From product manufacturing to hiring the right employees, there are many responsibilities involved in running your own business. But have you taken the necessary steps to protect your company’s assets? While upgrading your facility’s security may be helpful, no company can go without insurance. Those uncertain about the type of insurance their business needs should meet a sales representative of an insurance broker in Montreal. Though exact needs may vary based on industry and other factors, there are certain types of insurance that all companies should invest in.
General Liability Insurance
General liability insurance is typically considered the “baseline” of commercial coverage. This coverage is designed to protect companies against claims of personal injury or property damage that occur at your facility or as a result of your business activities.
For example, if a customer were to slip and fall in your store due to a leak, they might sue you for negligence to receive compensation for their injuries. If you rent the property, your landlord might also hold you financially accountable for all damage that occurs as a result of the leak. With general liability insurance, you’ll receive assistance to cover these expenses.
Professional Liability Insurance
In a perfect world, you would never make any mistakes with the products or services you provide to your customers. But accidents happen, and when serious errors occur, customers may attempt to sue.
For example, if a software company’s product has a performance-crashing bug, financial losses could result for the individuals who rely on the software. Professional liability insurance would protect the manufacturer against claims related to this problem. In the medical field, malpractice insurance protects professionals if they make a mistake.
Business Income Insurance
Storm damage, a fire, and other incidents might require you to temporarily shut down your location so that repairs can take place. This can prove disastrous for companies that rely on their brick-and-mortar location to generate revenue. Business income insurance makes up for this lost revenue after a covered incident so business owners can continue to manage payroll and other expenses without going bankrupt.
This coverage can also cover temporary closings that aren’t the result of severe property damage (such as closing your store on the day of a blizzard). Be sure you know just what your policy covers so you don’t miss out on potential compensation.
With a solid insurance package, you can have confidence that accidents or other unexpected setbacks won’t derail your entrepreneurial dreams. Better yet, many companies are able to bundle multiple types of insurance together in custom-tailored business insurance packages. By taking steps to protect your financial assets, you can ensure a healthy future for your company.