Who requires Small Business insurance?
Whether a limited company, partnership, or proprietorship, any business that sells a product or a service has a need for small business insurance to protect its assets. The two key categories of protection are Commercial property insurance and Commercial liability insurance. Assets may be physical (such as buildings or stock), or financial. Types of small business may range from a barbershop, to a florist, to a restaurant to a painting contractor – they may employ 1 person or dozens of people. Whatever the size or type, a well thought out small business commercial insurance plan represents a wise business practice for any owner.
What are the components of a strong Small Business insurance plan?
Our trained advisors will work with you to understand your small business and commercial insurance needs. They will design a customized package of coverages that suits the unique needs of your small business. Specific Commercial coverage may include:
- Commercial Property coverage
- Insures your owned buildings and contents, or just contents if you rent your premises.
- Insures against perils such as Fire, Wind, Water Damage, Vandalism etc.
- Commercial General Liability coverage
- Insures damages caused to others through the actions of your business, including defending you against lawsuits.
- Professional Liability coverage
- If you are providing professional expertise and advice, this coverage will protect you against negligence leading to harm or losses to another party.
- Cyber Liability coverage
- Considers risks specifically associated with e-commerce and the internet. Insures you against liability associated with data breaches, ransomware attacks, and hacking.
- Coverage for stock and supplies
- Insures goods that you hold for sale and also raw materials. Coverage will consider seasonal fluctuations in inventory.
- Tools and Equipment coverage
- Special coverage for your tools that is especially relevant for Contractors who are mobile and working on jobs at a variety of locations.
- Crime coverage
- Insures cash and securities lost to burglary, robbery, theft, and disappearance and destruction.
- Also insures losses resulting from employee dishonesty.
- Business Interruption coverage
- Insures you for loss of profits should you be out of business due to an insured loss.
- Equipment breakdown (Boiler and Machinery) coverage
- Insures loss for sudden and accidental breakdown of equipment including motors, furnaces, HVAC systems and computers.
- Commercial Automobile coverage
- Insures against third party liability and physical damage for vehicles used in the course of your business.
What factors determine the cost of your Small Business insurance program?
- Type of business
- Location of business
- Years in operation
- Insurance claims history
- Annual revenues
- Value and condition of buildings
- Amount of stock on hand
The Broker Advantage
At BrokerLink, our experienced brokers will listen to your needs, work to understand your business, and provide you with sound advice on a small business insurance program that fits your needs. We will seek out the best combination of coverage and price from a wide range of Canadian insurance companies.