New business owners who have never had to cover businesses before can have it hard when it comes to buying commercial insurance covers for their businesses. Every business owner knows that getting insurance coverage is the best and only way of getting their businesses protected. You can get the best commercial or business insurance cover from an insurance broker Toronto. This article talks about the different types of insurance coverage and how each one of then relates to and impact your business.
Cover mistakes relating to liability insurance
If you are running a sole proprietorship business, then all the liability of the business falls on you as there is no separation between you and your company. Types of liability insurance include:
- General liability
- Product liability
- Professional liability
Insurance for other people you care about
These insurance covers protect both you, your family and your business from risks.
- Key person insurance
Yes! Every business has some employees being more important than others. It happens in almost every business. If anyone of your key people is disabled or injured during work, then this cover protects you from losing sales and any replacement costs as well as increased expenses should anything bad happen to the key employee.
- Health insurance
If you can afford this cover, it’s best that you do and get a cover that will also protect your employees as well.
- Disability insurance
This cover will protect you by covering your income whenever you injure yourself, or illness befalls you during your job.
- Life insurance
Every sole proprietor needs to invest in life insurance which will protect his/her family in the event of death of the business owner.
- Protect your business property
These insurance covers protect you and your business property in the event of disastrous situations.
Any small business that runs a brick-and-motor shop needs to have this cover if a fire or any other natural disaster befall your business.
- Vehicle insurance
All vehicles in your business need to be insured under this cover which will protect you from any injuries or even death resulting from using your business vehicles.
- Business interruption insurance
With this cover, you will get compensated whenever your financial reports indicate any losses which have resulted from a disaster.
Business interruption insurance covers mostly your time in the business while the property insurance premiums cover buildings.
Will you go for small business insurance?
Most small business owners worry a lot about how commercial business insurance covers affect their financial statuses. You can use business accounting software to determine these expenses and how they can impact your business. With this software, you will also know where your money is going and on what it is being spent on as well as how all this spending is going to impact your overall business revenue.
The best step you can take before you make up your mind about which insurance coverage to purchase is to shop around and compare the different policies and their premium rates. Then you can choose the best cover you think works best for you and also doesn’t affect your financial status.Back to top