Part of your risk assessment is to identify your insurance needs. Risk Assessment forces you to consider “What can go wrong?”
Consider these scenarios:
- Theft: Your car or truck is broken into and product samples along with your laptop are stolen. Will your home insurance policy cover these items?
- Injury: What if one of the products you sell causes injury to a consumer? Could you be liable as a distributor?
- Injury: A delivery person slips on your icy driveway while delivering office supplies to you for your home office. Can she sue?
- Fire: Can you claim any of your business equipment, furniture, product and records you lose in a fire? Will your home insurance policy be affected if you don’t disclose that you run a business from home?
There are many types of policies available to protect you and your business. Here are a few to consider:
Insurance for owners, partners and employees: Life insurance, disability insurance, partnership, critical illness, key person insurance
- Insurance for business property & earnings: Property, contents, business interruption, vehicle
- Commercial & business use auto insurance
- Liability: General, product & professional
- Accounts Receivable
- Export Insurance http://www.edc.ca/english/insurance.htm
- Health Insurance
Some websites to offer assistance include:
- The Insurance Bureau of Canada http://www.ibc.ca/en/contact_Us.asp
- The Insurance Brokers Association Ontario http://www.ibao.org/
Not all business owners’ policies offer the same coverage. As with any product you purchase, call several insurance providers/brokers before you make a decision and before you go into business.
We offer seminars on a variety of related topics such as Small Business Financing and Insurance. Check out the schedule. For more information about any of Halton’s other Small Business Centre resources and services, and how we can help direct you to the right resources, contact us at 1-866-4HALTON (42-5866), www.haltonsmallbusiness.ca, email@example.com or visit us at 1151 Bronte Road, Oakville.
Have a story about business insurance? Share it here. At the end of the month we’ll submit all entries into a draw for a chance to win a voucher for an upcoming seminar (Value $25).