Why Small Business Insurance is Essential
Small business owners and entrepreneurs can appreciate the dedication, hard work and sacrifice that goes into building a business. Despite even the best efforts to manage risk, a denied insurance claim can happen – and, it can undermine everything you’ve worked hard for. Insurance is a must-have for any small business – regardless of your industry, location, or size.
Commercial general liability insurance is essential. Imagine a courier delivering a package to your home office slipped, fell, and injured themselves, then sued you for their medical expenses. Commercial general liability insurance can help your small business recover from these unexpected expenses. It can even help you protect your employees, customers, and contractors.
Insuring your commercial property and home office is also a good idea. It is common for personal home insurance policies to include limitations for business items. Insuring your building and its contents (i.e. any equipment you use for your business – photocopiers, light fixtures, furnishings, inventory and supplies), can help you get back to business faster in the event of a loss.
A natural disaster like the wildfires in Fort McMurray can disrupt your business. Business interruption insurance can help you manage business expenses like payroll and utilities until you get your business up and running again.
No matter how detail-oriented we are, we all make mistakes. Even consultants and professional service-providers are exposed to risk. Errors and Omissions insurance can help a small business recover from an expensive lawsuit and avoid damage to its reputation as a result of human error, miscommunication, or an error in advice.
With employees, tools, building materials, and commercial vehicles to protect, Contractors should also consider insuring their business. Contractors insurance can protect you from risks you may not have even considered, like having tools stolen from a job site or building materials damaged while in transit.
Accidents can happen anywhere and anytime. Theft, on the other hand, often goes unnoticed – until it’s too late. Store-owners and retail businesses should consider retail insurance to protect them from the expenses of theft and accidents, which can impact their employees and customers.
To sum it all up, small business owners should consider insurance solutions that cover:
- Commercial property
- Home office space
- Liability (damage to third parties or their property)
- Company vehicles
Good risk management help a small business thrive – that’s why Lendified has partnered with TruShield Insurance. Like Lendified, TruShield is committed to supporting Canadian small business owners and entrepreneurs. TruShield’s insurance products and services are tailored to the needs of small businesses, including: professional services, home-based businesses, contractors and retail.
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About the Author
Lendified is Canada's premier online lender for small businesses. The company was founded by former bank executives dedicated to provide businesses with fast, easy, and affordable financing. The Lendified team regularly produces blogs and guides to help small business owners succeed.