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Canadian Business Insurance: Insurance for Owners, Employees and Partners

Canadian businesses have assets that need to be insured: equipment, vehicles, office buildings, employees, partners, owners and inventory to name a few. Limiting a business’s risks means obtaining the right business insurance to reduce risks.

Businesses will always have some risk exposure, but protecting from exposure is possible with the right insurance in place.

A few questions businesses need to ask themselves when determining if they need insurance are:

Many businesses rely on lines of credit to persist through invoice periods, and few are prepared to deal with a partner or owner that dies or becomes disabled.

A disaster recovery plan is a must-have for all businesses, especially small businesses that are trying to stay afloat and compete in the market.

What Businesses Need Insurance?

Insurance is recommended for all small businesses, but the following small business activities mean that your need for insurance is even higher:

  1. Selling products through third parties online or in stores. Large scale distribution through wholesalers and retailers often requires product liability insurance. Specified limits for the policy will often be in the agreement. Businesses require that the manufacturer (you) have insurance in the event that your product injuries someone else. You’re also protecting your business from hefty liability claims in the process.
  2. Offer services to other companies. Errors and omissions insurance is often requested when you offer services to other companies. This type of insurance is required in the event that the advice or service you offer results in a financial loss for the client. These clients will want to know that if an error in your own judgment causes them a loss, they’ll be satisfied.

Virtually any business that sells a product or service can benefit from insurance. Insurance options that are available may include:

Insurance acts as a means of lowering a business’s risks. Proper coverage will depend on your business type and needs. While insurance may not be required by law in many cases, vendors and retailers may require certain forms of insurance before doing business with your company.

You’ll also find insurance for:

Discuss your business’s needs with a company specializing in the insurance needs of small businesses.

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