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Business insurance protects against potential risks and/or losses businesses can experience so they do not have to cover it themselves out-of-pocket.
Do you not have business insurance or are still unsure about why having business insurance is important? Here are four reasons why you should have business insurance:
Be Ready to Defend Against Potential Lawsuits
Accidents are a part of everyday life. They can also be expensive should they happen on your business’ property or are caused by your employees. Having a business insurance policy (also known as commercial general liability coverage or CGL insurance) will cover any legal liabilities incurred by or on your business or those associated with it. This type of coverage protects against bodily injuries to another person, damage to another person’s property, and accidents that happen to people at your business location.
Prepare for Unforeseeable Events such as a Fire or Theft
Fires and theft can happen to businesses at random. Being covered by commercial property insurance allows for businesses to recover by covering the costs to rebuild, repair, or replace the damages to a business. Damages protected under commercial property insurance include injury to the building, the inventory, and the equipment.
Avoid Interruptions to Your Income
A business shutting down after suffering an insured loss will affect the profitability of your business. Business interruption insurance can safeguard your business against losing profit due to closing because of a covered peril such as a fire. Your insurance company will take care of the losses you would incur due to your business having to close and during the repairs to fix the building until operations can begin again.
Protect Any Type of Business
The needs of one business differ from those of another. There are various kinds of business insurance coverage your business can be protected under that have not been listed here. Sitting down with an insurance broker will help your business be covered from risks and/or perils that can occur.
Your business provides an income for you and your family. It is key to safeguard your business and your financial interests by being covered with the best business insurance policy. Unsure about all of the coverage options your business is eligible to have? Get in touch with an OTC Insurance Broker to find out the best possible insurance solutions for all of your business needs.
Sources
https://www.ctvnews.ca/canada/these-seven-class-action-lawsuits-grabbed-headlines-in-2019-1.4743136
https://primeservice.ca/about-us/blog/4-reasons-why-you-need-business-insurance/
