Halifax Small Business Week is fast approaching! Beginning October 19 and running through the 23rd, the week is dedicated to raising awareness of and supporting the over one million small business throughout Canada. Nova Scotia is home to nearly 30,000 small businesses and they employ 98% of workers here.

Forging the Way Forward

That’s the theme of this year’s celebration and it couldn’t be more apt in these exceptional times. Entrepreneurial resilience is alive and well in Nova Scotia and people are eager to come together and recognize their successes as they deal with the ongoing challenges brought about by a global pandemic.

No one knows for certain how long the current crisis will last, but the path ahead can be made smoother if small businesses and the people who support them work together to keep hope and the economy alive.

Plan for Success, Prepare for Crisis

As a small business employer ourselves, OTC Insurance Brokers is invested in making sure our fellow SMB owners are equipped to meet any professional liability or damage claims. Insurance for your business is not only the law in many cases it also:

• Keeps your business up and running during a disaster.
• Reinforces your credibility.
• Protects your employees, clients, and customers.
• Prepares you for an unpredictable future.

The proper business insurance gives you peace of mind and lets you focus your attention on what you do best: operate a successful small business.

Four Powerful Ways to Protect Your Business

Unfortunately, none of us have a crystal ball to predict what’s coming. The right insurance coverage protects your human and financial assets. Here are four policies you likely shouldn’t be without.

1. Liability insurance. Commercial general liability (CGL) insurance provides your business with coverage for personal injury, bodily injury, and property damage caused by the company’s operations, products, or injuries sustained on business property. Depending on the type of business you own, you may need to name other persons or companies as additional insureds.
2. Errors and omissions. An E&O, or professional liability, policy is crucial for businesses that have the potential to make errors that open the business up to substantial liability. Doctors, lawyers, engineers, architects, accountants, and consultants who are vulnerable to negligence, malpractice, or misrepresentation claims typically invest in E&O coverage but other professions such as event planners, notaries, and even yoga instructors can benefit from it.
3. Commercial property insurance protects your company’s physical assets, including equipment, from natural and other disasters like fire, theft, explosions, burst pipes, and vandalism. It’s an especially important coverage for small businesses, many of whom lack the ready cash to replace what’s needed to keep operations running smoothly after disaster strikes.
4. Business interruption. When something unexpected occurs, you want to be able to focus on keeping your business running as strong as ever. Business interruption insurance covers wages, ongoing expenses, and the profit you might have lost due to a natural disaster, a fire, or explosion. It does not, however, typically cover events like a pandemic which don’t cause physical damage to the property.

To find out if your small business is adequately insured, OTC offers a free commercial assessment to ensure your insurance coverage protects your hard work and significant personal and financial investment. To learn more, get in touch with us today.