Top Insurance Coverages Small Business Owners Must Have
Owning a business, regardless of size, always involves risks. You can manage these risks if you’ve mitigated them earlier on, prior to launching your business. Research the different types of business insurance coverages to help mitigate these risks and protect your business from losses. Have you come across this blog post because you own a small business or have plans of starting one? Read on to learn how to protect your business from potential lawsuits, property damage, and other unexpected expenses.
We selected some of the insurance coverages that we believe are essential to most small businesses.
Commercial General Liability (CGL)
CGL is the most fundamental insurance policy for any business. CGL is designed to protect your business against lawsuits for property damage caused by your products, operations, and injuries that occur in the business’ premises. A CGL policy will cover you if a customer slips and gets injured inside your store and files a lawsuit.
Professional Liability Insurance
Does your business give advice to your clients that could potentially cause them financial loss? Professional Liability Insurance will cover you in case this happens and they decide to file a lawsuit. Professional Liability Insurance is also known as Errors and Omissions Insurance or E&O insurance.
Commercial Property Insurance
Are you a business owner with a store, warehouse, office space or other commercial property? Commercial Property Insurance will help protect your building structure, renovations, equipment, and inventory. This protects against fire, theft, vandalism, and more.
Home-Based Business Insurance
Are you a startup running your business from home? If so, you may be eligible for Home-Based Business Insurance. However, depending on your business, this may or may not be ideal for your needs. Speak with a PrimeService broker to determine which coverage is best for you.
Product Liability Insurance
Any business that sells products needs Product Liability Insurance. Product Liability Insurance covers you when you are sued as a result of your malfunctioning or defective product causing your customers harm. Check your policy to see if your CGL coverage includes this as it may or may not be included.
Consider getting Cyber Insurance if your business operates completely online or just a small portion of it. Cyber Insurance covers your losses in the event that your customers’ data are hacked, credit cards are compromised through an online transaction, as well as other cyber attacks.
Every business is unique. This means that some of the coverages that you need may not be in this list. Let your PrimeService broker know what your business is about and how it operates. They will be happy to let you know about all the different coverages and give you professional advice. Make sure to disclose accurate and complete information to your broker so that you are covered for the entire amount when you make a claim. We can help you shop around among all major insurance providers in Canada. Contact us at (905) 886 7277.