If you run your own small business, You know the work is required to maintain it. Perhaps you’ve even begun your small-scale business from the beginning and have the final say in everything from the type of coffee to purchase for your staff area to decide if you’re ready to expand.
Having the right small-business insurance coverage will put your mind at ease. The right small business insurance will guarantee that you get insured in all scenarios, and you’re not on your own to handle things when something goes wrong.
These are the most commonly used types of small-business insurance your business might require:
- Insurance for property
- Business interruption insurance
- General liability insurance
- Professional liability insurance
- Employment practices liability insurance
At Ottawa Life insurance, we’re pleased to offer additional information on small-business insurance.
Property Protection
The property coverage for a small-sized company is similar to insurance for homes, but there are some distinctions. In particular, the house insurance policy covers your home and its contents. However, small business property insurance typically will cover the damage to the property. It is necessary to purchase separate ranges coverage to protect items like equipment or computers. If, however, the properties or buildings belonging to your business are damaged by any covered risk, then small commercial property insurance will be able to cover the damage. It doesn’t matter if it’s due to your roof collapsing due to snow or an attempt to gain entry; so long there’s a covered peril, the property coverage will pay for repairs.
Business Interruption Insurance
Suppose your business gets damaged due to an accident, fire, storm, or other danger. The damage to your home or office gets covered under property insurance in this scenario. What about the cash you’re losing when you cannot run your small-scale company? In this case, the business interruption insurance can aid in covering loss. The business interruption insurance policy is often known as business income insurance and can be used to protect one of the following resulting from the failure of a company:
Lost Income
- The wages of employees
- The cost of renting the space temporarily
General Liability Insurance
The general liability policy is among the essential small-business insurance options you can. Public liability insurance can safeguard you in the event of a lawsuit arising from a variety of reasons, including:
- A person gets injured in the vicinity of your company.
- Your product is harmful to a client.
- Your products or employees harm the property of someone else.
The expenses can amount between legal fees and actual damages sought in action. General liability is essential insurance because one lawsuit could destroy your business if it doesn’t have enough insurance.
Professional Liability Insurance
Professional liability insurance isn’t identical to the general liability insurance we’ve mentioned. The liability insurance you can purchase will safeguard your business from injuries or negligence, like the event that someone falls and slips before your shop because of the ice. On the other hand, professional liability insurance gets designed to protect your company against losses caused by advice or services provided by your company. Any small business that provides professional advice or help should have professional liability insurance. Engineering firms, accountancy firms, small legal firms, and other businesses are examples of these firms. Clients could claim you are responsible for a loss that they are obligated to pay for any service or advice.
Employment Practices Liability Insurance
If an employee believes they have to get unfairly terminated or discriminated against, or abused on the job, they may bring a lawsuit against your company. Such cases can be devastating for small businesses and come from former or current employees. Employers’ liability insurance can ensure that you get protected from the risk. It will cover expenses that you could incur when someone files this type of lawsuit in your name against you.
What Does Ottawa Life Insurance Help Me in Securing Small-Business Insurance?
It’s challenging to know what kind of small company insurance you’ll need and how much coverage you’ll need for various types of insurance. It is where experts such as Ottawa Life insurance can step into the picture and assist you! We’ll spend time understanding your business’s requirements and then suggest the best kinds of small-business insurance you need. We’ll collaborate with you to create a policy tailored to your budget and needs while ensuring you’re secure, regardless of how much damage happens to your company.
You’re Ready to Take the Step Next Step.
Now you know about the most commonly used kinds of small-business insurance your business may require, including:
- Insurance for property
- Business interruption insurance
- General liability insurance
- Professional liability insurance
- Employment practices liability insurance
We’re here to help you learn more about the various types of insurance available to small businesses in Ottawa. Call us at (613) 454-1424 or send us an e-mail at info@ottawa-lifeinsurance.ca.
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