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Business insurance or Commercial Insurance is an important investment for business owners of all sizes, and it is essential to have the right kind of coverage.
What Insurance Does My Business Really Need?
When selecting business insurance, there are 10 key areas that business owners need to consider in order to get the most out of their purchase. These include determining business liability limits, choosing property coverage, understanding business interruption insurance, selecting umbrella policies, understanding workers’ compensation requirements, exploring legal and professional liability coverage, considering vehicle insurance policies, getting employee health benefits as well as protections for key personnel and consulting a business insurance broker for additional advice.
Taking the time to consider these important areas – and investing in the right type and level of business insurance coverage in Kitchener – Waterloo – can help business owners protect their investments today and into the future. Doing your due diligence upfront can save stress (not to mention money) down the line by helping you obtain the optimal business insurance policy for your needs. All in all, choosing business insurance is an important decision. By taking all the necessary steps upfront and working with a knowledgeable business insurance broker, you can ensure that your small business has protection from any unexpected events or circumstances. Doing so can give you peace of mind that your investments are secure now and into the future.
Protect Your Finances and Valuables
If you’re a small business owner, then you know that Commercial Insurance is important. But what kind of insurance do you need? And how much should you pay for it? In this blog post, we’ll answer those questions and more. We’ll also provide some tips on how to find the best deal on small business insurance. So read on to learn more!
10 Key Areas to Consider when Purchasing Business Insurance
1. Do you own property?
Do you own property that you do not want to pay to have replaced if it is damaged or destroyed? Property coverage pays for damage or destruction of your building, contents, equipment, etc. subject to the limits and limitations of the policy.
Your home is expensive to replace, but with property coverage you can get a replacement cost up front and then add money as needed for repairs or renovations. Understanding which type of policy works best may seem complicated at first; luckily, we have all the answers!
FACTS: Property uninsured/underinsured losses occur when there’s not enough room in your budget so that means any damages come out of your pocket – even if it’s just $500 worth. Business Coverage for Actual Cash Value (ACV) covers depreciated values while RCV pays full retail price plus accumulated depreciation over time (which might be significant).
2. Does your company have employees?
So, you’re telling me that I need a workers compensation insurance policy for my company? Well, if it’s required and not taken care of then who will cover the employees’ medical expenses or time off from work as well any permanent disability they may incur while on the Job with us because their injuries were during working hours right? And what about those people without coverage – does anyone else think these folks might have claims against them down the line which could subject both parties (including YOU!) to fines/penalties?!
Not having workers compensation in Ontario can subject you to the “non-insurance” fund which will pay the claim and seek reimbursement from your company along with a penalty. Employee claims are generally excluded under your General Liability policy. Therefore, your business needs a workers compensation policy.
Read more: https://www.wsib.ca/en
3. Does your company own or operate vehicles?
We all want to save money. The problem is some companies don’t realize that they’re spending too much on their fleet. They might even be paying more than necessary.
There are several reasons why companies spend too much on their fleet, including poor vehicle maintenance practices and high fuel costs. If you’ve ever wondered whether your company owns or operates vehicles, then you should take a look at these three ways to reduce fleet expenses.
You can save money by improving fleet management techniques such as vehicle inspection and maintenance. Also, consider reducing fuel usage by using hybrid or electric cars. Finally, you can cut down on costs by merging fleets into fewer vehicles.
If your company owns or operates vehicles, you should consider investing in car insurance policy. This insurance policy covers your legal liabilities if you’re involved in an auto accident. You may also buy additional coverage such as medical payments, uninsured motorist, collision, comprehensive and rental car.
Additionally, you can purchase liability umbrella policies, usually in million-dollar increments.
4. Are you subject to claims for professional errors or omissions?
Have you ever received a letter from your lawyer saying they’ve been hired by someone else to sue you over something you did? What should you do?
If you’re a doctor, attorney, accountant, engineer, architect, surveyor, financial advisor, contractor, pharmacist, dentist, veterinarian, nurse, psychologist, social worker, clergyman, teacher, nutritionist, chiropractor, massage therapist, or other type of licensed professional, you may be sued for negligence.
You may be surprised to learn that medical malpractice lawsuits are common. That means that you may be personally liable for damages caused by your negligence.
Most business may not need this coverage, but it is important to carefully review your operations prior to declining this coverage.
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5. Could your operations damage someone else’s property?
