Running your own small business can be an exciting but daunting adventure, no matter what kind of business you run. From organizing your store, to meeting client deadlines, you’ve got a lot of responsibilities to balance. With so many things on the go, you’ll be exposed to various risks along the way that could harm your business, and your pocket book. They may not seem like large risks, either. An incorrect label on your product or a leaky pipe in your store can go unnoticed for a while, but they can also have a huge impact on your day-to-day operations, not to mention your bottom line. With all of the time, money and effort you’ve invested in starting and building your small business, it’s that much more important that you have a plan in place to protect it. Getting the right insurance for your business is a great way to protect yourself from expensive losses. But with so many different options available, you may not be sure what type of insurance is right for your particular business. To top it off, researching your insurance needs can be time-consuming, tedious, and…well, boring. But don’t worry! We’re here to give you a quick, concise, and easy-to-understand breakdown of some of the insurance coverages you might need for your unique business. Whether you provide a service, work with your hands, or sell things, we’ve got the lowdown on what insurance coverages are the right fit for your small business. To figure out your business insurance needs, you should evaluate three key areas of your small business: your property, your operations, and your bottom line. Certain areas may need more protection than others, depending on your business. To save you time, we’ve outlined some of the most common insurance coverages that can help you protect these three key areas of your business. Do you have a storefront or workshop for your small business? Do you drive a vehicle for your small business? Do you run your small business from home? These are all questions to ask yourself when evaluating your business insurance needs. Here are the main types of insurance coverage you should consider for protecting your property: Someone slips and falls on your property. A product you sold to a customer is faulty and causes an injury. These are common scenarios that could result in costly lawsuits – all of which can be covered through different forms of liability insurance. Here’s a breakdown of the main insurance coverages that can help protect your business’ day-to-day operations: Unexpected losses can come in many forms. For some small business owners in Hamilton, Ontario, this recently came in the form of vandals causing an estimated $100,000 worth of damage to their business premises. Scenarios like these may force you to temporarily close up shop. While your net income stream could stop or be greatly reduced while you take care of repairs, your bills, payroll, and other ongoing business expenses would start to pile up quickly. There is, however, insurance coverage available that can help protect you should you suffer a loss of business income. It’s important to remember that every business is different and requires a different policy to protect it. Even with the concise outlines above, deciding what exact coverages your business needs can be overwhelming. Lucky for you, our online estimator can help. If you’re wondering what kind of coverage you need and would like an estimate on how much it may cost, just answer some online questions about your small business. Our small business specialists are also available by phone at 1.844.429.9480. Protecting the business you’ve worked hard to build.
What should you insure?
1. Your property
2. Your operations
3. Your bottom line
How do I decide what insurance coverages my business needs?
Want to learn what protection your business needs? Try out our online estimator!
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 to coverage. See policy for details.