Managing your own business in Ontario is certainly an exciting proposition, but it isn’t without it’s share of challenges and complexity. From financial planning, staffing and management, and sales and marketing, to daily operational aspects, compliance matters and customer service, you may be juggling multiple responsibilities all at once. Purchasing an appropriate business insurance policy is a critical step for securing your business and ensuring your peace of mind.
The trusted business insurance brokers at Orr & Associates explain various aspects of business insurance for small businesses in Ontario.
What Is Business Insurance?
Small business insurance, also known as a commercial business policy, protects your business against any loss or damages to a physical property, bodily injury liability claims, as well as any losses that your business incurs due to its inability to operate or generate income. Essentially, a business insurance policy can help save your business from bankruptcy, if you or the business faces a major setback.
Why Do I Need Business Insurance?
As a small business owner, your business is your lifeblood, and protecting it is paramount for securing your own future, as well as that of your business. However, there are so many potential perils out there that you never know what may impact you or your business. Here are just a few reasons that could lead to business losses.
- A natural calamity, such as a flood or fire
- A major health issue that keeps you from working and leads to unintentional absence from work
- Liability claims by disgruntled employees, unhappy customers, or vendors
- Business interruptions and loss of business income due to economic downturns or forced closures (such as the lockdowns experienced during the pandemic)
- Employee fraud, theft, or cyber breaches
By buying business insurance, you are basically adding a safety valve for your business against a wide range of unforeseen events. Remember, a comprehensive business insurance policy will cover different types of losses, while minimizing the risks and maximizing the benefits for your Ontario business.
Types of Business Insurance
Business insurance policies in Ontario offer many different types of coverages. A basic business insurance policy will typically cover General Liability Insurance, Commercial Property Insurance, and Business Income Insurance. Depending on the nature, needs and specific challenges of your business, you can also add:
- Professional Liability Insurance: To cover any lawsuits that claim negligence or mistakes in the services you rendered.
- Property Insurance: To cover any damages to your business property.
- Product Liability Insurance: To cover liability claims for products that your business manufactures, distributes or sells.
- Vehicle Insurance: To cover liability claims for accidents involving your company-owned vehicles, as well as certain compensation to the occupants in case of injuries while on the road.
- Business Interruption Insurance: To cover any loss of income when you cannot run your business because of a covered loss, such as property damage. You can also use this compensation for other fixed business expenses, such as rent, utility bills or salaries.
For home-based businesses, consider adding a provision for property and liability coverage to your home insurance policy, instead of buying a separate business insurance policy. It will cover the business assets, furniture, and equipment, as well as any stock, raw materials, or goods you hold for sale.
Top 3 Reasons Why Every Small Business Needs Insurance
Business insurance is about protecting your business and assets, as well as the interests of your customers and employees. Here are the top three benefits of investing in small business insurance in Ontario:
- Build safeguards against any loss of income due to financial or natural calamities
- Acquire new clients more easily, while building trust and credibility with your customers
- Attract high quality talent as job seekers typically look for perks, such as health, life, or disability coverage from potential employers.
Whether you are the new kid on the block, or an established entrepreneur, investing in a comprehensive business insurance policy will help your business thrive in a marketplace that is full of opportunities as well as risks.
How to Find Business Insurance
Getting the right coverage means finding a business insurance policy that meets the specific needs of your business. Purchasing products that are not needed for your risk exposure will be a waste. In order to avoid this pitfall, consult a trusted Ontario business insurance broker who will:
- Understand your business and determine the types of coverages you really need
- Review policies from different companies and obtain and compare multiple quotes
- Pore over the fine print for details, such as the limits and deductibles
- Advise you on the most suitable products and act in the best interest of your business
Consult Your Experienced Business Insurance Broker in Barrie
At Orr & Associates, we have decades of experience in serving Ontario’s small business owners and finding the best match for their business insurance requirements. Our expert business insurance brokers can obtain comparable policies from all the top insurance companies in Canada and help you make smart decisions to secure the future of your business.
Count on an experienced Orr & Associates consultant to protect your Ontario business from unforeseen events and losses. Call 1 (866) 521 5926 toll-free or complete our online form to get a free business insurance quote.