(NC)It might not be covered, so is your business at risk?
As a small business owner, you've likely poured so much of your heart and soul into your business that it almost seems like another member of your family. It's your livelihood, and it's your passion.
“Many people who work from home would receive some coverage from a standard home policy, but it's wise to make sure your business is fully protected,” says Ryan Michel, senior vice president and chief risk officer for Allstate Canada. “Having the right insurance coverage can be the key to your continued success, so you can keep focused on your business goals and not have to worry about whether or not you're fully protected.”
Here are some key things to consider when insuring your small business:
Property coverage: What if a fire damaged your business assets, tools and supplies? Some home insurance policies typically offer only limited coverage or in some cases, no coverage for business-related property.
Contents insurance: Some insurers cover up to a certain amount of home office equipment, but be aware that you may need additional coverage for certain items like computers.
Liability Coverage: No matter how careful you are, you may find yourself in a situation that could result in a lawsuit against you and your business. Make sure you have general liability insurance, which covers injury to clients or staff on the premises of your business. You'll also need professional liability to protect you against errors, omissions or negligence that may occur when performing professional services.
Business interruption insurance: If an incident results in the need to shut down your business temporarily, this insurance covers loss of earnings during that period.
Employee coverage: Depending on the number of employees you have, as well as other factors, there may be additional insurance considerations to protect you in case a former employee files a groundless claim against your company.
Vehicle insurance: Do you use your car as a business vehicle? Are there additional drivers? That could affect your premium.
Critical illness insurance: This needs to be considered in case you (the owner) are diagnosed with a critical illness that affects your ability to run your business.
Data compromise insurance: You've implemented all the security measures you can to safeguard your data. This policy covers the legal and other costs that could arise in the event of a data breach.
In addition to the coverage described above, there may be even more business insurance options to consider. Allstate Canada recommends you speak with your insurance agent to help determine the best way to protect your small business and your home.
To assess your business insurance needs, speak to your insurance agent, or get more information online at www.allstate.ca.