Every business today faces both opportunity and risk; and for survival in this marketplace, it is essential that it has the right insurance coverage. Business owners can protect their organization, their business assets and their employees from financial risk by choosing appropriate business insurance with the right coverage.
Types of assets covered under small business insurance in Canada
The asset classes covered under business insurance includes office space (whether owned, or on lease), equipment, vehicles, inventory (raw material, semi-finished and finished goods), and business employees & partners, including self.
You can protect these assets by buying business insurance that meets your needs and is also easy on your budget.
Insurance for office space, equipment, vehicles, and inventory
You can protect your property & buildings in the event of destruction or damage caused by fire and other perils.
Protect your inventory at your business premises. If you run your business from home, you will need separate coverage for your business assets.
If your assets are damaged and you need to close down your business temporarily, business interruption insurance covers your loss of earnings until you resume business.
You can protect all vehicles owned by your business. If you use your personal vehicle for business, you need to inform your insurance company.
Insurance for business employees, partners, and self
This covers the sole proprietor of business as he or she is personally liable for all the debts of the business.
This cover provides income for a specific period of time in case you are ill or injured and unable to work.
Partnership insurance or buy-sell insurance:
In case a business partner passes away, partnership insurance enables the other partner to purchase the shares and continue the business.
Critical illness insurance:
Provides a lump sum benefit if a business owner is diagnosed with a critical illness
Key person insurance
Provides you cover against loss of key people that help run your business.
Additionally, you can protect your small business from being sued in court, by taking liability insurance that provides cover in the event of mistakes happening as a result of you, your partners or employees, or your equipment.
Provides cover against injury happening to clients or employees on your premises.
Provides you cover in case your products are defective or cause serious harm to users.
Provides you cover in case you are sued by a client for errors, omissions or negligence in the performance of professional services. If you’re a healthcare professional, consider getting medical practice insurance.
Provides you cover against lawsuits arising from an electronic security breach involving compromised personal or commercial information. Examples include situations involving the theft of devices containing confidential data.
Given the business complexity today, it is not easy to fully determine the exposure of a small business in Canada or to choose an insurance cover proposed by an insurer in Canada. In order to make sure that you have the correct business insurance, you need to discuss your business insurance options with an insurance representative to propose a plan that is right for you and your business.
Get the best insurance deal for your small business. Beneficial Insurance Solutions is an independent company based in Calgary that serves business owners with consulting and insurances solutions that are customized to their needs and meet their budget.
Their team includes commercial property insurance brokers who are specialists and have years of experience behind them. They will ask you to ask the right questions to ensure that your business has the right commercial property insurance it needs, as well as other necessary coverage. They do research and source competitive quotes to make sure that your commercial property has the most optimum cover at the most competitive price.
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