Limit damage to commercial property
If your company property flooded, could you afford the clean-up and repair costs? In the event of water damage, these costs for your building and any other property could add up!
Plus, you may have to rent another commercial location during the renovations. Retailers may even have to buy new inventory. Professional service providers may have to buy new furniture or computer equipment.
If you want to protect your place of business, your equipment and your merchandise in case of fire, theft, vandalism or flood, commercial property insurance may be a great option.
Minimize the impact of a commercial vehicle accident
Do you transport your merchandise with commercial vehicles? You may not lose only your vehicle in an accident, but your merchandise too.
What if one of your staff members hit another car and damaged any merchandise that was out for delivery? Not only could you fall behind on deliveries, but you could have to deal with financial losses as well.
Commercial auto insurance could help you cover the damage caused to your vehicle in the event of an at-fault accident and commercial property insurance could help you cover the value of lost merchandise.
Be prepared for equipment breakdown
Does your business rely on specialized equipment? It's a good idea to be prepared for the unexpected—like if equipment is damaged by a power surge after an outage.
These types of repairs could be quite costly, especially if you need to act quickly to keep your business up and running.
The cost to replace materials damaged in an accident could be covered by business insurance.
Make sure you have liability coverage
Do you have an emergency fund to cover any losses in the event of third-party liability? What if a fire started in your building and spread to neighbouring businesses?
In such a case, you may be held legally liable for the damage caused to your neighbours' property: your business liability insurance could then cover your legal fees and the damage suffered by these third parties.
Business liability insurance could protect your company in case of an accident in your place of business that causes bodily injury or property damage to a third party.
Protect yourself from the financial impact of cyber attacks
Could you afford to pay for recovery costs if your computer system became compromised? Cybercriminals could bring down the essential computer systems your business needs to provide services or sell products.
This kind of attack could disrupt your operations for an undetermined period of time. Without adequate cyber risk insurance coverage, you may have to bear any operating losses and system restoration fees.
With good insurance coverage, you could protect your business and computer systems against the consequences of cyber threats and cyber attacks.
Make sure you're prepared for the unthinkable. Business insurance could be advantageous for entrepreneurs. Depending on the type of business you're running, you might also want to consider business loan insurance or business health insurance.
Speak with a damage insurance agent at Desjardins Insurance to find out what type of insurance coverage best suits your business needs. If you want more information related to your sector, visit our site.
Do you need business insurance?
While it's not required, business insurance could be useful for any entrepreneur who wants to protect their company's future.” Just one accident or lawsuit could have a disastrous impact on a business's chance of survival. Some creditors and suppliers may even require certain types of insurance coverage. Here are a few examples to help you figure out what kind of business insurance is right for you.
Certain conditions, exclusions and limitations may apply. The terms and conditions of the coverages described are set out in the insurance policy, which always prevails. These tips are provided for information and prevention purposes only. They are general in nature, and Desjardins Insurance cannot be held liable for them. We recommend using caution and consulting an expert for comprehensive, tailored advice.