One of the least talked about things when it comes to running a small business are your insurance needs. There are several things that should be thought about and talked about with a professional.
Being a small business owner means that I have to think ahead and make sure my family and business are covered. Luckily my local State Farm Canada agent has lots of options that can help me make sure I’ve got the right insurance mix for my unique business needs. The conversation is an important one to have. State Farm Canada provided the below article:
Business insurance is there to protect you, your family and your business from unforeseen events that could impact the rest of your life.
As a business owner, you face tough challenges every day. Make sure your business has the right insurance protection to keep your business running. Talk to a professional agent to determine your specific needs.
Business Property Insurance
Business Property Insurance, protects your assets; buildings, equipment, stock, contents, from all risks of direct physical loss or damage, such as fire, theft and vandalism. A good policy will also cover you for those things you didn’t know about, like building by-laws impacting the cost of construction or repair of damaged buildings.
Your Business Property Insurance will also provide several Business Interruption options that covers the loss of business income and rental income that occurs as a result of direct physical loss or damage to your property.
Business Liability Insurance
Stuff happens. No matter how tight a ship you run. Random events are bound to occur.
Injuries can occur both inside and outside your business. What’s more, customer and visitor injuries on your property may result in lawsuits. Slips and falls are the most common hazard, resulting from inadequate lighting, missing handrails, uneven surfaces or debris on surfaces.
Liability Insurance protects your business in the event of a claim or action from a third party who has sustained bodily injury, property damage or personal or advertising injury as a result of your negligence from your premises, operations, or products and operations.
Business Auto Insurance
Many folks who use their own vehicles in their line of work, whether for deliveries, transporting gear, or sales calls, assume their personal policies will cover them. Unfortunately, this leaves them vulnerable to risks that could seriously impact their future financial wellbeing. When talking to your agent about your coverage, ensure you disclose that your vehicle is being used for business purposes. This will ensure that you have the coverage you need to get the job done.
Business Life and Continuation Insurance
As business owner you owe it to your business partners and family to ensure that you have considered a business continuity plan, so your business will continue without any undue burden.
It is important to consider the impact a fatality (whether yours or a business partner’s) will have on your business. What happens to your business afterward? Will your family be on the hook for taxes? Capital gains? Probate fees and a bunch of other miscellanea? As a business owner, you may be able to use life insurance to help with an orderly and economical transition. This is one type of insurance many business owners often put off thinking about until later.
A surety bond is kind of like a money-back-guarantee for your customers. It’s a guarantee that your company, or you as an individual will deliver on a specific obligation. It gives your customers peace of mind that you will deliver on your commitments. In some cases, it may even be compulsory when working with certain levels of government or private companies.
There are other types of business insurance, some specific to your business. You should consider ensuring your business has the right and adequate coverage. A reputable, and established agent can customize a policy to properly suit your individual needs.
Full disclosure, this article was sponsored by State Farm® Canada. They have agents across Alberta, Ontario and New Brunswick. Like you, their agents are independent business owners who support their local community.
Your State Farm agent will help you find the right coverage for your business. No obligation. Visit the State Farm Canada website to find yours.
State Farm Canada is becoming Desjardins Insurance — the same great agents, now backed by Desjardins.
Desjardins Insurance refers to Certas Home and Auto Insurance Company, underwriter of automobile and property insurance or Desjardins Financial Security Life Assurance Company, underwriter of life insurance products. Desjardins Insurance and related trademarks are trademarks of the Fédération des caisses Desjardins du Québec, used under licence.
State Farm branded policies are underwritten by Certas Home and Auto Insurance Company. Life insurance products are manufactured and issued by Desjardins Financial Security Life Assurance Company. ®State Farm and related trademarks and logos are registered trademarks owned by State Farm Mutual Automobile Insurance Company, used under licence by Certas Home and Auto Insurance Company and certain of its affiliates.
The information in this article is provided for informational purposes only. Neither State Farm nor Desjardins Insurance shall be liable for any damages arising from any reliance upon such information.