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
– Office space:
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.
– Business interruption:
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.
– Vehicle insurance:
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
– Life insurance:
This covers the sole proprietor of a business as he or she is personally liable for all the debts of the business.
– Disability insurance:
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.
– General liability:
Provides cover against injury happening to clients or employees on your premises.
– Product liability:
Provides you cover in case your products are defective, or cause serious harm to users.
– Professional liability:
Provides you cover in case you are sued by a client for errors, omissions or negligence in performance of professional services.
– Cyber liability:
Provides you cover against lawsuits arising from an electronic security breach involving compromised personal or commercial information. Examples include situations involving theft of devices containing confidential data.
Small business insurance in Canada: How to protect your assets with the right insurance?
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 insuranceyou need to discuss your business insurance options with an insurance representative to propose you a plan that is right for you and your business.
Conclusion – Get the best insurance deal for your small business in Calgary:
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 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.