Insurance for Vancouver's Performance Apparel Industry
A customer could slip and get injured in your showroom or a piece of high-performance clothing could contain a chemical that’s harmful to consumers. Business liability insurance helps protect your Vancouver performance apparel company against lawsuits.
Business liability insurance is a key part of your specialized commercial insurance to ensure that your Vancouver specialty apparel company is covered against liability risks it could face.
Whether you are located in the Greater Vancouver area, on the Lower Mainland, or elsewhere in British Columbia, a Western Financial Group business insurance broker will get you commercial coverage that uniquely protects your apparel business.
Western is a trusted, national insurance brokerage that has partnered with Canada’s top insurance companies to provide commercial insurance. We work with our insurance partners to find the best business coverage for your needs.
We make the process easy by getting insurance quotes for you and giving you policy coverage options that you can choose to protect your Vancouver performance apparel business’s specific needs such as liability protection.
Vancouver’s performance apparel industry
Vancouver is home to high-quality technical performance companies and premium brands that reach global markets. Vancouver’s lifestyle and weather contribute to clothes and gear that not only handle British Columbia’s weather, but weather anywhere in the world.
What Vancouver performance apparel firms need customized apparel insurance?
- Clothing/apparel retailers
- Shoe and boot companies
- Outdoor clothing and gear companies
- Mountain apparel
- Urban athletic clothing
- Backpack manufacturers
- Cycling, running, triathlon clothing
- Yoga wear
- Specialized sports apparel
Liability insurance is the cornerstone of your apparel insurance coverage. Here are the liability coverages that you need to help protect your Vancouver performance apparel business from lawsuits.
Commercial general liability (CGL) insurance
Commercial general liability insurance protects your Vancouver specialty apparel and gear business from a variety of risks, including the risk of a lawsuit arising from your business activities. CGL insurance covers third-party (customer/supplier/ member of the public) bodily injury and third-party property damage.
For example, if a buyer trips and falls and is injured while visiting your showroom or if a client’s property is damaged, CGL insurance can cover the associated legal expenses, medical costs, and potential settlements.
What kind of risks does commercial general liability insurance cover?
- Injury to a third party who is not your employee
- Damage to someone’s property
- Damage to rented property
- Medical bills if someone is injured
- Legal costs and settlement costs of liability lawsuits filed against you
- Liability lawsuits related to slander and libel
Professional liability insurance
Professional liability insurance is also known as errors and omissions (E&O) insurance and it’s essential for your Vancouver performance apparel business. It protects you against claims arising from professional negligence, errors, or omissions in the services that you provide.
It helps cover defense costs, settlements, or judgments related to such claims. In the case of a professional error claim, for example, your Vancouver apparel business’s E&O policy would pay for some or all of the claim costs.
Product Liability Insurance
Product liability insurance protects your Vancouver specialty apparel business if a product harms a customer, even if you’re not at fault or it wasn’t your intention.
What product liability insurance covers
- Design defects: There’s something wrong with the product’s design.
- Manufacturing defects: Something went wrong during manufacturing.
- Marketing missteps: A mistake in marketing materials, such as improper labels.
- Insufficient warnings: The product doesn’t include sufficient warning/information about potential harm.
Commercial general liability (CGL) insurance
Commercial general liability insurance protects your Vancouver apparel company from a variety of risks, including the risk of a lawsuit arising from your business activities. CGL insurance covers third-party (customer/supplier/ member of the public) bodily injury and third-party property damage.
For example, if a buyer trips and falls and is injured while visiting your showroom or if a client’s property is damaged, CGL insurance can cover the associated legal expenses, medical costs, and potential settlements.
What kind of risks does commercial general liability insurance cover?
- Injury to a third party who is not your employee
- Damage to someone’s property
- Damage to rented property
- Medical bills if someone is injured
- Legal costs and settlement costs of liability lawsuits filed against you
- Liability lawsuits related to slander and libel
Cyber liability insurance
You keep sensitive data belonging to your clients and your Vancouver specialty apparel and gear company could be hacked by cyberthieves. Cyber liability insurance will help protect you financially should there be a cyber-attack.
Depending on the size of the data breach and the information that was taken, the customers who are affected can hold you liable and sue you for damages. Cyber liability insurance helps cover the costs for this.
Directors and Officers liability insurance
Does your Vancouver performance apparel company have a board of directors? Directors and officers insurance provides financial coverage for legal expenses to help defend a board member or officer against claims. It typically covers misleading statements, reporting issues, and inaccurate disclosure.
This type of insurance also covers:
- Negligent acts and allegations of misrepresentation
- Breach of legal or fiduciary duties
- Decisions that result in adverse financial consequences for shareholders
- Wrongful dismissal and employee discrimination claims
- Failure to adhere to federal and provincial laws and regulations
What other insurance do Vancouver performance apparel businesses need?
Commercial property insurance
Commercial property insurance provides financial support to replace or cover repairs to your Vancouver apparel business if it’s damaged by a flood, fire, or severe weather. It also covers vandalism and theft.
Commercial property insurance also covers contents such as computers, furniture, tools, equipment, and inventory. Commercial property coverage also extends to protect others’ property that is under your care.
Business interruption insurance
This type of insurance supports you when your Vancouver specialty apparel company can’t operate due to a covered loss.
There are a number of losses that can force your business to shut down.
Some examples are:
- Damage to your equipment from fire or vandalism
- A major reduction in revenue due to a client/supplier facing losses of their own
- A disruption in your supply chain
Business interruption insurance can help with these expenses:
- Payroll
- Rent
- Utilities
- Property taxes
- Alarm monitoring
- Relocation of your business
Commercial auto insurance
If you are using your car for your job in Vancouver’s apparel business, it won’t be covered by your personal car insurance policy. You will need commercial coverage as part of your performance apparel insurance package.
How much does Vancouver apparel insurance cost?
There isn’t a set price to protect a Vancouver specialty apparel business with insurance. The following factors are usually considered when determining the cost of your business insurance:
- Location(s)
- Services provided
- Number of employees
- Years of experience
- Annual revenue
- Any past claims
What do I do if I have a claim against my Vancouver performance apparel business?
- Contact your broker immediately after any business-related mishap. Waiting to file a claim can confuse insurers about the severity of the damages to your business.
- Know your policy so that when you contact your broker you are familiar with what will be covered or not.
- Document the damage. Take photos right away and write down what happened.
- Do not throw away damaged goods after taking photos. Keep the physical evidence so that your adjustor can see it.
- Do not invite lawsuits. Don’t say anything that could be used against you, especially if you aren’t sure what happened.
- Be honest about what your damaged property is worth. Damaged commercial property is generally valued according to its actual cash value or replacement value.
Here’s an insurance checklist:
- Do you have the best business insurance rate that suits your work?
- Do you have the right amount for your deductible and regularly review it to make sure it’s the right amount for you?
- Are you or your employees using personal vehicles for work?
Western Financial Group has licensed BUSINESS INSURANCE EXPERTS to get you the right performance apparel insurance for your Vancouver business. Our experts are available now to help you navigate the commercial insurance journey to protect your Vancouver business.
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