Running a business is no cakewalk. In a constantly shifting economy, starting and operating a small business is not something for the faint of heart. For business owners to succeed, they must hone their business plans, remain competitive, promote innovation and get insured.
As a small business owner in Ontario, getting the right insurance is crucial to ensure your company’s profitability isn’t compromised in the event of a claim. At CCV Insurance, we work with our insurance partners to get you the small business insurance that fits your operations — not the other way around. We take the guess work away and provide you with detailed and easy-to-understand coverage.
Small business insurance is an investment in your business’ longevity; so, if you’re thinking of becoming an entrepreneur or if you already have a small business in the works, insurance is a critical step. Many businesses fail before they’ve even gotten the chance to fully prove themselves to the world because of a small incident — whether that’s a slip-and-fall lawsuit or an unexpected fire that burned down their mom-and-pop corner shop.
What is Small Business Insurance?
Small business insurance is a grouping of coverages, designed to protect your business from financial devastation if something should happen unexpectedly. Accidents happen, mistakes happen, and those incidents could impact your business’ ability to operate. Without the right small business insurance, your business could fail before it has even had a proper run.
Small business insurance is paid for via a premium, which is a pre-determined amount of money that a company pays to its insurance provider in exchange for staying insured. This amount can vary depending on the kind of business you run, what you sell, your industry and other several other factors.
Small business insurance is an umbrella term for multiple different types of business insurance. Commonly, a business might have a policy that consists of small business liability insurance (or general liability insurance), commercial property insurance, business interruption insurance and so on. Every business has different needs. Small business insurance can be customized depending on those needs, and CCV Insurance’s small business insurance brokers are here to help your business get what it needs.
Insurance Products for Your Small Business
It’s inevitable that mistakes will happen, and those mistakes may affect some aspects of your business, such as your employees, your customers or your reputation. Small business insurance is designed to cover an individual business, which may mean that your coverage could look different from another business’. If everyone had the same business insurance policy, then not everyone would be getting the coverage that they truly need. That’s why there are so many options and so many different things to choose to truly customize your small business insurance. Here’s a list of the most important coverages for your small business.
General Liability Insurance
General liability insurance, or business liability insurance, is critical coverage for any business that interacts with clients on any level. It covers you and your employees if your business activities result in someone’s bodily injury or property damage, or if a person is injured on your business premises (called premises liability.) This insurance covers legal expenses, settlements, medical bills, judgement awards, administrative fees and so on. It’s also referred to as commercial general liability insurance.
Professional Liability Insurance
This type of insurance isn’t needed by all businesses. But professional services or occupations— like lawyers, consultants, medical professionals and so on — may need this form of small business liability insurance to protect themselves from being sued by dissatisfied clients who allege errors or omissions. This form of insurance is also sometimes referred to as errors and omissions insurance.
Product Liability Insurance
If your business sells a product and that product is determined to be faulty, causing illness or injury to the customer that purchased it, product liability insurance can offer protection for your business for the ensuing costs you are held liable for.
These three coverages are just a few types of the small business insurance you could be needing. In truth, there’s a wide array of other coverages that can be discussed further with the help of one of CCV Insurance’s small business insurance brokers. Other coverages you may want to consider, depending on your business, include:
- Commercial vehicle insurance
- Pollution liability insurance
- Directors and officers insurance
- Equipment breakdown insurance
- Business interruption insurance
- Workers’ compensation insurance
- Product recall insurance
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