5 Reasons Why You Should Have Commercial Insurance for Your Small Business

5 Reasons Why You Should Have Commercial Insurance for Your Small Business

Whether you’re running a Fortune 500 firm or a small business from home, you need commercial insurance to cover all the costs associated with your property and business operations. Without insurance, you could end up having to pay out-of-pocket for damages, legal claims, and unexpected risks which could jeopardize your business. Don’t take the chance, find out why you should have commercial insurance for your small business here.

Avoid Getting Sued

As a small business, you can get sued for a number of things, from slip and fall accidents on your property to making errors on reports to even property damage. That’s why your business needs commercial general liability insurance (CGL) to protect you from common risks that your business can face.

To Protect You in the Event of an Accident

Personal auto insurance may not protect you or your employees if the vehicle is used for business-related activities. Personal insurance will only cover the drive between work and home, so you should always have commercial auto insurance if you use your vehicle to transport materials, merchandise, customers, equipment or tools. The coverage should include injury to you or your employed drivers or passengers, medical expenses and lost wages, loading and unloading liability, replacement car coverage if repairs are needed, and out of province coverage if you move items across long distances.

To Survive a Cyber Threat

Data theft is on the rise and small businesses have become a target of thieves who capture data and hold it for ransom. Don’t let a cyber attack put you out of business. Instead, add cyber insurance to cover your business in the event of a data breach. This type of insurance will cover any loss of financial or personal information, provide legal fees and court costs, cover the cost to recover data, and repair or restore compromised systems. It won’t stop a breach from occurring, but it will help you to stay financially secure if a breach does happen.

To Protect You Against Product-Related Risks

If there are issues with the products you are selling you could end up facing a lawsuit. So make sure you have Product Liability Insurance to get the protection you need if you are held responsible for damages as a result of a product that you make or sell.

To Protect You in the Event of Loss or Damage

Regardless of whether you work out of home or lease or rent your commercial property, you need insurance to protect your building and contents. Commercial property insurance can give you the coverage you need for your physical property as well as the assets that you own in the event of theft or damage. Your policy should also include business interruption insurance to cover any income lost during a disruption to your operations.

If you are in need of commercial insurance for your Ontario business, we have you covered! MLS Insurance will leave no stone unturned. Our brokers will take the time to learn everything about your business operations to find the best insurance rates to provide you with the comprehensive coverage of your business needs. Contact us today!

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