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Business Owner Package

As a business owner, you have to understand the importance of sales and profit. Without constant cash flow coming in and out of your business, the likelihood of your establishment maintaining its stability is nearly impossible.

However, despite the necessity of maintaining consistent sales and profits, the safety and security of your employees and customers should be prioritized even more. After all, the amount of money and profits you receive is negligible if you constantly get sued and get malpractice lawsuits filed against you. While it’s true that profits and sales are an incredibly crucial aspect to the maintenance of a business, the well-being of your workers and customers should be upheld at a higher level of importance.

In a 2017 report, it was discovered that 8.3 million Canadians were employed by small businesses - roughly 69.7 percent of the entire labor force in Canada. As a result, more and more small business owners are discovering the necessity for providing a safe and comfortable workplace for their employees. Due to the inexperience of these up and coming business owners, many of them are new to establishing a secure environment for their workers, so they often forget to provide safety for them. As such, small business owners are more susceptible to malpractice and safety-mistreatment claims from their employers, which may result in lawsuits that are incredibly financially damaging. These claims can cause the business owner thousands upon thousands of dollars, which is financially-disparaging, especially for owners of small businesses. You may be incredibly successful with your business, but if you don’t provide a safe environment for your workers, they may cripple your financial situation by filing these forms of lawsuits against you. Fortunately, there are several methods for lessening the impact of these claims. The first and most obvious one is to provide a much more comfortable working environment for your workers. The second, and the more beneficial of the two, is investing in insurance.

Insurance can be vital in protecting your employees and your business from any potential lawsuits from your employees. Insurance like workers compensation insurance are incredibly crucial to maintaining a workplace that is free of dangers and accidental injuries. There are many forms of insurance that you can consider, and it is your job as a business owner to evaluate and implement the ones that best suit you and your company. The types of insurance will benefit specific aspects of your business depending on which one you choose. As such, it is very important to take a thorough look at your business and discover which insurance can cause the most positive effect on your business overall. You should always do your own research and deep-dive into the many insurance that are offered to you for the greatest effect on your business. Don’t wait until it’s too late, or else you will be struck by these malpractice claims and lawsuits without anything supporting you.

Workers compensation

Workers compensation insurance is a good insurance to have if you have various employees. This form of insurance covers accidental death, loss of wage, permanent disability and reimbursement of medical expenses. What this means is if any form of injury were to occur to one of your employees while on duty they are covered, whether it's a severe injury or they just aren't feeling well and are unable to work. Workers compensation insurance can cover your employees' missed wages, in a time like this with the covid pandemic going on some people relied on this form of insurance to compensate them for their missed work hours and medical expenses if needed. 

Workers compensation insurance may not seem like something you want to do for your workers, but what happens when one of your workers gets severely injured or in the worst case scenario dies? Most likely if any serious injuries occur while on the job, your employee is most likely going to file a lawsuit as with serious injuries they can either be disabled or just miss work for an extended period of time. If the client becomes disabled they most likely can no longer perform their job and are now out of a regular wage. If the client is severely injured and misses work for an extended period of time, they may have now missed weeks, months or maybe even years of their wage. These are reasons as to why your employees may file a lawsuit against you and if the result of a trial does not favor you, this can cost thousands and maybe even millions. Don't put your whole business at risk from one little accident. 

Commercial General Liability 

Commercial General Liability (CGL) will protect you from accidents that happen on the property. Accidents such as falling boxes, and slips that customers may experience will have you be held liable for these accidents. It is important you ensure that these do not happen but also ensuring that you apply for this type of insurance to avoid troubles. Accidents can happen anytime and anywhere so its best to be diligent of how things are placed, as safety is a top priority in many business. 

The state of businesses in the modern world are even more reliant on the amount of safety and security that they exude. As the world becomes more and more progressive, the protection and well-being of employees have become more and more emphasized. As a result, malpractice and worker mistreatment claims have become more and more prevalent, resulting in the economic downfall of many businesses. 

Commercial auto insurance

As a small business owner you may not think you need a commercial auto insurance, but if the business you decide to start involves the use of multiple vehicles or just vehicles that you allow your workers to drive you may want to consider this. If the vehicle was under your own insurance and an accident were to occur that was at fault of the driver of your vehicle your insurance could go up exponentially. With commercial auto insurance whether your drivers were at fault or not the insurance will cover it and more importantly this will keep your automotive insurance and your company's automotive insurance completely separate, so any accident that would happen to your company vehicle would not affect your personal coverage.

Insurance is the best option for small and medium-sized businesses to invest in, since malpractice claims and lawsuits can cripple a business economically. There is a lot of insurance that you can invest in as a small to medium-sized business, and it is your duty to determine which one is the most suitable for you and your business.

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