Business insurance can be a safeguard for Quebec-based small businesses against many minor or catastrophic events that can impact the operation of your company. Business insurance can assist businesses in recovering from property damage, flooding, business interruption, theft and liabilities for which your business is responsible. Don’t risk facing an event from which your business can’t financially recover. Protect yourself by obtaining insurance for your business. Your business and commercial insurance will protect you against the following:
Property Damage
This insurance coverage is for damage or total destruction of the building where you conduct business. It also may insure the contents and equipment in the building as well. This can include damage due to fire, theft, or vandalism to outside property such as signs, gardens, trees and shrubs. Some polices may allow you to add on coverage for mandatory renovations due to bylaw changes in your municipality. Repairing a building may not be within the means of a small business and insurance can help to alleviate the burden.
Flooding
If your business is near an area that has the possibility of flooding, having flood coverage is definitely a smart idea. Most conventional policies that cover property damage actually do not automatically cover flooding, and most likely you will have to purchase this insurance separately. Make sure you add this to a policy if your business could suffer from a flood.
Loss of Income or Business Interruption
If a business is not open, they are not making money. Businesses may have to close temporarily for many reasons: equipment failure or computer glitches. You can even add on additional coverage for the interruption of utilities such as electricity or water. Small businesses could benefit from insurance that will cover their losses due to business interruption.
Theft and Dishonesty
Most business and commercial insurance policies will protect their clients against theft due to burglary and armed robbery. They can even cover you in the case of theft by dishonest employees. In some cases you may even be able to be covered for the losses due to counterfeit money being passed to your business.
Liabilities of Your Business
Business insurance can also help small businesses to cover their legal liabilities for happenings on their property, or any service or products a company provides to customers. This insurance will help to deal with any claims against your company for personal injury that results from being on a company’s premises. For example, it is entirely plausible that someone slips on your sidewalk during the winter. Insurance can also cover your business for any legal fees from the claim of injury resulting from the use of their product or service.
Protecting your business against exceptional circumstances just makes financial sense. You want to make sure that your business will continue and not go bankrupt because of property damage, flooding, business interruption, theft or liabilities. This is why business insurance is recommended for small businesses that are especially susceptible to financial ruin from large, unexpected expenses. Always read and understand your policy to ensure you are getting the coverage you need.
