Understanding what type of insurance your small business needs

Many seasonal businesses are up and running, while other year-round operations may be getting in to the thick of their busiest season. As we head into the summer months, it may be time to reevaluate your current policy. Below, we list certain coverages to consider for different types of small businesses.

Protect your patio with CGL insurance:

Outdoor seating areas are also more exposed to the elements like rain, which can cause slip and falls, or strong winds that can topple umbrellas onto customers. Commercial general liability insurance can protect your business from these less exciting aspects of patios so you, and your customers, can focus on all the great ones.

If you’ve got more than your patio open this summer, you may want to consider ways you can help your business prepare for flood. A few things you may want to consider to help mitigate your flood risk include:

• Install preventative shields to prevent water passage through openings
• Seal walls to prevent or reduce seepage
• Install permanent sump pumps

During a delay or disruption in operations, business interruption insurance can help:

Whether your shop is only open during warm months, or if this is your year-round store’s busiest season, making sure you have enough scoops to satisfy everyone’s sweet tooth is crucial to your success. That’s impossible to do if an equipment malfunction or power outage causes a major ice cream meltdown that potentially costs you thousands of dollars. Business interruption insurance can cover you for the earnings you miss out on if this ever was to happen.

Protect your pop-up store with property insurance:

Whether it’s baked goods, cheese, crafts or any other specialty product, Canadians understand the value of buying from a local source, If you set up shop at a farmer’s market, you’ll need a lot of the same insurance protection as brick-and-mortar stores. This is partially because your customers can still get a chipped tooth or food poisoning, and your stall can still be damaged by wind gusts and summer storms.  The coverages that would help you in these instances are commercial property insurance and general liability coverage.

Event planners need professional liability insurance:

In warmer seasons, wedding planners are busy helping couples plan the perfect ceremony. However, no matter how organized you are when planning a wedding, there’s always a chance you’ll make a mistake—we all do from time to time. While mistakes may affect your event and in turn your clients’ satisfaction, they may not negatively affect your company’s bottom line if you’re protected with professional liability insurance.

Landscapers beware, looters are everywhere:

Canadian landscapes are a thing of beauty, and not just at national parks either—the manicured yards that landscaping companies design and build are truly works of art. But you don’t need paintbrushes and canvases to bring this kind of art to life; you need power tools, so make sure yours are protected. It’s not uncommon for tools to be stolen from company trucks parked in front of houses while their crews work in the backyard. A good way to make sure tool theft doesn’t slow down your project is a commercial property insurance policy.

Learn more about insurance for landscapers.

Be prepared for extreme weather

With global warming and climate change on the rise, the summer seasons ahead may be drier and more humid. This can cause extreme weather events like wildfires, windstorms, and tornadoes, all of which can have devastating impacts on your property. There are a few ways your business can prepare, like taking time to regularly inspect areas of your brick and mortar store that may be problematic down the line.

Planning ahead can help your small business in the long run

Investing in the right coverage is an important part of your small business’ risk management planning. At TruShield, we’ll work with you to tailor a flexible solution that addresses your unique risks, so you can focus on running your business and serving your customers. Get started by browsing our business insurance page today!

Ready to properly protect your business? Build the coverage you need with our online estimator!

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This blog is provided for information only and is not a substitute for professional advice. We make no representations or warranties regarding the accuracy or completeness of the information and will not be responsible for any loss arising out of reliance on the information. Terms, conditions, and exclusions apply, see policy for details.