If you own and operate a small summer business in Ontario, there are important insurance policies and coverages you need to know about. We’ve shared everything you need to understand.
Many Ontario summer businesses are heading into their busiest season. Whether your business is seasonal or year-round, it’s always a good idea to review your insurance policy to ensure you have the right coverage in place.
Four Insurance Options to Consider for Your Summer Business
#1 Business Interruption Insurance
If you own a business, you know accidents happen and equipment breaks down. For example, maybe you own an ice cream truck – one of the machines could easily break down, causing you to miss out on income until it’s fixed or replaced. Business interruption insurance can cover you for any earnings you miss out on due to the breakdown. You can read more about business interruption insurance here.
#2 Commercial General Liability Insurance
Summer in Ontario means patio season is here and people are flocking to patios to enjoy dinners and drinks outside. Having an outdoor dining area could bring more exposure to certain risks. For example, the patio could become slippery and someone could fall and get injured after summer rainfall. Commercial general liability insurance can help protect you in these circumstances.
#3 Professional Liability Insurance
Professional liability insurance protects your business if a client holds you responsible for any errors in your work and serves you with a lawsuit. Any business in Ontario that provides a service for a fee should consider having a professional liability insurance policy as it offers protection for claims alleging negligence or failure to deliver a service as promised.
#4 Commercial Property Insurance
If you operate a pop-up shop at your local market or operate your small business from home, you still need a lot of the same insurance protection as a brick-and-mortar business. Commercial property insurance is crucial for most businesses as it not only protects the physical building but other things such as equipment and inventory.
As one of the largest independently owned brokerages in Ontario, we have insurance professionals who are experts in commercial insurance. and who would be happy to help ensure you and your business are protected. Contact us today to review your commercial insurance policy and ensure you have adequate coverage for your business.
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