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Get reliable hardware store insurance coverage tailored for you by BrokerLink.
Protect your tools, team, and reputation with customized hardware store insurance with BrokerLink.
From flammable materials to sharp tools and equipment and heavy foot traffic, hardware stores face serious risks each and every day. Whether it’s a customer injury, product recall, or overnight break-in, one incident could lead to financial losses and other consequences. That’s where hardware store insurance coverage comes in. At BrokerLink, we help Canadian hardware stores find affordable, customized insurance solutions, so they can focus on doing what they do best–helping their local communities build, create, and repair.
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Hardware store insurance is a specialized business insurance package designed for retail store owners that sell power tools, construction materials, paint, lawn equipment, garden supplies, and more. While this type of insurance can be customized to your everyday business operations, you’ll find that most hardware store insurance policies feature the following coverages:
Commercial general liability coverage: Covers customer injuries and third-party property damage.
Commercial property insurance: Protects your building, fixtures, equipment, and inventory from things like theft, vandalism, fires, weather damage, and more.
Business interruption: Replaces lost income if you’re forced to shut down due to a covered event.
Product liability insurance: Protects you if a product sold at your hardware store causes injuries or damages to customers.
Personalized insurance coverage for hardware stores, big and small, across Canada.
Building material supply stores
Hardware franchisees
Tool and equipment retailers
Paint and home improvement shops
Garden centres and outdoor hardware shops
Independent neighbourhood hardware stores
Mobile or delivery-based contractor supply businesses
Mixed-use stores with retail + workshop space
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According to IBISWorld, Canada’s home improvement stores industry generates about $37.2 billion in annual revenue, and the hardware stores industry adds roughly $3.7 billion more, with thousands of businesses operating across both categories. These stores are essential to communities, but they also carry higher day-to-day exposure than many other retailers. When you stock flammable products, heavy equipment, and sharp tools, one incident can quickly become a costly claim, whether it is a customer injury, product-related harm, or damage to your building and inventory.
Without proper hardware or home improvement store insurance, you could face expensive slip-and-fall lawsuits, property losses from fire, break-ins, or flooding, product liability claims, and revenue loss during forced closures. For example, if a customer trips over an extension cord in your demo area and breaks their wrist and phone, you could be responsible for legal fees, medical-related costs, and settlement expenses out of pocket. With a customized policy in place, your insurance helps cover eligible costs so a single incident does not derail your business.
Home improvement store insurance is completely customizable to fit your needs and the unique risks your hardware store is exposed to. That said, there are certain coverages you’ll find throughout all standard plans:
Commercial general liability insurance
Commercial property insurance
Commercial auto insurance
Product liability coverage
Business interruption insurance
Equipment breakdown insurance
Crime and theft insurance
Cyber liability insurance
Tools floater
Pollution liability coverage
Commercial general liability policies protect store owners from lawsuits that may arise following third-party bodily injury or property damage. For example, if a customer slips on a wet floor in your paint aisle and hurts their back, this liability insurance will cover their medical expenses, any repair or replacement costs, your legal defence costs, and settlement expenses. With over 43,000 retail-related injuries in Canada per year, this policy is not something hardware store owners can skip out on.
Commercial property coverage covers your physical store, shelving, signage, POS systems, furniture and inventory against damages or losses arising from theft, vandalism, fire, water, or storm damage. With insured damages from severe weather skyrocketing to $3.1 billion in 2023 alone, this policy is a safety net all business owners with physical storefronts require.
Commercial auto insurance protects company-owned vehicles used for deliveries or transporting supplies. For example, if your delivery van is involved in an accident while transporting building materials, commercial auto will cover vehicle repairs, employee injuries, and third-party claims. Even if you use your personal vehicle for business purposes, you’ll need a separate commercial policy.
Product liability insurance protects you from financial losses related to product recalls that cause bodily injury or property damage. Because hardware stores in Canada carry thousands of different products that are hazardous, product liability is a must.
Business interruption insurance protects hardware store businesses from lost income that may be incurred if their store is forced to shut down temporarily due to a covered event, like a fire, flood, or equipment breakdown. For example, if a fire breaks out in your Calgary store and you are forced to shut down for a month while repairs are conducted, this policy will cover your lost income, employee wages, utility bills, rental payments, and other ongoing costs during this time.
Equipment breakdown insurance pays for repair costs and replacements you may require if any of the essential systems (HVAC, compressors, electrical panels, POS systems etc.) may require if they break down unexpectedly.
