If you have a small business, you need insurance. The next item on your check list is deciding which type of business insurance is right for you.
Some examples of small businesses that need insurance:
- Home-based businesses
- You make and/ or sell products out of your home
- You run a service business
- You have a storefront
At a minimum, Commercial General Liability Insurance (CGL), is coverage that will protect your business in the event that you are sued, and it is most often used to offset the cost of claims against your business.
If you have a location that people are visiting, it is imperative that you have insurance in place. If you have a home-based business, you are required to notify your home insurance company. You may be able to add an endorsement on the home insurance policy. For example, if a customer is picking up a product on your property and they have a slip and fall, if a home –based business endorsement is not in place the claim could be denied under regular home insurance because the home business was not declared to your insurance provider.
Every company has the potential to be sued as a result of their operations and/or product. If left to defend yourself, the costs could be catastrophic. Working with your Insurance Broker will give you peace of mind knowing you are protected and remove your risk against lawsuits and claims.
Small commercial package policies can include coverage for business contents, business interruption and Commercial General Liability for bodily injury or property damage claims brought against the business. Other coverage options are available depending on the class of business. Each business is unique and your needs will be different than your neighbour’s needs.
You need someone who has your back, a partner that is looking out for your success and your safety. You need a partner like Roughley Insurance Brokers Ltd.
For a list of business insurance products, visit https://www.roughleyinsurance.com/commercial-insurance/