Why Canadian Grocery Stores Need Proper Insurance Coverage
Going into business for oneself can be incredibly rewarding these days. Not just on a financial level, but on an ethical and moral level. This is probably, even so, truer for those in the grocery industry. While it might be hard to compete with those big chain grocers, owning and running an independent grocery store will be one of the most rewarding industries that you can get into today. A lot of grocery stores serve as a lifeline for the community where they are located. This is especially true for small towns and communities in Canada. There oftentimes isn’t much around and without these independent stores, people just wouldn’t get able to get the goods they need.
This is just one of the many reasons that getting into the grocery industry makes sense. While there are tons of other reasons, it is also important to note that the industry doesn’t come without risks as well. In fact, when you sit down and look at them, you’ll find that there are more risks than one would imagine. Luckily, there are some ways to reduce those risks, and one of those ways is by acquiring the retail insurance policies.
Why You Need Business Owner’s Insurance
Business owner’s insurance might be one of the most basic policies that there is, but it is one that offers the utmost in protection. This is especially true for grocery store owners. And, this is because it offers protection when customers are in and out of your business, which will be a common occurrence. Not only does it protect customers that are on your property, but it protects their property. For instance, if a customer comes into your property, slips on water, and breaks their arm, this policy will cover their medical expenses and rehab costs. It’ll also cover any court-related costs in the event that the customer wants to sue over the incident.
However, it protects their property in the same manner. Say that their vehicle gets damaged while they are inside shopping. This policy will cover the damages to the vehicle as well as any court-related costs if the customer wants to sue over the incident. While these are probably two of the most important scenarios that you need to be protected from, this policy does also offer protection against slander, damaged or stolen items, and business interruptions. A simple fire might put you out of business for weeks. Just imagine the money that you’d miss out on during that week. Well, you won’t have to miss out on it when you are invested in a business owner’s insurance policy.
Why You Need Workers’ Compensation Insurance
Every grocery store is going to need employees. Whether it be a small grocery store, a large one, or a mom and pop style, you are going to need employees. Even if they are family members, if they are working under you, they are considered employees. Regardless, it is required by Canadian law to cover these employees with what is known as workers’ comp insurance. Even if workers’ comp insurance was not required, it’d be a policy that you wouldn’t want to skimp on. And, this is because it protects you in the event that an employee gets injured on the job.
Just imagine if an employee pulls a disc in their back while lifting a heavy box. This is something that would not only put them out of work, but it could likely require surgery as well as rehab. What if the injury disabled the customer to put them out of work for the rest of their life? It is likely that they might try to sue under these circumstances. Even an unfounded lawsuit can get tied up in the court system and end up costing you thousands of dollars. Is this something you are financially prepared to pay out of pocket?
It would be hard for the most successful of businesses to cover costs like this, but luckily, you won’t have to with workers’ comp. This policy will not only cover medical expenses and rehab fees associated with the event, but it’ll cover any court-related costs. Given the right coverage, and this policy might cover the entire settlement in the event that the customer wins the suit. Whatever the situation is, if you are going to have employees, you are without a doubt going to need this type of coverage. It is an absolute must!
Why You Need Umbrella Insurance Coverage
You can easily see that insurance policies like the ones mentioned above are essential for protecting Canadian grocery stores. They might not protect you against everything potential, but they will protect you in a variety of unique and potential ways. That being said, these policies can offer only so much protection. What does this mean? This means that when you are signing up or searching for policies with quality Canadian insurers like ProfessionalsCoverage, you’ll find that they only offer so much coverage.
While there are a number of factors that can determine how much coverage is offered by a specific company, the industry standard is usually one-million. Now, this might seem like a lot, but it really won’t go far when you start throwing in things like rehab, court costs, and missed wages. And, what if you have two incidents at one time? It might seem unlikely, but you cannot admit that it is not at all entirely impossible. In fact, it’s happened and will likely happen again. You don’t want it to happen to you.
You might not be able to prevent it, but you can make sure you are covered to the fullest. And, you can do this with this umbrella policy. This policy usually covers the excess amount of your claim. For instance, if you have an employee that gets hurt on the job and sues for $1.5 mil, but your coverage only offers $1 mil in protection, this umbrella policy will kick in and cover the other $500,000. While this might sound like a godsend, and it is, you do have to be aware of the fact that this type of coverage will only offer so much protection as well. Meaning that it will eventually stop offering protection as well.
How Much For Coverage?
Given the risks out there, this is probably something that you started asking yourself halfway through this article. Unfortunately, this is hard to answer because a lot of insurance companies base their charges on different factors. Some insurance providers like ProfessionalsCoverage might base their rates on the type of industry you are in, the number of employees you have, the type of groceries that you offer, the type of clientele that you serve, the area where you are located, and even your store hours. Other providers might base their rates on entirely different factors like the number of years you’ve been in business as well as the number of claims you’ve filed against you.
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Other Types of Retail Insurance We Provide:
If your business is not mentioned below, have no worries. Our insurance markets can provide liability coverage for the majority of retail industries.
- Art stores
- Bridal shops
- Clothing store insurance
- Computer and electronics store insurance
- Consignment and thrift store insurance
- Convenience and drug store insurance
- E-commerce and online retailer insurance
- Florists insurance
- Furniture stores
- Gift shops
- Hardware stores
- Jewelry store insurance
- Music shops
- Smoke, tobacco, and vape shops
- Store insurance
- Toy stores
- Vending machines