Could your operations damage somebody else’s property, or injure them on your site? The answer is probably yes, for every small business owner, including yourself. Your general liability insurance protects your company from any liability claims relating to bodily injury or property damage. Automobile insurance is limited to damage caused through an automobile accident, so if you operate a car, you should purchase additional auto coverage. Property insurance covers losses to tangible assets such as buildings, equipment, inventory, and vehicles. Personal liability insurance covers legal costs associated with lawsuits filed against you personally for damages arising out of your business activities.
6. Does your company manufacture, design, create or distribute products?
If you’re a small business, you know that product manufacturing, design, creation and distribution are essential to your success. But did you know that insurance is also essential? Protect your business with the right insurance policy and rest easy knowing you’re covered in case of an accident or liability claim.
This is a risk that can put you out of business. Don’t “bet your business” on such a loss without coverage.
Talk to an insurance broker today to find the right policy for your company
7. If your business has employees, your company – and key employees – may be at risk
If your business has employees, your company – and key employees – may be at risk for an employment claim for discrimination, harassment or the like. Employment Practices Liability Coverage is relatively inexpensive.
For example, an employee returns from a workers compensation claim to light duty. He performs poorly and is insubordinate to his supervisor. You terminate him. He sues your company for wrongful termination, claiming you fired him because he instigated a workers compensation claim. Your workers compensation policy does not cover this suit or its defense. Your General Liability Policy may not cover the claim, based upon exclusion for claims by employees.
If you have added Employment Practices Coverage, either separately or under your General Liability policy, to protect yourself from meritless claims in case of an accident with employees. You can also purchase employee benefit plans should one fall through on their own because they were not timely enrolled into health insurance – this way it’s always covered!
8. Do you have a partner or other key employee?
The death of a key person can have devastating effects on the operations and finances for an extended period. For this reason, it is important to ensure that your business has protection in case something was ever happen such as replacing lost income or providing funds necessary towards funeral costs if you die suddenly from illness before retirement age. Recognize that the death of a key person can have a devastating effect on the operations of a business for an extended period.
9. Do you operate your business from your home?
Homeowners’ insurance is designed to cover your home and personal belongings. But if you operate a business out of the same property, then it might be time for an upgrade! The only way that homeowners can afford this extra riskier situation would be by purchasing separate coverage – which could help prevent any losses from happening in the first place.
10. Do you know why you have a certain insurance company for your business coverage?
Insurance companies are rating services that look at their financial health. You want a financially strong carrier so they will be in business and maintain adequate reserves to pay claims, or else state guarantee funds may step in but only provide you with minimum coverage amounts- which isn’t enough for your business! Make sure work closely together as partners when choosing an insurer (and don’t forget about professional insurance brokers!) because no matter what type of company it is if its not protecting YOURSELF then who does?
Call Glenn Stewart Business Insurance Broker in Kitchener – Waterloo Area Now
at 519-896-9970
Business Insurance is a vital part of making sure that your hard work and capital are protected. A little bit goes a long way, so make sure you have adequate coverage for any risks or emergencies in order to avoid losses when they arise!
Business owners, professionals or executives, I am offering you a solution that will ensure your life’s work will continue even if you are not there to manage it.
Call Glenn at 519-896-9970
Contingency and continuity plans are always at the back of an owner’s mind because they have spent significant time building their business and they are unsure of how to protect that legacy. Most toil with the uncertainty that their partners and or family will just have to make do after catastrophic circumstances.
You’re getting a Business Insurance policy from someone who knows what they’re doing and has the experience to back it up.
I am the person with the plan that is a simple, inexpensive solution to protect what matters most to business people. Firstly, there are several questions you must answer to approach this topic:
- Would you like to be in business with your partner’s spouse if your partner were no longer available?
- How have you funded your buy-sell agreement?
- What is your business worth if you or your partner were unable to run it?
- Could you run this business without your partner?
These are just some of questions that I can help you to solve a very expensive problem that would be catastrophic to your finances. Having these conversations with you, the business owner, will save all your hard work for your family.
Small Business Insurance, Health Insurance, Travel Insurance available in Kitchener, Waterloo, Guelph, Milton, Mississauga, Toronto, Elora, Elmira, Listowel, Mitchell, Stratford, New Hamburg, Brantford, Hamilton, Burlington, Fergus, Oakville, and Cambridge area.
Call Glenn Stewart Business Insurance Broker Now at 519-896-9970