How to start looking
Keeping the subject of business insurance policy aside, even if you buy any small thing, you will check the same thing at different shops so that you can save some money, even if it is simple nail paint. So, when it is such an important thing as business insurance policy, you need to play it safe. You must check out various types of business insurance policies that are available for you to pick from. The easiest way to do this is by either going online and looking for brokers or to simply call insurance companies you have heard off in Canada. Almost every broker and insurer offers this type of insurance so it will never be hard to find a provider with competitive rates and packages.
The first type of policy is for compensation claims. It definitely is a mandatory policy that any business owner would buy. It offers coverage to all employees in case of any accident that may happen during working hours. Another inclusion would be official trips that would be insured too. Now let us see why it would be a need for your business. This policy takes care of your legal responsibility about the employees who are at work in your office or on a tour. Furthermore, when your employees are insured, they have a great sense of security in their mind and they would be able to give better output at workplace, without worrying about anything else.
Next type of business insurance is in case of any suspension. This insurance is coverage in case of any natural disaster or human error. So, you will get support in your business and make it stand after the disaster. Your business insurance policy will help you in covering utility costs, bills or the taxes that you will face after the peril. A business person would know that even if the business is non-operational at the moment, then too there are many types of expenses that need to be cleared from time to time. For example, if your business suffers a fire disaster, even then, you will have to pay electricity bills and/or water bills etc.
Automobiles & company vehicles
Last but not the least; you have automobile insurance as one type of business liability insurance policy. Every business has some or other vehicle. It may be for employees or for transportation of goods. What you should know is that this business insurance policy covers the business vehicle only if it is damaged during working hours. If the vehicle gets damaged during any disaster while the vehicle was put to personal usage, then no coverage would be given.
Another thing to worry about – Employees driving and you being at risk for them
Your employees can easily turn into a liability for your business. One mistake from them can cost you thousands if not more. The most common type of claims that occur because of employees is automobile insurance claims. It is likely that if your business has vehicles, then one day your employee will drive that vehicle for some sort of business related work!
Now imagine that worker running over a pedestrian or T boning another vehicle while make a right turn. Weather they are at fault or not, they need to be insured under the business insurance policy as one or both of the parties will be making a claim since there would be damage. If your business was not insured properly and your employee was at fault, then you the business owner would be paying out your own hard earned money to pay for the damages plus legal cost for the party that is suing your employee or in other words your company.