Small Business Insurance – What Do I Need?
Back to School – Back to Business
Summer is a wonderful time of year filled with late nights with friends, cottaging, family vacations, or just simply enjoying this beautiful season in Canada. But the first week of September marks the unofficial end of summer, and a new school year begins. Kids are back to school, families are back to routine, and you are back to business!
No matter what type of business you run, whether you work from home, run a small contracting business, a restaurant, or operate a large manufacturing plant, having the right insurance is essential for business owners. A good business insurance policy will give you the financial peace of mind you need to concentrate on daily operations, and growing your business.
Insurance is vital for managing business risk and ensuring you are not under or over-insuring your business. The former can leave you exposed, while the latter can stretch an already tight budget. At Merit Insurance, we understand it is a complex process and different businesses pose different risks.
So what IS business insurance and why do companies need it?
Business insurance helps companies protect their financial assets, intellectual and physical property from a covered loss due to risks such as lawsuits, property damage, theft, vandalism, loss of income, and employee injuries and illnesses. There are many coverage options available to businesses. The coverage your business needs depends on things like the industry you’re in, its size, location, and the number of employees.
Different business insurance types are:
- Business Interruption: Protects your business’s financial position if your operations are interrupted by an insured loss, such as a fire.
- Equipment Breakdown: Covers you against the sudden accidental breakdown of equipment used for your business’s daily operations.
- Consequential Loss: Insures the resultant damages from a loss not caused directly by damage to your business property.
- Errors and Omissions Insurance: Covers you or your employee if a client claims a financial loss due to an error or omission on your part or the employee.
- Specialized Coverage: Crime, theft and employee dishonesty, sewer back-up, by-law coverage, or computer systems.
What can a Merit broker provide for your business?
- Business Review: Your Merit broker will conduct an in-depth review of your organization and your existing insurance policy to make sure all risk areas have been reviewed. It is our goal to understand your commercial needs, and your business objectives.
- Present Your Policy: Create a customized insurance product to accurately match your specific business needs.
- Maintenance: Conduct a review of your policy over time to make sure it represents your business as it grows and changes.
As your business grows and changes, so will your insurance policy. By working with a Merit broker, you will always get one on one personalized experience who is familiar with your story and can offer the best coverage for your business. So what are you waiting for?
Call Merit Insurance Brokers today and let’s take care of business!
