While not always required, business insurance is useful for any entrepreneur who wants to protect their company’s future. Just one accident or lawsuit could have a disastrous impact on your business. Plus, some creditors and suppliers may even require certain types of insurance coverage. Here are a few examples to help you figure out what kind of business insurance is right for you.
Limit Damage To Your Commercial Property
If your commercial property flooded, could you afford the clean-up and repair costs? In the event of water damage, these costs for your building and any other property affected could add up. Additionally, you may have to rent another commercial location during the renovations, retailers may have to buy new inventory and professional service providers may have to buy new furniture or computer equipment. If you want to protect your place of business, your equipment and your merchandise in case of fire, theft, vandalism or flood, commercial property insurance may be a great option.
Minimize The Impact Of A Commercial Vehicle Accident
Do you transport your merchandise with commercial vehicles? If yes, an accident could damage more than just your vehicle — it could damage your merchandise too. If one of your staff members hits another car and damages any merchandise that was out for delivery, you could not only fall behind on deliveries, but you might also deal with financial losses. Commercial auto insurance could help you cover the damage caused to your vehicle in the event of an at-fault accident and commercial property insurance could help you cover the value of lost merchandise.
Be Prepared For Equipment Breakdown
Does your business rely on specialized equipment? If so, it’s a good idea to be prepared for the unexpected —like a power surge that could damage your electronics. These types of repairs could be costly, especially if you need them completed urgently to keep your business running. The cost to replace materials damaged in an accident could be covered by business insurance.
Make Sure You Have Liability Coverage
Do you have an emergency fund to cover liability in the event a fire starts in your building and spreads to your neighbouring businesses? If you’re held legally liable for the damage caused to your neighbours’ property, your business liability insurance may cover your legal fees and the damage suffered by these third parties. Business liability insurance could also protect your company in case of an accident in your place of business that causes bodily injury to a third party.
Protect Yourself From The Financial Impact Of Cyber Attacks
Could you afford to pay for recovery costs if your computer system was compromised? Cybercriminals could bring down the essential computer systems needed to provide your services or sell products. These attacks could disrupt your operations for an undetermined period, and without cyber risk insurance coverage, you may have to pay for any operating losses and system restoration fees. With the right insurance coverage, you could protect your business and computer systems against the consequences of cyber threats and cyber-attacks.
Being a business owner can come with unpredictable events, so being prepared with the right insurance coverage can help protect what you’ve worked so hard to build. Interested in learning more about commercial business insurance? Visit desjardinsagents.com/customer-care/blog for more helpful prevention tips.
This column, written and published by Desjardins Agent, Matt McNichol, presents general information only and is not a solicitation to buy or sell any insurance products. These tips are provided for information and prevention purposes only. They are general in nature, and Desjardins Insurance cannot be held liable for them. We recommend using caution and consulting an expert for comprehensive, tailored advice.
*Loan Insurance is a product of Desjardins Financial Security Life Assurance Company. The terms and conditions of the coverages described are set out in the home insurance contract and loan insurance contract, which always prevail. Certain conditions, limitations and exclusions may apply. Desjardins Insurance refers to Certas Home and Auto Insurance Company, underwriter of automobile and property insurance or Desjardins Financial Security Life Assurance Company, underwriter of life insurance and living benefits products.
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