The right type of small business insurance can provide peace of mind in both your personal and professional life. Many business owners feel business insurance is an expense they cannot afford, or is a luxury for more established businesses. In reality, regardless of the industry, company size, or length of time in existence, commercial insurance absolutely needs to be in your budget.
Your business may have many assets: vehicles, office space, equipment, inventory, an indispensable employee or partner, and even yourself. The amount of insurance to carry depends on your industry, business structure, and the value of business assets. There are different types of insurance that are available to protect you and your investment from potential liability. Insurance needs vary greatly and it is best to get advice from a Steers Insurance broker who will familiarize themselves with your specific scenario.
Catastrophic loss due to fires, floods, hurricanes, and tornadoes have been the end of many businesses. Whereas, when a company carries insurance against these types of losses, closure and loss are temporary, as opposed to permanent. For example, business interruption insurance can ensure continued cash flow for the duration of a closure due to a natural disaster; and property insurance will cover the property and buildings owned by your business in the event of destruction or damage. If you run your business out of your home, you will likely need separate coverage for your business assets.
Business liability insurance covers accidents that occur on the business premises, product defects, and mishaps that occur during normal business operations on and off premises.
Consider these types of insurance to limit your liability:
General liability – Covers injury to clients or employees on your premises.
Product liability – Provides protection in the event that your products are defective or cause serious harm to those using them.
Professional liability insurance – Provides protection if you are sued by a client for errors, omissions, or negligence when performing professional services.
Additionally, accounts receivable insurance, also known as credit insurance, can help protect you from the risk of financial loss in the event that a client goes bankrupt or refuses to pay; and replacement insurance protects a business in the event equipment is stolen, replacing the missing items and paying for repairs from damage caused by the invasion. Furthermore, business owners should have personal insurance, as well – medical, critical illness, disability, and life insurance will ensure that an illness, injury or a death will not wipe out a business’s assets.
We want local small businesses in Newfoundland to know that risk management is essential, because we care about the growth and success of our communities. Steers Insurance, with offices in St. John’s, Bay Roberts, Labrador City, Clarenville, Gander, Springdale, Corner Brook, Grand Falls, Stephenville, and Port Aux Basques, are familiar with cost-effective ways of handling risks. Take the first step: speak to a Steers Insurance broker to get a quote today.