Five Risks Small Food Retailers Often Overlook

For independent grocers, convenience stores and specialty food retailers, managing risk is part of doing business. From rising operating costs to supply chain challenges, owners juggle a range of daily pressures. Yet some of the biggest threats to a food retailer's success are often the ones they don't anticipate until it's too late.

According to TD Insurance research, grocery, convenience and specialty food store operators recognize the importance of insurance coverage, with 90% saying business interruption coverage is important, citing product liability coverage, and highlighting the value of crime and theft protection. However, the survey also revealed a potential disconnect between having insurance and trusting it to help during a crisis.

The research found that while nearly all Canadian small business owners carry insurance (94%), more than half (52%) said they would first rely on financing, such as credit cards or loans, during an emergency. Among grocery retailers specifically, 56% said they would turn to credit cards, while 27% would rely on family and friends for support.

Drawing on TD Insurance research and insights from Tang Trang, Vice President, Product and Pricing, Small Business Insurance at TD Insurance, here are five risks that small food retailers often overlook.