What insurance do I need?

Accidents do happen and being insured is a must

General Liability Insurance: Every business, even if home-based, needs to have liability insurance.  The policy provides both defence and damages if you, your employees or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party.

Property Insurance:  If you own your building or have business personal property, including office equipment, computers, inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage etc.  You may also want to consider business interruption/loss of earning insurance as part of the policy to protect your earnings if the business is unable to operate.

Commercial Motor Vehicle Insurance: Commercial motor vehicle insurance protects a company’s vehicles. You can protect vehicles that carry employees, products or equipment. With commercial motor vehicle insurance you can insure your work cars, SUVs, vans and trucks from damage and collisions. 

Worker’s Compensation: Worker’s compensation provides insurance to employees who are injured on the job. This type of insurance provides wage replacement and medical benefits to those who are injured while working. In exchange for these benefits, the employee gives up his rights to sue his employer for the incident. As a business owner, it is very important to have worker’s compensation insurance because it protects yourself and your company from legal complications.

Professional Liability Insurance: This policy provides defence and damages for failure to or improperly rendering professional services.  Your general liability policy does not provide this protection, so it is important to understand the difference.   Professional liability insurance is applicable for any professional firm including lawyers, accountants, consultants, real estate agents, insurance agents, hair salons and technology providers to name a few..

Life Insurance: Life insurance protects an individual in the event of death. If you have life insurance, the insurer pays a certain amount of money to a beneficiary upon your death. You pay a premium in exchange for the payment of benefits to the beneficiary. This type of insurance is very important because it allows for peace of mind. Having life insurance allows you to know that your loved ones will not be burdened financially upon your death.

The Business Experts say:

Unfortunately in a business life accidents do happen and having appropriate insurance cover is a must.  Please contact us if you feel your business needs further advice in this area.

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