So, you own your own business. That’s pretty darn cool. Whether you have a business on the side selling jewelry, are a real estate agent or contractor with a few employees, or somewhere in between, it’s important to have the right insurance for your business.
Some things to consider:
Commercial property insurance: This covers the physical things of your business like office space, equipment and inventory. If you work from home, your home insurance policy may not cover your business. It’s important to talk to an insurance advisor to make sure you have the coverage you need to protect your business assets so you know you’re protected should anything happen.
Commercial auto insurance: Just like home insurance, your regular auto insurance might not cover you, even with something as simple as running a business errand with your personal vehicle. Whether you use your personal vehicle for business, have a trailer or your employee drives your vehicle every once in a while, it’s important to talk to your insurance advisor about commercial vehicle insurance options.
Commercial liability: We hate to say it, but mistakes and accidents happen. Protect yourself from accidents that could happen on your property. Think of something as simple as a client falling while walking up the steps to your home or office. Personal liability on your home insurance policy doesn’t cover these kinds of situations.
Life insurance: When you own a business, you put a lot on the line and it’s important to protect you and your family’s assets in case something goes wrong. Life insurance can help ensure the business continues if something happens to one of the key business partners. It can also help secure funding for your business.
Disability: It would be hard to run your business if you happened to get injured (we’ve knocked on wood in hopes that it doesn’t happen). Having disability insurance helps keep your business running while you’re recovering. Disability insurance can help with hiring someone temporarily, or paying the bills while you’re injured.
Employee benefit plans: It’s a simple thing, but how great is it to know that your next pair of glasses or contacts are covered by benefits? And an employee benefit plan can helps you attract the right people to your company and help you keep good employees.
We know you work hard to build your business and we want to make sure you and your livelihood are protected with the right coverage. We’ve only covered the basics here, so be sure to talk to an insurance advisor to see what you need for your business. You can head over to AMAInsurance.ca/business to learn more.