Being a small business owner puts you in control of your destiny, but there are major costs that go along with being the boss. With licences, office rent, and staff payroll to deal with already, some aspiring entrepreneurs shrug off the idea of purchasing business insurance in the start-up phase. Why worry about a “what-if” scenario when you have more tangible expenses to deal with, right? But hiccups on the job happen all the time, whether it’s a grease fire wrecking the kitchen of your restaurant, or a cyber-attack stealing sensitive company data. And when you’re the owner, you’re the one left holding the bag when things inevitably go wrong. Put simply, protecting your business with an insurance plan outweighs the costs of any disaster.
It’s time to demystify the headache of getting insurance and make sure you’re living the dream for years to come. In partnership with Intact Insurance, here are five reasons why small business owners should have a coverage plan in place.
Keep things running during interruptions
Beyond the immediate costs of repairs or replacements, you also need to make sure water damage, fire or theft doesn’t derail your company’s day-to-day activity. Since every second you’re out of business is a financial setback, a business interruption coverage plan can help shoulder the load of operating expenses like rent and staff wages, while also covering the cost of profits lost. If you’ve suffered extreme property damage, interruption coverage can also assist with the relocation costs as your official workplace undergoes repairs.
Protect your property from disaster
Commercial property insurance provides protection for your workplace, from the building itself to the contents inside it. This means you’re safeguarded from damage at the hands of disasters like fire, or water damage resulting from a burst pipe. In the case of a break-in, property insurance can likewise help take the sting out of necessary building repairs and security upgrades, and can help with the cost of replacing stolen equipment or goods.
Ward off cyber crime
Property theft is an obvious concern for businesses. What many don’t consider is that an enterprise’s online presence can be just as vulnerable to thieves as their office space. A sneaky cyber attack could uncover confidential information, potentially putting the finances and personal data of your clients––and your company––at risk. Privacy Breach coverage can help get back in business sooner by recovering remediation expenses, business interruption loss and legal expenses.
Cover the cost of going to court
Whether it’s a customer making a claim after slipping on a patch of ice outside your storefront, or a client saying you’ve broken the terms of your contract, a lawsuit could potentially put you out of business. Even before the judge makes their verdict, the cost of going to court could bankrupt you. There are different types of liability insurance. General liability covers bodily injury incurred at the premises, while professional liability protects in case of negligence or errors causing bodily harm or financial loss.
Keep your vehicles protected
If you’re conducting any kind of business on the road, you’ll likely need commercial auto insurance. Put simply, it’s the equivalent of your personal auto coverage for commercial vehicles. Even if you’re not behind the wheel, commercial auto insurance can be applied to transport in buses, taxis or shuttle; it’s a safety plan that travels well in any shape or form.
There’s an inherent risk to running your own business—bumps in the road and accidents can’t always be avoided. Protecting your company with an insurance plan ensures that you’re running smoothly on even the most unpredictable days.
Discover how Intact Insurance can help you protect your entrepreneurial dreams.