forced to pay out-of-pocket.

All it takes is a little bit of ice on your property that causes a customer to slip and fall, or a cyber attack that leaves your reputation in shambles and a large number of lawsuits filed against you. As much as we want to believe that everyone follows a code of ethics, some will try to use you and your business to their advantage.

Investing in a policy for retail insurance in Calgary, AB is the solution to this problem. With the right retail insurance package, you can protect your company from the financial impact of an unexpected lawsuit. With so many different types of commercial retail insurance available, making sure you have comprehensive coverage at a competitive rate is merely guesswork for most business owners. Unless you have a background in commercial business law, tackling Calgary retail insurance on your own can be stressful and time-consuming. Unlike other insurance companies, our insurance experts at Krywolt Insurance won’t just suggest a standard package for you. We’ll use our expertise to put together the best package for your unique needs.

Types of Retail Insurance in Calgary, AB

At Krywolt Insurance, we believe that no one knows your business better than you. It’s in our best interest to find you the best Calgary retail insurance policies, and to do that, we need to know exactly what you need. That’s why we start all of our new partnerships with clients with an in-depth discussion about your company operations. Once we have a deep understanding of your concerns and areas of vulnerability, we’ll provide you with a policy package that may include some or all of the following types of coverage.

Commercial Auto Insurance

Unless you’re a micro business, chances are that you have at least one company vehicle to help carry out and support your day-to-day operations. If you even occasionally use a vehicle to transport goods or other people (whether clients or employees), you’ll need commercial insurance coverage.

Compared to personal auto coverage, commercial policies are often more comprehensive. Some of the types of coverage you may wish to add include:

  • Collision
  • Comprehensive
  • Third-party liability
  • Accident benefits
  • Specified perils (such as hail, theft, and floods)
  • And more

Commercial General Liability

Strongly recommended for all types of commercial company owners, commercial general liability (CGL) covers you from property damage and bodily injury claims.

Property damage claims occur when a third party asserts that you damaged their property in some way. Bodily injury claims happen for the smallest incidences and more often than you think. As a Calgary business owner, you know just how difficult it is to prevent ice and snow in the winter, no matter how soon after a snowfall you shovel. If a customer slips on your property, you don’t want to be liable for their medical bills. Other claims that CGL covers include:

  • Product liability
  • Personal injury
  • Advertising injury
  • Legal defense costs

Mobile Property Insurance

Does all of your equipment and commercial property stay in a single location, or do you transport it every now and then? If you said the latter, you may wish to consider adding mobile property coverage to your Calgary retail insurance package.

Regular commercial property insurance covers your property at a specific address, but if damage occurs to your property or equipment while away from the premises, you won’t be able to submit a claim. Home services companies often use mobile property coverage to protect their tools and equipment while traveling between the official office, customers’ homes, and their own home at the beginning and end of the work day. Cargo coverage is also a good idea if you routinely ship products to customers.

Business Interruption Insurance

As you may already know, Calgary is not immune to natural disasters. While hurricanes and tornadoes are not generally something residents have to worry about, flooding has proved to be a significant risk within the last couple of decades. In the event of an unexpected, large-scale event such as this, your business may need to shut down for a few days or longer.

With many companies reliant on the global supply chain, any supply chain shortages or interruptions could also impact your ability to keep your operations running. Business interruption coverage will help cover the cost of damage caused by the interruption, including any losses in revenue.

Crime Insurance

Most of your employees, clients, and customers will be honest, but unfortunately, it just takes one who isn’t to make a significant financial impact on your company. Sometimes employees find themselves in a desperate situation and begin to take cash from the register at the end of each of their shifts. Other possibilities include your warehouse being broken into and robbed, or a customer paying with counterfeit money or a stolen credit card.

Crime coverage will protect you and your assets against any financial loss caused by dishonesty and theft.

Cyber Liability Insurance

In recent years, cyber attacks have dramatically increased in frequency. A browse through news stories over the past few years demonstrates that even the biggest corporations with the most robust security systems aren’t immune to these attacks.

Cyber criminals gain access to your customers’ personally identifiable information and then use this sensitive data to blackmail you. Your customers place a great deal of trust in you to protect their information, and when a data breach occurs, their trust may be difficult to regain. With cyber liability insurance, you’ll receive coverage for public relations costs, legal expenses, credit monitoring, and loss of revenue due to scaled back operations.

