As a business owner, you don’t have unlimited resources to weather every financial storm that comes your way and you don't need that stress hanging over your head.
Whether you’re a small startup or have hundreds of employees working for you, maintaining adequate business insurance helps protect you from financial losses due to theft, property damage, lawsuits, professionals errors or other accidents. Without it, you could be on the hook for tens of thousands of dollars from a single incident.
Depending on where you live in Canada and what industry you work in, you will have different insurance needs. Every business is unique, here at Summit we custom tailor insurance packages as unique as the businesses we serve.
Clients may need you to have specific kinds of coverage to work with you. For example, if you’re an independent contractor and want to bid on a contract, you could be asked to provide proof of insurance with specified minimum limits.
Even if you aren’t legally required to hold insurance, having appropriate coverage can help protect your business from the unexpected.
The insurance coverage that’s right for you depends on multiple factors, including: the industry you work in, how large your business is, whether you have employees, the equipment you have and more.
Here are five common types of small business insurance to consider:
If you’re getting ready to launch your business or you are looking at options on an existing policy you have, it’s important to explore the coverage you need as soon as possible. If you don’t, you may have to have to pay for all the related expenses after an accident.
But starting out is not the only time you may need to buy new insurance policies. As your business evolves, it’s essential to frequently review your coverage to make sure it still meets your needs.
Here are eight situations in which you may need to purchase additional coverage or talk to a trusted insurance expert at Summit:
Because insurance companies use so many different factors to determine the price of insurance, there’s no such thing as a “typical” cost for business insurance. The price is unique to each business and is based on the type of coverage you need and the amount of risk your business is likely to face.
In general, insurance costs more for businesses in industries that are considered more dangerous. So if you own a construction company where your employees are working with a lot of heavy machinery, you’ll probably pay more than a marketing agency with a few employees in an office.
Also, companies that have more employees and revenue typically pay more than businesses with fewer employees and revenue. But you won’t be able to get an accurate estimate until you complete an application and get a quote based on your business’s unique exposures.
Since no two businesses are alike, we create customized tailored insurance packages as unique as the businesses we serve, so you can rest easy knowing you have just the right coverage at the best price.
You can start your quote online, book a meeting with one of our advisors, or just give us a call. We're here to help.
Professional Liability Fund is your trusted partner in safeguarding your career & reputation as professional. Find more about Professional Liability Fund.
Construction liability insurance provide protection for construction businesses. This insurance safeguards contractors & others involved in construction.