Ontario Small Business Insurance is available in many different forms and from many different insurers. There are two key areas of coverage. The first are those that are offered by general insurers for liability, property and the like. The second are those offered by life insurers like life, disability and health insurance.
If you are a small business owner you should already own a commercial general liability insurance policy which protects you, and your business, from lawsuits and claims arising from bodily injury and property damage caused by your business activities. If you have a business without commercial liability insurance get this coverage as soon as possible. Your entire net worth is at risk! Even if you run a small home based business .
Commercial General Liability Insurance usually is part of a larger business insurance policy. A business insurance policy can also include coverage for property such as buildings, equipment, tools, stock. Property can be covered for fire, theft and the like. A business insurance policy can also cover lost profits and extra expenses related to a business shutdown due to a claim.
Other coverage’s to look for in a Ontario Small Business Insurance policy include:
Business Overhead - If your business was shut down due to a fire or other insured loss be sure that your lost revenues are covered
Valuable papers – If papers are lost in a disaster (i.e. fire) this coverage pays a set amount to cover the cost of reproducing those documents
Accounts receivable – If, due to a loss, your business is unable to collect on accounts receivable, this coverage indemnifies you for the loss.
Sign coverage – coverage for signs damaged in a loss
Crime coverage – coverage for employee dishonesty; fidelity; and burglary robbery and theft
Boiler and machinery coverage –a boiler explosion or an expensive breakdown of machinery and equipment. This can also cover lost revenue from the shut down period
An area that is growing in importance is Employment Practices Liability Insurance. This coverage offers coverage for employers who are sued by employees for wrongful dismissal, harassment, discrimination and other employment related lawsuits. This is a rapidly growing area.
Of course, the exact type of business you own determines exactly which general insurance coverage’s you should have .
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Always speak with a licensed insurance representative about your specific situation.
This site is general in nature and there may be errors or ommissions