All too often, people only discover that they don't have the right insurance when they make a claim. Here are our tips to help you avoid unpleasant surprises.
1. What type of insurance can I get for my business?
- Property insurance covers your business contents (like computers and office furniture), your building (if you're the owner), your merchandise and your equipment against breakage, fire, theft and vandalism. It also provides coverage for loss of income and business interruption.
- Liability insurance includes different coverage options depending on your needs, for instance, protection if your business or products cause property damage or injury to others.
- Commercial vehicle insurance covers your liability and your vehicle for losses insured under your policy.
- Insurance for your employees, including partners and associates. This provides life, disability and critical illness insurance for the people you rely on to keep your business running.
2. Where can I buy business insurance?
- Direct insurers: You buy insurance from an agent who works directly for an insurance company. This means there's no intermediary.
- Insurance brokers: You buy insurance from an agent who works in a brokerage. They offer business insurance from a number of insurance companies.
3. What information do I need when I'm shopping for insurance?
- Your existing insurance papers and policies and when they expire
- Your business income
- The value of your inventory and equipment
- The reconstruction cost, if you own your building
- The price you paid for your commercial vehicles