There is no clear answer to the question, “Should I get commercial insurance?” It’s nerve-racking and difficult to decide, especially for new businesses with limited funds. You might end up underinsured or over insured which leaves you open for either a financial burden or an incomplete safety net.
If there was a crystal ball for risk, we wouldn’t need all those pesky insurance companies running around! But while they may not be able help us find our future husbands or wives (let me know if I can arrange this), they do offer some helpful insight on how much protection we might require in certain areas depending upon which type(s) of risks apply specifically to us as individuals or businesses here in Canada.
Here Are A Few Tips To Get You Stared:
Even if you have a small business, it is important to separate personal and commercial activities. In many cases, your personal insurance won’t be triggered to cover any damages related to the company’s work-related functions because they are not covered under that policy or operation.
Premiums often go up and rightfully so in many cases, so it’s important to explore how you can reduce them in order to save more. Request regular reviews from your agent or broker. In many cases taking advantage of discounts by combining policies like life insurance and disability income protection together if possible may end up being more cost effective and trigger savings that would ordinarily not be applied to your account.
Remember that insurance rates vary depending upon factors such as location in relation to natural disasters, industry type, business operation and claims history.
We all know that feeling of dread when we think about buying car insurance for the first time, but after you have it and go through a few years without an accident or claim, the peace of mind is worth any amount. The same goes with commercial insurance – even if your risk isn’t as high as others in different industries (i.e., construction or health), take some time to research various options because there’s always something new out there!
Don’t Forget To Ask Your Advisor About The Below:
- General liability insurance
- Professional liability insurance
- Commercial auto insurance (For Transport Industry)
- Cybersecurity insurance (Tech & Industries Heavy In The Digital Space)
- Directors and officers insurance (For Charities & Non-Profits)
- Crime insurance
- Business interruption insurance
- Key person insurance
Don’t hesitate to connect directly. I’d be happy to advise you on a bespoke policy for your individual and commercial needs.