Crime and theft insurance protects you against employee dishonesty, theft, fraud, and forgery, offering peace of mind knowing you’re protected against financial losses that may arise from internal misconduct.
Cyber liability insurance is essential if you collect customer data or accept online payments. This business insurance will protect you if a data breach or cyber attack occurs. It will cover any legal fees, customer notification costs, and recovery costs that may arise.
A tool floater can be added to your plan to cover your tools, stock, and materials while being delivered to job sites, contractors, or from warehouses. Ultimately, adding this floater to your plan keeps your assets secure when they are not at your business property.
Pollution liability coverage covers claims that may arise from spills, leaks, or the improper disposal of hazardous products or chemicals like paint, fertilizers, solvents, and more.
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No two hardware stores are the same, and neither are their premiums. Insurance companies use numerous factors to determine rates, including:
Larger stores generally carry more inventory, equipment and have higher foot traffic, which increases liability exposure. A big urban store in Toronto of Vancouver will likely pay more for coverage than a small independent hardware store in the same city.
Urban and rural areas are exposed to different risks. Whether it’s theft, severe weather conditions, foot traffic, or aging infrastructure. Proximity to fire stations and emergency services can also impact premiums.
The higher your annual revenue, the more you have to lose should a claim be filed against you. Because of this, you’ll need higher coverage limits to ensure you’re protected, compared to a smaller storefront.
The more employees you have, the greater your risk exposure for workplace accidents and other losses. A small business with one or two employees, on the other hand, won’t pay as much for coverage.
High-ticket items like power tools, compressors, and lumbar increase your coverage requirements to ensure replacement costs are fully covered in the event of a loss. The less inventory you have and the lower the ticket price, the more affordable your rates will be.
Alarm systems, security cameras, sprinklers, and fire detection devices can lower your risk profile, leading to more affordable rates compared to stores that don’t have any preventative measures in place.
The more claims you have on your file, the more likely you are to file another in the future, which increases your overall risk profile, while those without claims can anticipate lower rates.
Higher limits and additional coverages will increase your premiums, but they will provide more financial protection if a loss occurs.
Finding the right coverage as a hardware store owner doesn’t mean you have to go above your budget. Here are some cost-effective tips and tricks you can use to keep more money in your pocket without compromising your level of coverage:
Bundle your commercial property, general liability, and other insurance policies with the same insurance company to save up to 15% on your premiums.
Most providers add a monthly surcharge to your premium, as it costs them money to process each payment. To avoid monthly surcharges, consider paying your premium upfront if you can afford to do so.
Increasing your deductible amount can also help you lower your premiums slightly. However, it does mean that you would need to pay more out of pocket should you need to file a claim in the future.
Installing security features like alarm systems, security cameras, anti-slip mats, and fire detection alarms can help you reduce your chances of filing a claim and save on your insurance premiums.
Most providers offer discounts for remaining claim-free, being a loyal customer, and more. Don’t forget to ask whether you qualify for additional savings!
Insurance brokers work separately from insurers. This means they can help you shop around, compare rates, and unlock discounts that keep more money in your pocket when purchasing coverage. The best part of all? Brokers are paid directly by insurance companies, so you can access their services for free!
Your hardware store may change over the year. To ensure your coverage matches your current needs, make sure to review your plan once a year. That way, you can avoid paying for coverage you no longer need.
Your Canadian hardware store is more than a business; it’s your livelihood. Protect what you’ve worked hard for with the right insurance coverage from BrokerLink. Our brokers have access to numerous policies from top providers across the country. We can help you shop around, unlock discounts, and customize your plan to fit your needs and budget.
Whether you’re looking to protect your vehicles during deliveries, want to learn more about preventing theft in your storefront, or have questions about what documents you need to get an insurance quote, trust that the experienced brokers from our team have got you covered.
To work with BrokerLink, contact us directly over the phone or by email to speak with someone directly. You can also get a free quote right now using our online quote tool!
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No legally. However, most landlords and lenders require proof of insurance as a condition of your agreement.
To ensure your tools are protected during transit, you’ll need to add a tool floater to your plan.
If you have online sales, you’ll need to add cyber liability to your plan to protect yourself from data breaches and other cyber attacks that may occur.
Yes, but only if you include crime insurance in your plan.
Only if you’ve added pollution liability insurance to your standard business coverage.
Business owners can get customized coverage within an hour or less. You can also get free quotes within minutes using broker websites that compare rates across different providers in Canada.
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