Why Insuring Your Small Business is Important!
Small businesses in any market or industry, need to ensure your business is insured against all risks. Even though the scale of operations is not as large for a small business compared to medium and large businesses, they still need protection.
There are approximately 1.23 million businesses in Canada and this number is expected to climb in the coming years with a rebound in the economy.
Navigating insurance can be a daunting task, but you don’t have to do this on your own, Beneficial Insurance Solutions is here to steer you in the right direction. A good insurance plan can provide adequate protection against many risks and a good insurance plan lets you do that.
So, it is wise to understand the needs of your business and the kinds of operations involved in the process. There are several different types of insurance plans available for different businesses but lets look at a few options.
Let us look at some options which are available for small business insurances today.
- General Liability Insurance
This type of insurance provides cover against damages that a business can incur. This includes losses from injury, damage of property, Copyright infringement, and other costs. Without insurance, a business will have to pay out of its own pocket.
- Business Property Insurance
In case you have rented a building to carry out your business or are using your own equipment for work, this is the plan. It provides safety against loss by fire, theft, damage to property, and equipment in use. It is well-suited to most businesses and can avoid loss of income.
- Workers’ compensation insurance
Having employees working for your business adds extra responsibility as the business owner. This type of plan protects your employees from injuries, sickness, or any other form of damage. Such insurance can take care of medical costs, provide a sense of safety to workers and save you from legal fees.
- Commercial Auto Insurance
Does your company offer vehicles to its employees for doing business? If that is the case, make sure you have commercial auto insurance to protect the insured and other people from any accidents that may arise.
- Cyber Insurance
In this digital age, technology is a must for small businesses. Data breaches, cyber attacks from hackers are on the rise and protecting your business and customers information is critical.
- Professional Liability Insurance
Is your small business involved in providing professional services to clients? To protect yourself from large legal defense fees, insurance is a must. It will help you save your business from huge losses due to any claims of negligence.
By now we have understood the various small business insurance plans available to us. All of them offer a variety of benefits and are fit for different kinds of needs.
A plan that can cater to all insurance-related needs is the one that can easily fit in the budget. Keeping in mind the limited budget of a small business, this is not something to cut back on.
Beneficial Insurance Solutions:
Beneficial Insurance Solutions is one of the market leaders when it comes to providing small business insurance. We make the insurance process less cumbersome for our clients, giving them all the time to focus on growing their business. Contact us today!