When it comes to insuring your business in Canada, you need professional advice from an insurance broker who can guide you on various insurance options and help you find the right business insurance solution that is tailor-made to meet the specific and evolving needs of your business.
No matter whether your business is small, or large, there are 6 types of business insurances in Canada that you must have in your portfolio:
Commercial vehicles:
Coverage can be provided against various types of risks and you can choose an insurance depending upon the coverage you want.
While collision coverage provides protection from costs to repair damage caused by impact with another vehicle or object, comprehensive coverage provides protection from unexpected situations such as fire, theft, vandalism. The third is an all-peril coverage provides covers both collision and comprehensive insurance.
• Commercial Fleet:
In case your business owns several vehicles, then it might make more sense to insure them under one fleet policy and with one common renewal date.
• Commercial Auto:
This will suit you in case your business utilizes vehicles for day-to-day work.
• Garage:
If you own a garage, you can seek coverage for garage operations, including repair facilities.
• Trucks:
If you own a transport business, you can seek coverage of your vehicles and the cargo.
Property & Liability:
Property insurance provides coverage to physical assets such as buildings, equipment, goods in stock and in transit. Liability insurance covers risks arising from bodily injury, property damage, personal injury from others and risks emerging from business operations.
Within this broad category there are sub-categories for which coverage can be taken by customizing he insurance solution and these include business interruption, crime and liability.
Cross-Border solutions:
These solutions are imperative for Canadian businesses that have dealings with US owned companies and so have US exposure. Coverage is available to all types of Canadian owned business enterprises.
Surety Bonds
Through Surety Bonds, you are able to guarantee your obligations to suppliers, customers and partners. These are specifically suited for service providers, professionals, building contractors, environmental sites, transportation companies, and auto dealers.
Privacy Breach
It is prudent to cover your business against loss arising as a result of loss, theft, or unauthorized access to or use of your client’s or employees’ personal information. The coverage ensures that you are able to pay off expenses and can get back to business quickly.
Customizable solution for evolving business
As a business owner in Canada with significant investments, you need a comprehensive business insurance solution that covers all risks associated with your business. As each business is diverse, you need a solution that is customizable to your needs. A customizable solution serves as an answer because it provides more than 60 coverages across different industry groups with the flexibility to choose the limits you need. Whether you are an online business or a bricks and mortar business, you can cover yourself for the claims you anticipate, as well as those which you cannot anticipate.
Why do you need business insurance in Canada?
While no prudent business owner will downplay the benefits of business insurance, it is advisable to know nevertheless why it makes sense to cover yourself and your business in Canada
Vehicles owned by businesses are expensive and so is office equipment that includes the latest gadgets, computers and furniture and fixtures. These are things that are essential for our working and enable us to work productively in office surroundings. Therefore they need to be protected because any damage to them will mean loss of productivity that will lead to a loss of business and eventual closure.
Secondly, business insurance in Canada helps to minimize liability and exposure that may happen due to factors beyond your control such as an accident to a delivery truck caused by another vehicle, leading to total damage of the delivery truck. In such a situation would you have sufficient cash to take care of emergencies that may arise?
If you answer to this question is a “no”, then you have to take care of your business by taking due coverage offered by leading insurance companies in Canada.
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