The insurance industry is among the biggest contributors to the economy of Canada. Apart from that, it is also the backbone of most Canadian businesses. Due to its futuristic approach, the insurance industry in Canada has evolved from simply existing to thriving.That said, many Canadian small businesses still fail to recognize the importance of business insurance. If you are still undecided about getting business insurance in Lethbridge, this post is for you:
Different Kinds of Insurance for Canadian Small Businesses
Commercial General Liability Insurance
Commercial General liability insurance covers your business for claims involving bodily injuries and/or property damage claimed by a 3rd party that have resulted from your business operations, products, or operations. It could be as simple as a slip and fall in your establishment or property damage caused by your products and services. The resulting lawsuit could be large enough to put a company out of business if they do not have the proper insurance coverage.
Cybersecurity insurance is a relatively new form of insurance for businesses. It provides coverage for cyber-based risks and is applicable for companies of all sizes and industries. It covers areas such as privacy policies, data breaches, stolen information, and cyber extortion.
Business Interruption Insurance
Business Interruption insurance is a type of financial protection that protects a company's income stream or ability to pay for fixed costs due to an interruption in normal operations. An example of this is if your building burned down, there is a loss of income during the rebuilding stage, however the company still has fixed costs such as mortgage payments, salary for key employees, etc. Depending on the type of Business Income purchased, this coverage would pay for those costs until the business has resumed normal operations. Ask us about the different types of Business Interruption insurance to ensure that you have financial protection in the event of a loss.
Commercial Property Insurance
Commercial Property Insurance is coverage that protects a business’s physical assets such as the building, contents, and equipment against loss or damage caused by an insured peril. The main causes of property damage that a business owner faces are fire, wind, hail or water damage.
Commercial Auto Insurance
Do you have a company vehicle? Or fleet of vehicles? If so, your business needs Commercial Automobile coverage. It is tailored to your company's use and type of vehicles used to protect your risk on the road. This includes 3rd party liability coverage as well as property coverage for the vehicle itself (Collision and Comprehensive coverages).
Insurance is an important business tool that all Canadian businesses need. Hopefully, the information provided in this article will help you understand how critical it is for you to get business insurance in Lethbridge.
Schwartz Reliance offers small business insurance in Lethbridge no matter what industry you may be in. Contact us today so we can discuss your options!