Starting, owning, or running a business is a risky affair. There’s a lot that can go wrong and many succumb to the costs of mishaps, unforeseen events, and liability claims.
So, it’s vital for any business to have a specific business insurance policy tailor-made to suit their needs. For small businesses, this protects against unsustainable and unforeseen costs, and for large companies it’s a condition of doing any business at all.
For example, proof of insurance is often required by customers and clients. Insurance is also required for events, renting property, or acquiring loans. In many cases, it is the cost of being taken seriously as a business.
So, to ensure the long-term viability of your business, and peace of mind, it’s important to learn the ins and outs of commercial and business insurance.
What Does Business Insurance Cover?
Like home and property insurance, business insurance covers many of the same kinds of things, including damage to buildings, injury, liability, and expenses. However, as you might expect, the things, activities, and risks that are covered are associated with a place or the activities of business.
Business insurance can be required even if you’re operating a small business from home. As mentioned, the risks of operating a business are different from home or property ownership, and you’ll need a policy that fits accordingly.
Haldimand Insurance covers the following risks and aspects of your business
Types of Business Insurance
There are a number of different components to a comprehensive business insurance policy. These components cover different kinds of risks that apply to different parts of your business. Here is a brief overview:
- General Liability Insurance – Protects business owners from costs associated with third-party liability lawsuits or claims against you or your business.
- Professional Liability Insurance - Sometimes referred to as “Errors and Omissions” insurance, is needed for those who consult or provide advice in case a client sues for losses due to errors, omissions, or negligence on your part.
- Product Liability Insurance – This coverage protects your business in the event your products are defective or cause injury to someone.
- Commercial Property Insurance - Coverage for business buildings and property should any of it become damaged by an insured peril.
- Contents Insurance – Covers business contents (equipment and stock) and other business assets.
- Business Interruption Insurance - Provides income while you rebuild from a fire or other loss that disrupts your operations.
- Directors’ and Officers’ Liability Insurance – Protects the personal assets of directors and officers, and their spouses in the event that they are personally sued for actual or alleged wrongful acts while acting in their professional capacity.
There are of course many other facets to commercial insurance that can combine or change in ways that are as specific and unique as your business. Insurance against cybersecurity breaches, theft or crime, loss of key personnel, suspensions or interruptions of business, commercial fleets, and so on.
How Much Does Commercial Insurance Cost?
There are several factors which can influence the cost of any commercial insurance policy. These include the size of the business, the activity business conducts, where the business is located, the number of employees, revenue and assets, the claim history and the length of time that the business has been operating.
How To Save Money on Your Business Insurance
You may not have much say or control over the factors that influence the cost of your insurance policy. On the one hand, you can shop around for the best deal, but on the other, there are some steps you can take to potentially reduce costs.
- Combine policies - Bundling policies and coverage together usually reduces the cost of your monthly premiums.
- Updated information - Giving your insurance provider all relevant information and updating it regularly can help you find the best deal. This is especially important as your company expands or contracts in response to the necessities of doing business.
- Risk management - Installing measures and practices to reduce risk, and informing your provider, can reduce the cost of your policy.
Find a Business Insurance Policy That Suits You
It’s important to find a policy that scales with your business and is adaptable to changing practices and economic realities.
Make sure to review your policy regularly and speak with your insurance provider to make sure that your needs are met.
Also, consider that insurance is meant to cover expenses that your business cannot comfortably sustain on its own, so tailor your coverage accordingly, opting for out-of-pocket deductibles that will bring your monthly premiums and sense of risk into an optimal balance.
We Are Here To Help
Whichever type of commercial insurance you need, contact us for a free, no pressure quote
. We work with you to recognize discounts and coverage possibilities to create the best protection plan available. We work hard to bring you the best insurance at the best value.