Own a business, or self-employed? Having business insurance is key to protecting the future of your business and your financial security, in case of loss.

Choose the right protections

Depending on the coverage you choose, business insurance can cover:

• Equipment and merchandises
• Files, office furniture, books
• Place of work, or the building housing your business
• Loss of income
• Liability in case of damage caused to others in the context of your business or your work
• Any other type of risk

Business insurance can come in very handy in many cases. Here are some examples:

• A fire damages or destroys your equipment and merchandises. Would you have the funds to replace them?
• Water damage forces you out of your office and to rent space at another location. Would you have the funds to pay the rent?
• A road accident damages the goods you were going to deliver to a client. Could you handle the loss of income?
• A fire to the adjacent business affects the flow of customers to your business. Do you wish to be protected for that loss of income?

Clearly describe your professional activities

A hairdresser doesn’t have the same insurance needs as a large corporation. Coverage needs can vary significantly from business to business.

To get the right advice, it’s important that you clearly describe the nature of your professional activities.

Just as important is to provide a detailed description of:

• your equipment
• your merchandises
• any other property used to carry on your business

Self-employed?

If you are self-employed or if you work from home, read the Working from home page by InfoAssurance.

If you don’t work from home (i.e., you rent workspace in a collective space), this entire “Business insurance” section applies to you.

Working from home?

Whether you’re a freelancer or work from home, don’t make the mistake of thinking your home insurance policy will cover you. The coverage limit for property used for professional activities is just $2,000. Find out more with InfoAssurance.

Your insurer’s requirements

To minimize risks, your insurer may have some requirements, such as:

• An alarm system connected to a central monitoring station
• A security guard on the premises
• Fencing around the insured premises
• A sprinkler system

Source: Infoassurance.ca