If you own a small business, you have essential needs that must be covered. Among those needs that have to be covered is commercial business insurance. Whether you are establishing a business for the first time or you need a reminder, below are six reasons why you need commercial business insurance.
1. Property Damage
Your property could be damaged for several reasons. You have your actual physical property and items in it to consider, and you also have to think about your assets. Property refers to both of those areas for your business. Fortunately, you have good options to protect you. When you are looking for someone to help cover you look for experts in your area. Make sure you look for a reputable company to help cover all your insurance needs.
Should your business be impacted by natural disasters or damage from something internal like faulty wiring, you need to have protections in place so you can minimize your losses. And you must have your business covered to protect from both structural and financial issues that can result. And should you be a victim of a crime committed at your property, you need coverage.
2. Customer Liabilities
You must also have protections in place for any customer liabilities. And if you do not have those protections in place, you could run into legal troubles. You also could end up losing some or all of your assets.
Among the liabilities you could encounter, are problems possibly caused by your products and services? You also need protection from any issues you could be blamed for on your property or resulting from any processes of delivering your goods to the public. Your customer liability protection is more than protections against customer slips and injuries on your property.
3. Worker Liabilities
Should something happen to your colleague or employee while on the job, you need insurance to protect your business. The individual injured could try to sue you blaming you for their injury. And if someone dies and their family tries to blame you for their death you need protections.
But it is not only incidences of injuries and death where you need protection in place. You also could be held liable for any compensation matters like lost wages. Make sure you are covered on all fronts when it comes to worker liabilities.
4. Work-Related Products
While the aforementioned products you make available to customers is a reason for commercial business insurance, you also need protections in place for the products that make your work possible.
All of your workplace equipment and tools need to be insured. From your laptops to any machinery you have, each and every item that gets your work done needs to be protected with insurance. And if your business has company-owned vehicles, all of those automobiles must be insured, too.
5. Cybercrime Issues
In 2018 alone, approximately 20 percent of all Canadian-owned businesses had some sort of cyber attack. And did you know those Canadian companies spend as much as $14 billion every year to try and defend themselves from cyber-attacks?
You must have measures in place to help protect you from cybercrime, and you need to have insurance coverage in place should you be a victim. And if you have a product or service people use that was compromised by a cyberattack, you can be held responsible for those crimes. Make sure to protect your business on all fronts when it comes to cybercrime issues.
6. Legal Requirements
Small businesses like you are required to have insurance in place. Legal requirements are among the reasons you need commercial business insurance, and you need to always be certain of what types of insurance you need.
And depending on where your business is situated, you have laws in place that pertain to your province, and even your local community. Make sure that you are always on top of the legal requirements relating to where your business is located.
Do Not Skip Any Corners
If you are a first-time commercial business insurance shopper or if you are changing your current insurance plans, you must be certain to no skip any corners. You must be certain you are completely covered. By paying attention to the six above areas, you will be.
Samantha Higgins is a professional writer with a passion for research, observation, and innovation. She is nurturing a growing family of twin boys in Portland, Oregon with her husband. She loves kayaking and reading creative non-fiction. If you are looking for commercial business insurance in Montreal, consider using KBD insurance.