Even though many people are turning to online shopping, retail stores are still a vital part of the Canadian economy. People can visit these stores and examine things in person and not have to wait for home delivery. Whether you run a small shop, boutique, or major retail chain in the Greater Toronto area, you need retail store insurance that meets all your needs in business. Without the right insurance, you could be facing all kinds of unexpected losses and here is an example.
Jennifer M always wanted to have her own clothing boutique. In fact, she knew that many people were tired of driving all the way on the other side of Toronto just to find the latest fashions at affordable prices. Jennifer didn’t have enough money to start up her shop but she checked into business loans and was eventually approved for the funds she needed.
Before she opened for business, she talked to her husband George about insurance. George was no risk management expert but their independent insurance agent was, and the agent went over all her business needs, to make sure she would be fully covered. Jennifer was uncertain that she would need all the retail insurance options her agent recommended, but she knew he was honest and looking out for her best business interests, so she decided to take his advice. This turned out to be a smart decision on Jennifer’s part.
About seven months after Jennifer’s Boutique opened, business was good. She closed the shop one evening as it began to rain. In fact, a major storm hit Ontario and this triggered a sewer line backup into her shop. The damage was extensive and several businesses were affected. Some shop owners did not think to take out sewer backup insurance but fortunately Jennifer’s retail business insurance took care of everything. Had she not listened to her agent, her business (and dreams) would have been ruined.
Retail store insurance is there to protect local merchants from all kinds of business losses. This includes lawsuits and a number of hazards.
