Keep in mind that all small business insurance has a policy limit and you generally need to pay a deductible before your insurance kicks in. In Alberta, it is legally required for all commercial vehicle insurance policies to include, at a minimum, third-party liability, accident benefits and direct compensation property damage. There may be additional coverage that benefits your business, which is why a small business insurance broker is a helpful asset.

For example, if you’re a one-man band then you won’t need employers’ liability insurance, but you may still want other aspects of your business to be covered. You can also protect the contents of your business premises, your business equipment and tools. If these are damaged, destroyed, lost or stolen, this cover will pay the cost of replacements or repairs. Small Business Trends is an award-winning online publication for small business owners, entrepreneurs and the people who interact with them. Our mission is to bring you “”Small business success … delivered daily.””

Small businesses need insurance coverage to protect them against risk and financial loss. Small business owners need to do their research to determine the types of insurance they need and to find the best policies for their business model. Small business insurance is crucial for protecting your business and personal assets in the event of an unexpected catastrophe. Although the cost varies by type of operation, the business insurance benefits far outweigh the cost.

Will offer protection should they have an accident or suffer an injury while on your premises. This protection means that, should your business suffer an unforeseen knockback, you can feel confident that you and your employees are protected. Meanwhile, your insurer can help to get your business back up and running again quickly. As the business owner, it is important that you play an active role in the selection of the policies for your business as well as the perpetual monitoring of the policies you have. It is your responsibility to let your insurer know if there are any changes relating to the circumstances or conditions of your business. If you do not disclose changes that have occurred since you originally took out the policy, payouts for any claims may be reduced, or the contract may be cancelled. To know more click here ekinsurance.com

Local small business owners are your best resource for advice on choices like your business insurance and your hiring and firing guidelines. If you don’t already have small business connections in your area, make an effort to network more, starting with your local chamber of commerce. You’ve worked out which policies you need and have found providers offering a good deal. Before settling on a provider or product, it’s essential to scrutinise the exact level of cover each policy offers you. The minimum legal requirement is £5million of cover, but it may be prudent to increase the size of your policy if you work in a high-risk industry.

A business vehicle insurance policy covers autos that are owned by the business and used to conduct business, and can also apply to the vehicles that your company hires or leases. We understand that running a small business comes with a lot of costs and, as a business owner, you want to make an informed decision on any business expenses. Making sure your small business has the appropriate amount of coverage is an important expense that mitigates the risk of a financially devastating situation down the road. Running a business comes with risk, but taking too many risks or failing to protect your small business is not a risk worth taking. If your small business suffered a loss whether it is the loss of a key person or loss of business assets, could your business survive? We understand the hard work it takes to run a small business and so we put the hard work in to ensure you’re covered.

Remember that workers’ compensation only covers accidents and illnesses that occur during the course of work. To help protect the health of employees outside of work, an employer could consider enrolling in a small business health insurance plan for their workers. In most states, it’s up to the small business owner whether to cover the cost of premiums for employees’ dependents under the company’s small business health insurance plan. A business with 50 or more full-time equivalent employees is required to offer group health insurance coverage to its workers and pay at least 60 percent of employee premiums.