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When to Buy Liability Insurance for a Small Business

Business Insurance

By Smart Bug | December 22, 2015

Many small business owners believe they’re too small to need liability insurance or believe they’re too safety conscious to have an accident happen to them. But accidents happen. Someone can slip and fall walking into your store an employee can get injured restocking inventory or a customer can claim you didn’t deliver with your product or service. Covering liability expenses can impact your bottom line right up to potentially putting you right out of business.

But there is a way to protect the business you’ve worked so hard to grow—commercial liability insurance. Regardless of the size of your company or the number of employees you should have the appropriate liability insurance to protect yourself your employees and your business.

Main Types of Business Liability Insurance

There are several different types of business liability insurance; what you will require will depend on your industry and the products or services you provide.

  • General Liability –protects you and your businessshould someone injure themselves on your business premises or while using your product or service. It covers legal expenses court costs and awarded damages.
  • Professional Liability – protectsprofessionals offering an expert opinionto clients such as consultants and doctors. It also protects you if you’re sued for negligence or damage caused by errors and omissions.
  • Commercial Automobile Liability – covers accidents and associated injuries sustained by you or your employees while driving acompany-owned vehicle. You can also add employee vehicles to these types of policies if they use their own vehicles for business.
  • Employers’ Liability – protects your business in the event of an employee or work-related accident. Most will be covered by the provincial worker’s compensation fund and/or health care or group insurance plan.Check with your brokerto see if you require this coverage.
  • Of course this is not an exhaustive list of the different types of liability coverage for businesses. Without adequate liability insurance your business can be exposed to lawsuits which can be an enormous financial burden and even destroy the business you’ve worked so hard to create. Statistically the number of cases claims and settlements are on the rise in North America so business owners need to ensure they’re protected from the day they begin.

    “It’s best to examine your insurance needs at least 90 days before you start operating your business or before your policy is up for renewal ” saysDoug Bruce Director of Research with the Canadian Federation of Business. He also suggests purchasing as much coverage as you can afford keeping in mind that the premiums you pay are tax deductible .

    Bruce suggestsfinding a great independent insurance brokerthat can help you identify your insurance needs and find the best program that fits your business.

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