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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