While business insurance is specifically designed to help protect companies from a range of potential risks, it is important to keep in mind that business insurance does not cover everything. The professional insurance brokers from Mountainview Insurance can ensure that your business has coverage where it is needed the most by helping you select the best business insurance policy for your unique business needs.
Business insurance works to help protect the financial assets, intellectual property, and physical property from a covered loss, such as theft, vandalism, property damage, lawsuits, loss of income, or employee injuries or illnesses. While a standard business insurance policy will not cover all of the perils that could negatively impact a business, there are a range of different business insurance policies for unique risk factors for different types of businesses that can be purchased in addition to a standard business insurance policy.
While all businesses have to take on some risks, choosing the right kind of insurance will ensure that you are covered from the majority of potential risks to your business. Purchasing business insurance is important because it will help cover a wide range of company assets—from office space and equipment to an indispensable employee—from covered perils and it will help the company survive in the event of a business-related emergency. While there is a wide selection of different types of business insurance policies to choose from, a reputable insurance broker will be able to help you select the best coverage options for your unique business and property.
Some of the different types of insurance policies that business owners can choose from include:
Liability insurance is specifically designed to protect businesses from costs related to claims against the company for bodily harm and property damage. Depending on the type of business you own, you can choose from a variety of different liability insurance options, such as:
General liability insurance policies cover injuries that occur on the property. This type of liability insurance can help protect employees, clients, and other visitors.
Professional liability insurance provides protection from being sued by a client for errors, omissions, or negligence of any kind.
Product liability coverage is designed to provide protection in the event that the company's products are defective or cause serious harm to the user.
In addition to a standard business insurance policy, business owners can also purchase a commercial umbrella insurance policy to act as an additional layer of insurance to further protect company assets.
Employee insurance works to help cover employees in the event of a work-related injury or illness. This type of insurance policy can also help cover the legal costs for a business facing a lawsuit from the family of a deceased employee.
Property insurance is specifically designed to help businesses recover after significant property damage caused by a fire, storm, or other covered event. Business owners can also choose to add on extra property insurance policies to help cover damage from natural events, such as flooding. Common property insurance policies can help cover a wide range of different scenarios, including:
If you are looking to compare business insurance quotes for your small business in BC, the dedicated team from Mountainview Insurance will work closely with you to ensure that you are receiving the best types of insurance for your business and property. Get in touch with the team of professional insurance brokers from Mountainview Insurance today to learn more about how we can help you.
The most important type of insurance a business can have is general liability insurance, which is also known as business or commercial liability insurance. General liability insurance provides coverage for a variety of different claims, such as property damage, bodily damage, medical payments, damage to the premises rented to the business, damage to products, and personal or advertising injury.
Business insurance is specifically designed to help cover the costs associated for everything from property damage to liability claims and lawsuits. Without it, business owners will have to pay out-of-pocket for costly damages and legal claims against their business.
Every business needs insurance; however, there is no one-size-fits-all policy option. If you are thinking about starting your own business, the main types of business insurance you should make sure to include in your policy are general liability insurance, professional liability insurance, and workers' compensation insurance.
The amount that a small business pays for insurance is calculated through a variety of means and is based on several different factors, such as the business type, sector, industry, and size. On average, a BC business will pay between $300-$1700 for insurance. Make sure to speak to your insurance provider to find out how your small business insurance rates are calculated.
Business income insurance or business interruption coverage is designed to cover lost income and other expenses caused by your business being shut down by a covered loss. In most cases, the business income that is covered is classified as taxable income and includes any revenue made from a business activity.
Business liability insurance can help cover the cost of injury claims and property damage claims made against your business, including helping to pay for medical care, repairing or replacing damaged property, and any legal fees for covered claims. In some cases, a business liability policy may also cover misstatements or errors in advertising.
Depending on the industry, business liability insurance can also be called errors and omissions insurance (E&O) or malpractice insurance, as it works to cover legal costs if a client or customer sues the business over a professional mistake or oversight.
No, business insurance is not mandatory in BC; however, having insurance can help protect your business in the event of an accident, natural disaster, or lawsuit. Depending on the type of business you own, you may be required by law to have WorkSafeBC coverage. Make sure to speak with your insurance provider about whether or not you need this coverage for your business.
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