What Type Of Insurance Coverage Do I Need For My Retail Business?

Owning a retail business is hard work, and whether you’re brand new to the job or have years of experience under your belt, you know it well. Your retail business is likely one of the largest (if not the largest) investments of time and energy you’ll ever make, and as such, it deserves proper protection.

But what exactly does that mean? Navigating the world of retail business insurance can feel overwhelming at the outset and may fall to the middle or bottom of your to-do list as a result. But it’s actually incredibly important to put in place as soon as possible.

In this post, let’s take a look at exactly what retail insurance is, the types of coverage available, and why liability insurance coverage should be a particularly important priority for your business.

As always, the friendly and knowledgeable team at Nation West Insurance. is available to assist you with any questions or concerns you may have along the way. At Nation West, we take pride in helping our clients gain peace of mind by providing the best coverage options for their needs and circumstances.

What Is Retail Insurance?

Simply put, retail insurance is insurance that’s tailored to protect your retail business from a wide variety of different risks, perils, and liabilities. While each policy is unique (and can usually be further customized with add-ons to suit your particular situation), it often includes the following broad categories:

  • Commercial Property Insurance – Commercial property insurance protects your physical shop and its contents against unforeseen losses and damages caused by events such as theft, vandalism, storms, fires, vehicular damages, and more.
  • Business Income Coverage – Business insurance coverage protects you financially in the event that you lose income due to a covered event. It can help to cover ongoing expenses such as payroll, mortgage, and even relocation expenses until your business is back on its feet again.
  • Liability Insurance – Liability insurance offers coverage in the event that a customer or other visitor to your store is injured or has an accident while on your premises. It can cover medical costs, legal fees, damages, and more.

What Are the Most Common Retail Liability Insurance Claims?

Liability coverage is a major consideration for retail businesses. Liability claims can happen in the blink of an eye and have the potential to be incredibly expensive. The three most common retail liability insurance claims are related to:

Bodily Injury

A third-party bodily injury involves physical injury to a customer or visitor who is on your premises (in some cases, also off your premises if you happen to be offering products or services away from your brick-and-mortar shop). It can include incidents such as trips, slips, and falls, as well as accidents related to a wide range of unforeseen hazards or circumstances.

If a customer brings an expensive lawsuit against your retail business, you’ll rely on your liability insurance to help you out.

Property Damage

If you sell a product or service that ultimately damages, destroys, or adversely affects a customer’s personal property, repair and replacement costs can mount quickly. Once again, your liability insurance policy will be there to protect you.

Cyber Liability

Despite your best efforts to keep digital customer and business data secure and protected, cybersecurity attacks and breaches are an ever-changing and increasing reality in the current retail business landscape (don’t make the mistake of believing you won’t be targeted because you own a small business).

In the aftermath of a cyber attack, liability insurance can help you to get back on track as quickly and smoothly as possible.

Dealing With Customers at Your Retail Businesses Comes With Inherent Risks

Customers are the heart and soul of your retail business—without them, there’s no business at all! But, as we’ve seen in this post, they do come with inherent risks, and it’s critical to protect yourself with a retail insurance policy that meets your needs.

Protect Yourself With Retail Business Insurance Through Nation West

As you consider various insurance policies to protect your retail business, check out Nation West’s retail insurance Winnipeg page to receive a free quote. One of our helpful and experienced brokers is always available to support you online, by phone, or in person at one of our nearby locations!

Ken Coughlin

About the Author

Ken Coughlin


Experienced Chief Executive Officer with a demonstrated history of working in the insurance industry. Strong business development professional skilled in Negotiation, Budgeting, Business Planning, Operations Management, and Property & Casualty Insurance.

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