Retail is big business in British Columbia. Year-over-year sales growth is nearly 3 percent higher
in BC than the national average. The province has led retail sales growth in recent years thanks
in part to strong employment gains, population growth, and wage increases. Expansion is
especially evident in the online sector.
Last year’s record breaking $7.5 billion commercial real estate investment activity was sparked by retail property construction in BC (valued at $3.63 billion). Simply put, retail trends show no signs of slowing down.
Retail sectors making big gains in the province include (but are not exclusive to) the following:
- Home and garden
- Health and personal care
- Motor vehicle, parts, and accessories
- Sporting goods
- Clothing and accessories
- Food and beverage
The momentum doesn’t stop with the sectors above. All retailers expanding their eCommerce offerings are expecting to make gains, while cannabis legalization will drive dispensaries to further boost overall retail figures in the province. However, for all of the opportunity, there is one persistent threat that retailers need to keep ahead of – commercial liability.
Who Needs Retail Insurance?
There isn’t a single retailer who is isolated from liability concern. Whether you run a bakery or car dealership, manage a brick & mortar or online enterprise, you are at risk.
Common Liability Concerns for Retailers:
- Injury to customers, staff, and general public
- Product liability (defects and recalls, etc.)
- Crime, theft, and vandalism
- Water damage to shop, products, and materials
- Fire damage to shop, products, and materials
- Business interruption
As you can see, there is a lot more than a slip and fall on the shop floor to worry about. You
need a more robust solution when it comes to adequate coverage.
Insurance Resources Available to Retailers in BC
- Small Business Insurance
- Commercial Property Insurance
- Commercial Liability Insurance
- Business Interruption Insurance
- Cargo and Freight
- Cyber Insurance
- Commerical Crime
- Glass Breakage
You need to focus on your product, customer service, and the day to day scope of your retail business. You should not have to expend energy toiling over liability concerns. Gain peace of mind by consulting with an independent insurance broker to ensure that you have a policy that considers everything addressed above, and more. If your retail operation is based in BC, contact Park Insurance in Greater Vancouver today.