Your business may have many assets: vehicles, office space and equipment, inventory, an indispensable employee or partner and, most importantly, yourself. To protect these assets and to protect your business from potential risks, you should consider getting insurance.
All businesses take some risks, but taking too many risks or failing to protect yourself does not make good business sense. Could your business survive if one of the partners dies or becomes disabled? Would you have sufficient cash on hand to deal with any business emergency that could arise? In many cases, the answers to these and other questions about risk is "no".
Insurance needs vary greatly and it is best to get advice from an insurance broker or agent who is familiar with your specific type of business. Below are different types of insurance that may apply to your business.
The loss of a key person can devastate your business and your livelihood. These types of insurance can help protect your business and your family from potential risks:
Speak to your accountant to find out which of these are deductible as business expenses and which ones you will need to pay for yourself as an individual.
You need to protect your assets and earnings in the event that a disaster or emergency destroys part or all of your business premises and assets. This could include:
Mistakes happen. You, your employees, your equipment or your suppliers could be the cause of mistakes that ultimately end up hurting your customers, your employees or other people who are involved with your business. To protect your business from being sued, you should consider these types of insurance to limit your liability:
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Having a client that does not pay can leave you in a difficult situation. You have to pay your employees and suppliers, and are essentially stuck covering the costs of goods sold, without the corresponding revenue. Accounts receivable insurance, also known as credit insurance, can help protect you from this risk, when a client goes bankrupt or refuses to pay.
The risks are often greater when dealing with export markets. The government offers export insurance to cover a variety of risks including accounts receivable insurance.
Providing a health insurance plan for employees can be a key factor in recruitment and retention of employees. You can talk to an insurance broker or company about group plans covering supplemental health and dental benefits for your employees.
Making sure you have the correct business insurance can provide peace of mind. To discuss your business insurance options, Contact One Plus Insurance Experts to find or develop a plan that is right for you and your business.
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Thank you to the Government of Canada for this information. To view original article click here