Owning a business presents many financial risks. Business insurance provides protection against the unknown to mitigate risks and reduce their effect on your livelihood and those who work for you.
Correct coverage is vital for your company’s survival, financial security, and growth. Finding insurance which meets your specific needs can be a complex task. Experienced Professionals from a reliable insurance brokerage can simplify the process, helping you identify and assess your risks then find comprehensive and cost-effective options for your protection.
There are a few areas of coverage to consider before you purchase your Business Insurance.
Protecting Your Business’ Property
- Commercial Property Insurance
A basic commercial property insurance policy gives you protection against common risks to your contents, stock, equipment, tools, and leasehold improvements at the location from which you operate.
More comprehensive policies will also cover important ancillary expenses like equipment breakdown, tool floaters and business interruption costs. Choosing these coverage options gives greater peace of mind because unexpected property related incidents won’t create a sudden drain to your revenue.
- Commercial Automobile Insurance
Not every business will need this type of coverage, but if you own vehicles in your company’s name a separate policy is necessary. Commercial automobile insurance offers coverage for theft or damage to vehicles, accident benefits, protection for passengers, loss of use benefits, and liability. It’s very important to remember, your personal car insurance won’t necessarily cover any damages or liability you incur while using your vehicle for business related activities.
Coverage for Your Business Operations
- Commercial General Liability Insurance (CGL)
Commercial general liability insurance protects your business should you be sued for negligence causing a bodily injuries or property damage. These mishaps may be caused from your business operations either at your business premises or at a customer’s worksite. This is arguably the most fundamental type of business insurance available.
Because its utility is so obvious, this type of insurance is usually one of the first businesses choose to invest in. It’s a must-have for any business that takes its responsibilities seriously and wants to avoid potentially catastrophic outcomes. Something as simple as a customer slipping and injuring themselves at your site could cost an uninsured business hundreds of thousands of dollars in some cases. Ensuring that you are adequately covered against accidents is essential.
- Product Liability Insurance
Product liability insurance provides coverage for injuries and property damage attributed to the products you sell. This type of coverage is sometimes included in Commercial General Liability Insurance, but depending on the product you sell, in some cases you will need to purchase separate coverage for this protection. Your Broker will clarify what is and isn’t specifically covered under a CGL.
- Professional Liability Insurance
Professional Liability insurance (often referred to as E&O), protects your business if a customer alleges they have suffered a Financial Loss due to your services. Despite the best efforts to consistently provide accurate and quality services, mistakes, errors, and omissions can happen. While this type of coverage is of little use to businesses like coffee shops and retail stores, Accounting, Engineering, IT, and Designer firms, for example, would benefit from this extra protection. A CGL policy (Commercial General Liability) will not protect your professional advice. Professional E&O (error or omission) liability insurance will protect you against professional negligence claims and other wrongdoing when offering your services as a professional.
Coverage for Your Human Capital
One’s ability to work is an extremely valuable asset to any business. There may be a Key Person or people in your organization that without them, business would not thrive to the same degree. For this reason, it makes sense to mitigate against the risks that could have a significant impact. Disability, Critical Illness, or an injury are all risks you can affordably insure to protect against financial volatility.
Having Health Plan coverage for yourself and your employees is also prudent to assist in keeping your front line healthy and productive. Don’t forget to protect this valuable asset: your people.
Discover the Many Facets of Business Insurance with Blair Insurance
Everyone has a specialty, and Insurance is ours. Running your business is your job. Protecting it is ours.
Let Blair Insurance brokers explain the many aspects of business insurance and the functions of different coverage. See what our knowledgeable experts can do to protect you and your business.
Blair Insurance has over 40 years of experience brokering insurance for businesses in the GTA. We know how to assess risks and insurance needs, and then shop the marketplace for the best insurance solution to protect your business assets and revenue. We would be honoured to do the same for you. Contact us for more information about our services or to arrange a preliminary consultation.