What Kind Of Business Insurance You Need?

Business insurance brokers witness this every day: an SME faces a lawsuit for negligence or a defective product. The entrepreneur loses a fortune or even has to declare bankruptcy.

“I have dozens of examples,” says Patrick Bouchard, a Quebec insurance broker and acting president of the Regroupement des enterprises de brokerage assurance du Québec.

“Entrepreneurs are not insured enough. They underestimate the value of their insurance assets, or they do not have adequate coverage. In case of a glitch, the company can go through it. “

Ask a broker for advice

Also, not being properly insured can expose you, your family, and your employees to financial hardship if you become disabled or die.

To negotiate affordable insurance, tailor-made for you and your business, it’s better to hire a broker who is known for his expertise with entrepreneurs.

Ask your broker to submit quotes and discuss with you exclusion clauses, deductibles, and limits of liability, to ensure you get the right protection at the right price.

Look for solutions to reduce costs

As you shop around for insurance, take the time to try to reduce your business risk. For example, examine your employees’ training, the security of your information technology, and your workplace safety policies. You should also develop plans that you can use in an emergency or disaster.

Regularly review your coverage

It is also important to regularly insurance coverage, especially if your business situation changes.

These are the main types of insurance that entrepreneurs should be interested in.

Life and Disability Insurance – Life and disability insurance policies are important to prevent your family or business from having financial difficulties if you have health problems that prevent you from working, or if you die.

Most entrepreneurs take out life insurance, but they neglect disability insurance. However, during one’s working life, it is much more likely to be affected by disability than to die prematurely.

These are personal insurance policies that are not offered by any commercial insurance broker. Before dealing with a broker, ask him if he deals with personal insurance as much as commercial insurance.

Property and Third Party Liability Insurance – These are two types of insurance combined into one – property and general liability insurance. To give them a commercial loan, banks often require companies to buy this type of cover.

Property insurance covers corporate assets such as buildings, inventory, equipment, equipment, and furniture.

General liability insurance covers property damage due to the negligence of the company on its premises or involving an employee. It also covers damage suffered by a consumer because of a product or faulty work.

Business interruption insurance – If a fire or other disaster forces your business to temporarily stop operating, business interruption insurance covers lost income.

Combined Commercial Insurance – Sometimes referred to as the “Contractor’s Policy,” Combined Commercial Insurance is a custom-designed product that can include a range of coverage’s – for example, property and casualty insurance, business interruption, and additional insurance for “goods in transit” (products to be shipped).

Auto Insurance – Separate auto insurance is required for company vehicles.

Professional Liability Insurance – Some specialists are advised to take out professional liability insurance (also known as “errors and omissions insurance”), which protects them against possible errors or professional errors.

Commercial Walls Insurance an Essential Insurance

Our Non-Operator Owner Agreement allows you to ensure your premises for the commercial or associative use of a total area of 250 m² at most when you give them for rent or give them free of charge.

The insurance of the tenant or the co-ownership does not intervene: our contract can take the relay.

The room is vacant: we can adapt the contract to ensure it.

Civil Responsibility Building an Essential Guarantee

Civil liability building is essential to protect you in case of an accident such as fire due to the electrical panel or water damage due to the malfunction of the boiler for example.

Your responsibility is questioned: you are insured for damage caused to third parties involving insured premises, especially vis-à-vis the tenant.

Purchase commercial business insurance walls of Group Marmot has also protected your assets in case of emergencies such as fire, water damage, theft … You are well covered for your premises and interiors.

Business, Insurance

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