SMALL BUSINESS OWNERS
Critical Advice For Small Business Owners :
You Are Not Alone
According to a recent study released by the Insurance Bureau of Canada ( IBC ), 39 percent of Canadians that have a small business do not have insurance coverage that specifically addresses the special needs of their business because they mistakenly believe they are provided sufficient coverage by their homeowner ’ s or renter ’ s policy .
Based on these statistics , we learn that Canada depends on small business jobs for a robust economy and that there are significantly more very small businesses than mid-sized businesses . We also notice in the statistics that seniors make up a very large portion of the small business entrepreneurs . This means that many have aged-out of the normal work force and then started businesses either near or after retirement age , which is now referred to as Encore Careers .
REVEALING THE NEED From contractors to consultants , each of these small businesses requires specialized business insurance which should include General Liability , Tools and Equipment Insurance ( Inland Marine ), Professional Liability , and Cyber Liability .
These coverages are recommended even if your business is primarily conducted from home . Many established and new small home-based businesses mistakenly believe that their homeowner ’ s or renter ’ s insurance is more than enough to mitigate the risk of liability , physical damage , and professional liability exposure . In fact , many home-based business owners find out after a loss that their homeowner ’ s or renter ’ s insurance falls woefully short of providing adequate coverage
BY : LORI MILLS , ACCOUNT DIRECTOR JONES DESLAURIERS INSURANCE
for everyday business risks .
TRANSFERRING THE RISK Purchasing a package of insurance coverages is the most affordable method for every small business owner to transfer their everyday risks to a third party . To accomplish this transfer effectively , Canadian small business owners should rely on an experienced insurance professional who can effectively point out the risk to each individual business owner ( they are not all the same ) and then offer an affordable solution for transferring those risks .
For more information about insuring your business whether new or established , contact an independent insurance professional for help with determining your risks and getting the most appropriate insurance solution to meet your individual needs . +
Small Business Insurance from People Who Know Small Business
At Gore Mutual , genuine personal service is at the heart of everything we do . As a supporter of small businesses , we have a dedicated commercial team that understands who you are and what you do . We ’ re ready to work alongside your Jones DesLauriers Insurance broker to get you the right coverage for your business .
Cameron
Commercial Lines Underwriter
To find out more , ask your broker about our small business insurance options .
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