Ontario Business Insurance
Operating a business means you are faced with a variety of challenges each and every day. When you do not have the insurance coverage that you need when your company suffers a loss resulting from a liability claim, property damage or on the job accident, you could stand to lose your entire investment.
One Friday morning in late July 2015, fire ripped through an industrial park, sending huge plumes of thick smoke billowing into the air. It took firefighters several hours to tackle the towering inferno that destroyed six different units. The business owners were devastated as they surveyed the scene of the disaster.
Literally everything was lost. Offices were gutted by the flames. Computers, files and equipment were all destroyed. Employees had to be laid off and customers had to be informed because the loss caused businesses to close for some time.
At another site less than a month later, a road-widening project caused the collapse of a building wall. One person was killed and another was critically injured.
That same week in another area, a bar manager was sued for failing to institute rules and keep financial records properly. Not only were the business owners partners, but they were siblings operating a business that had been passed down to them by their late father.
By obtaining the right business insurance, these people were able to protect their business investments. When you have quality insurance coverage properly in place, you will be able to focus on the more important aspects of running your business with the peace of mind that you will be able to handle anything that comes your way.
You have worked hard to build your business. Therefore, protecting that business and your assets from loss is at the top of your list of priorities without a doubt. This is especially the case with liability risks that can lead to costly business claims.
You may not know exactly what type of business liability insurant that you need to purchase. The type of business that you own and the services that you offer will determine your insurance needs.
- General Liability Coverage - Protects you against claims of negligence, accident and injury. With general liability insurance, you are covered for the costs that accumulate following property damage, bodily injury, medical expenses, personal injury claims and court judgements. If you lease or rent the space that houses your business, commercial general liability insurance will cover any damages to that place. Depending on your specific situation, you may also need to invest in premises liability insurance as well.
- Professional Liability Coverage - Often referred to as errors and omissions coverage or malpractice insurance, this type of coverage will protect you against a broad range of liability claims, such as negligence and errors. In certain types of business, such as doctors and lawyers, malpractice insurance is mandatory.
There are several other types of liability coverage and depending on your industry, you may require specific protection. Your broker will help you evaluate your company and identify your unique risks to ensure that you have liability protection that is tailored to meet your business insurance needs.
Business property insurance is vital to protect you from a number of potential losses. In fact, without the right property insurance, you could suffer a loss from which you never occur. Possible hardships include earthquakes, fire, flood, vandalism, theft, storm damage and more.
Lost or damaged equipment, buildings, furnishings, supplies and product inventory have to be replaced as soon as possible. These are the types of things that are covered with business property insurance.
Business Interruption Insurance
A business must remain active in order to generate profit. During downtime following a loss, your company may lose all income. Even if your find a way to continue to make money during the recovery, there may still be unexpected costs to keep operations going.
Business interruption insurance will reimburse you for any revenue that you fail to generate due to a loss up to the limits of your policy. You will have help paying your bills and other costs to keep your company operational until you are able to reopen the doors.
Commercial crime insurance is also known as 3D insurance and can protect you from a wide variety of criminal loss. The 3Ds stand for dishonesty, disappearance and destruction. However, many other types of loss are also covered. Such as:
- Commercial crime - In addition to the 3Ds, this coverage includes credit card crimes, computer crimes, funds transfer fraud and more.
- Kidnapping and Ransom - Coverage may be included in your crime insurance package or obtained as a stand-alone policy to reimburse funds related to this type of crime.
- Property - Destruction or loss of securities or money do to employee crime is covered.
At Stewart Morrison Insurance, we are business specialists. We know businesses require specialized coverages. We conduct a full review of your business and tailor a commercial package to suit your needs. Our objective is to provide coverage to safeguard your business in the event of a loss.