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Learn the Truth about Small Business Insurance

Posted Nov 8th, 2017 in General, Insurance Tips, Commercial Insurance, Did You Know?, In the News

The truth is, when it comes to small business, often insurance is overlooked and it shouldn’t be. Protecting your business property and earnings is important considering the potential risks that could arise.

Learn the Truth about Small Business Insurance, Youngs Insurance, Ontario

If your business has office space, equipment, inventory, or staff, you require business insurance to protect those assets. When it comes to small business, there are different types of insurance to protect your business property and earnings.

Property Insurance

If your business owns a property, and that property is damaged or destroyed by theft, extreme weather, fire, etc. property insurance steps in to cover such risks.

Business Interruption Insurance

If anything were to happen to your business, such as a fire or natural disaster, business interruption insurance steps in to assist your company with any losses associated with being temporarily unable to operate normally.

Contents Insurance

Protects the assets you have at your business location. If you are leasing or renting space for your business, the property owner most likely has property insurance, however, you would then require contents insurance to protect your assets.

Vehicle Insurance

If your business owns any vehicles you require insurance for those vehicles. Please note - if you currently use your personal vehicle for business make sure you inform your insurance broker of this.

Accounts Receivable Insurance

If a client doesn’t pay or goes bankrupt, accounts receivable insurance protects in those situations. If you deal with export markets, you can get export insurance, which covers a variety of risk including accounts receivable insurance.

Protecting your assets and earnings in the event an insured peril destroys part or all of your business assets and premises, is vital. Depending on your policy there may be exclusions and situations that will not cover the peril; this is something you should speak to your broker about.

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