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Retail Insurance

Owning a Retail Business can be both rewarding and stressful, and not without its risks. Consider these key retail business insurance coverages.

Commercial Property Insurance

Commercial Property Insurance protects your physical assets such as building, stock, equipment and computers, including equipment removed from your premise. Examples of this could include your property being temporarily in transit or while at a client’s business.

Business Interruption Insurance

Also known as Business Income Insurance, this a type of insurance that covers the loss of income that a business suffers after a disaster.

Equipment Breakdown

This insurance provides coverage for loss due to mechanical or electrical breakdown of nearly any type of equipment, including prodcution equipment, cooking equipment and computers.

Commercial General Liability

Commercial General Liability Insurance protects your business if you’re found legally liable for injuries or property damage caused by your employees, completed work or accidents on your premises involving visitors or customers, or at your customer’s location.

Insurance Insights for Retail

If you operate one of these retail businesses, here are a few reasons to protect yourself with the right insurance coverages.

  1. Why do Grocery & General stores need insurance?

    Grocery & General stores are exposed to a range of risks such as loss of stock due to equipment failure or having a customer slip and fall on your premises. Without the right mix of insurance coverages, owners could face significant costs including business interruption and legal fees.

  2. Why do Auto Repair companies need insurance?

    Auto Repair garages are exposed to various risks daily. Whether you get into an accident while operating a customer’s vehicle, or a lug nut isn’t properly tightened causing a tire to fall off after the vehicle leaves your shop. With the right mix of insurance coverages, your business will be well protected.

    Specifically, Garage Liability provides coverage for damage to your customers’ automobiles for which you are legally liable.

  3. Why do Bakeries need insurance?

    Operating any business includes an element of risk. For example, your bakery or equipment may suffer damage in a storm, or a customer slips and fall on the floor. Without insurance, bakery owners could face significant costs (such as business interruption and legal fees) which could hurt their business operation.

The Bauld Process

When you engage the Bauld Team for your insurance needs, you will appreciate our Commercial Advisors’ depth of insurance knowledge and their hands-on personal approach.

Frequently Asked Questions by Retail Operators

  1. My shop floor is wet and a customer slips - am I liable?

    As a business owner, you are responsible for the safety of your premises. If a customer is injured on your premises, you could be responsible for court costs and any damages awarded. Protect against this with General Liability insurance.

  2. Someone claims they became ill from a product sold in your store. Now what?

    If you sell or manufacture any product as part of your business, property damage or personal injury that occurs to any third party from the use or consumption of that product is your responsibility. Costs to alleviate the situation could include:

    • costs to recall your product
    • costs of injury to the third party
    • costs to repair your reputation in the community
  3. Your credit / debit machine is hacked.

    Your business will be held responsible for any theft of customer information that was entrusted to you by use of your debit/credit machines. If your equipment is compromised and customer information is stolen, fines and or legal fees to repair the situation could be enormous for a small business.

Is Your Business Well Protected?

You work hard to make your business successful. Our Bauld Commerical Insurance Advisors can help you better protect your business.