What Pet And Pet Supply Owners Need To Know About Business Insurance
There is just something special and rewarding about working with animals. Whether you are breeding them and raising them from birth or using them to put a smile on a sick person’s face, working with animals can be a special kind of rewarding. Seeing all your hard work come to fruition is almost like raising a child. It can also be a lucrative and profitable business as well. And, this is why so many people end up abusing the industry. Of course, that’s beside the point. The point is, getting into the pet and pet supply business is certainly worth it. This is especially true for those individuals located in Canada.
There is a special kind of market for animal lovers in the area. Whether you are supplying dogs, supplies, food, accessories, or a mixture of both, there are also certain risks that come with the industry, And, these risks could potentially put you out of business and your family in financial ruin if you are not prepared for them. How does a pet supply owner prepare for such a risk? The right insurance policies would be the best start. What are the best policies you might be wondering?
A Compilation Of Business Owner’s And General Liability Insurance
Given that you will own and operate a physical brick and mortar outlet, there are special risks that you’ll be faced with. Given that you are dealing with unpredictable animals, there are even more special risks. It is not unfathomable to imagine a customer slipping and falling in your store. Well, it’s not impossible to imagine one of your animals attacking someone or ruining their property as well. Couldn’t a customer’s property or car get damaged while sitting in your parking lot?
Of course, all of these scenarios are possible. In fact, they’ve happened before and will likely happen again. This is where a compilation of business owner’s and general liability insurance will offer the protection needed. These policies will not only cover any damages or medical-related expenses, but it’ll also cover any court-related costs in the event that the customer wants to take the case to court. You’d be surprised how many of them choose to do so.
This is not the only protection that these policies offer. They also offer what is known as business interruptions protection, which will come in handy in a variety of potential situations. Say, your business catches on fire and you lose half your inventory, Maybe you learn that it’ll take 6 months to make repairs so you can open back up. This is where business interruptions come in handy. It’ll not only pay for the lost or damaged inventory, but the right policy with the right provider might pay to have to relocate to another building so that you can continue business as normal.
A Workers’ Compensation Plan
There is a good chance that you probably already know what workers’ comp is. In fact, if you’ve ever worked in the Canadian workforce, you’ve been protected by one of these policies. While they may vary from provider to provider and employer to employer, they all pretty much protect the employee in the event that he or she is hurt on the job. However, they also offer the business owner quite a great deal of protection as well, and that’s why these policies are pertinent for the pot shop owner.
If an employee is injured, but paying the medical expenses isn’t enough, they have the option of taking the case to court. If this happens, it’ll end up costing your potentially hundreds to thousands. This would be enough to ruin even the most successful of companies. You can avoid this with workers’ comp insurance because it’ll pay for your court-related costs as well.
Keep in mind that workers’ comp also covers lost wages and rehab costs for customers. The ultimate purpose of the retail insurance is to sustain the employee and get them back in the workforce. It’ll keep a lawsuit off your back! Just be aware of the fact that there are limits. This coverage will only cover a certain part of the employee’s wages for a certain time length. This is usually why lawsuits ensue.
An Umbrella/Excess Liability Plan
Just like there are limits with workers’ comp, there are limits to all policies. This is where umbrella/excess coverage steps in and offers pertinent protection. It’ll cover the excess amount of expenses that are not covered under the original plan. For instance, if your original workers’ comp only offers 1.5 million in protection, but the lawsuit or medical expenses come to 2 to 3 mill, this policy will cover the difference. Just be aware of the fact that this policy also does come with limits.
You’ll want to make sure that you know these limits and have a backup plan just in the event that you exceed your limits. It is possible!
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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
- Grocery stores insurance
- Hardware stores
- Jewelry store insurance
- Music shops
- Smoke, tobacco, and vape shops
- Store insurance
- Toy stores
- Vending machines