Why is Business Insurance so Important?
By Ben N.
My Insurance Broker
Jul 6th, 2016 at 12:52 pm • Richmond Hill, ON
Risk in business is inherent, but not all financial risk is. Insure your business today!
What is Business Insurance?
Business insurance is insurance coverage purchased to financially protect a business’ assets, which may include: physical office space, company vehicles, machinery and equipment, and inventory. Business insurance also protects against liabilities: lawsuits, damages, malpractice, and work-related injuries or death on company premises or as a result of the product or service provided. Additionally, some business insurance plans may be tax-deductible business expenses.
Although it’s important to take occasional risks, lacking business insurance is not a risk worth taking, particularly if you’re a small business owner and your business is depending on a partnership or a sole proprietor (an individual owner). If something unexpected should happen, it could mean the end of your business.
What are the different types of Business Insurance?
My Insurance Broker offers many general and niche insurance products for your business, including, but not limited to:
- Partnership Insurance
- Buy-Sell Insurance
- Life Insurance
- Disability Insurance
- Critical Illness Insurance/Key Person Insurance
- Liability Insurance (General, Product, and Professional Liability)
- Health & Dental Insurance for Employees
- Property and Earnings Insurance (Property, Contents, Business Interruption, and Vehicle Insurance)
- Accounts Receivable Insurance.
Why do you need Business Insurance?
If you or an employee make a mistake, which happens in almost every business, these errors could harm your customers, your employees, or anyone else involved with your business. Business insurance plans may help protect your business from liability and any resulting legal consequences. Businesses today are encouraged to purchase business insurance in order to help mitigate negative financial impact arising from liabilities. Talk to a My Insurance Broker adviser today to find the right Business Insurance plan for your emerging business.