Equipment Breakdown Insurance

Some types of companies rely on expensive, heavy-duty machinery to keep their productivity up and operations running smoothly. If your retail business relies on any kind of heavy machinery, you may benefit from this type of coverage. Restaurants and food service businesses can also benefit from adding equipment breakdown coverage to their Calgary retail insurance package, in the event that their fridges and freezers break down.

Some of the circumstances in which you can make a claim include:

  • Electrical events, such as power surges, electrical shorts, and loose wires
  • Moisture damage to machinery
  • Accidents, such as explosions
  • Operator errors

Stock and Inventory Insurance

If you’re a small business, stock and inventory coverage is strongly suggested. If you have a single location filled with the majority of your stock, the loss of this inventory in the event of a fire or flood could be disastrous for your company. While this event would undoubtedly still impact a large chain company, it could mean the end for a small business that is still growing.

By adding this type of coverage to your Calgary retail insurance package, you’ll have peace of mind knowing that you’ll receive financial compensation for ruined stock and inventory.

What Type of Insurance Does a Retail Shop Need?

The type of coverage that your retail shop needs will depend on the size of your company, monthly revenue, number of employees, number of locations, and other factors. At bare minimum, we strongly recommend getting commercial general liability for retail insurance in Calgary, AB. In addition, you may need commercial auto insurance and commercial property insurance.

The best way to find out exactly what kind of coverage your retail shop needs is to contact Krywolt Insurance. By giving us a call or filling out our online quote request form, you can get in touch with one of our experienced insurance brokers who will be happy to discuss your unique insurance needs with you.

How Much Does Calgary Retail Insurance Cost?

The cost of retail insurance in Calgary varies according to the types of coverage you need, the value of your company’s assets, whether you own or rent your business’ premises, your claims history, and your risk of fraud. As a Calgary retail insurance broker, we don’t work for an insurance company—we work for you.

Using our partnerships with large Canadian insurance companies such as AVIVA, Intact Insurance, Economical Insurance, Peace Hills Insurance, and more, we’ll find you the lowest possible insurance premiums for your needs, without compromising on reliability. These partnerships and our expertise allow us to effectively negotiate your payment amount and terms so that you can be confident you’re getting the most competitive rate.

Is Calgary Retail Insurance Mandatory?

Other than commercial auto insurance when applicable, retail insurance in Calgary, AB, is not mandatory. That being said, all savvy business owners choose to get some form of business insurance for their company. Even if you’re selling handmade jewelry out of the garage of your home, it’s still a good idea to get retail insurance.

Not only does Calgary retail insurance protect your company’s financial well-being, but it also influences the potential for your business to grow. If you don’t have any insurance, potential investors and companies that might want to partner with you will see you as being high-risk. This can cause a business opportunity that would have otherwise been successful to fall through.

Although we can’t provide quote estimates without knowing a little bit more about your business first, you may be surprised by how affordable retail insurance in Calgary, AB can be. Even the most basic policy is better than nothing, and as you grow, you can increase your coverage.

Why Choose Krywolt Insurance for Calgary Retail Insurance?

Since 1952, Krywolt Insurance has been serving retail business owners in Calgary, the Southern Alberta area, and beyond. We’ve remained a leading commercial insurance brokerage for 70 years thanks to our exceptional customer service and commitment to finding the best Calgary retail insurance policies for our customers, at a competitive price. Unlike other insurance brokers, we don’t just find competitively priced packages for our clients during their first year, but every additional year they work with us too.

Our Calgary insurance experts are all chartered and accredited, so you know that you’re working with a professional when you partner with us. If you need to make a claim, we’ll be right by your side, and we’ll do all the heavy lifting for you.

If you’re ready to get a custom Calgary retail insurance quote for your local business, give our professional team a call today, or fill out our online quote request form.

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You need an insurance expert that understands Retail Insurance to be able to define all the possible risks associated with your business so you get the best possible coverage to ensure that a single simple accident or oversight doesn’t overcome your business. You know your business, we know the risks and the ways to protect your business from potentially crippling law suits or loss.

We don’t offer instant online quotes for Retail Insurance because there is no way we can get to know you and your business without speaking to you and coming to understand all the complexities or simple processes that need to be insured.
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Calgary, AB 
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