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Getting insurance can sometimes be a very tedious process. As an insurance broker, we strive to make your experience as smooth as possible. 

Our target is breaking down common misconceptions on small business owner insurance and advising the risks of protecting the small business owner. 

Who needs a small business owner insurance policy (BOP)?

All small businesses typically need a small business owner insurance policy to safeguard against unexpected financial losses beyond general liability claims. A BOP offered by insurance broker will ensure you are protected as a small business.

What can insurance for small business do?

A small business owner insurance policy (BOP) might contain a few coverages bundle. The following are the 8 most common insurance coverage types that business owners should be familiar with.

Commercial General Liability,  

- This coverage provides protection if you cause bodily injury, property damage, personal injury or advertising injury.

Business Interruption 

  • Having as part of small business owner insurance to protection when business Income and Extra Expense at risk

Product Liability, 

  • Protect against a business when found responsible for an issue with one of the products they sell.

Professional Liability, 

- If a business gives professional advice or provides a professional service, it should probably carry professional liability insurance. 

Cyber Insurance, 

  • Protect against hackers or breach of valuable data.

Equipment Breakdown, 

  • Protection against equipment breakdown can be furnace, machine and need time and money for a replacement.

Commercial Property, 

  • protect against your property or stocks

Commercial Auto

  • bundling a small business owner insurance package to protection against business use vehicle

And other coverage

Identity Theft

Employment Practices Liability

Electronic Data and Equipment

Valuable Papers and Records

Blanket Additional Insured

Limited Property of Others Liability

Short-Term Pollution from Pollutants at Job Site

And more, ask your insurance broker for detail!

From time to time, a business might have simple needs to start out but might realize the need to fill gaps as the situation changes. 

As an insurance broker, we'll help small business owners to decide what is needed and best fit for their insurance .

Commercial general liability

Suppose you're only going to consider one kind of insurance protection for your small business with the small business owner insurance. In that case, it should probably be a commercial liability, as every business is at risk for liability claims.  Ask your insurance broker for detail.

Commercial liability coverage protects against two legal liability claims:  

Property damage 

While operating a business, you may be found financially responsible for actions or accidents that damage someone's property. 

As any insurance broker will advise you, if found legally liable for such, a business may face costly legal expenses and damage your customers' reputation.

Bodily injury 

When someone is injured during business operation or location, as a result, legal liability will claim against small business owners. It assumes that some sort of negligence resulting in someone getting hurt, but that doesn't necessarily mean it was the business owner's fault. Sometimes, it could also mean someone else may be responsible. However, bad things happened on the business owner's property, will still get a liability lawsuit against them. 

Lawsuits are time-consuming, expensive, and may result in your business being found financially responsible for costs associated with the pain and suffering, medical bills, lost wages, and legal fees. Our insurance broker will be able to provide you with more details. 

Business interruption insurance

Canada has seen some severe natural disasters over the last few years. Floods and wildfire are common in why business interruption insurance is so crucial for many small businesses. The small business owner insurance package business interruption insurance from our insurance broker is designed to help keep enterprises going after a significant loss. It provides financial relief to cover the business expense, payroll, and others until the business returns. 

Business continuity planning and business interruption insurance are what all small business owners, startups and entrepreneurs should seriously consider. It is essential to manage the risks any business faces and prepare by developing a plan highlighting steps to minimize a loss's consequences.

Product liability insurance

Product liability is particularly crucial for any businesses that provide or manufacture product. 

Product liability refers to circumstances arising from a product a business carries. Problems are traced back to the company that sold or manufactured the product, causing the consumer to suffer financial losses. 

Suppose a business is found responsible for such an issue with any of the products they sell. The company could be tangled up in a costly, time-consuming lawsuit. 

Product liability insurance will protect the business from such lengthy legal and medical costs. Always discuss with your insurance broker for the small business owner insurance package for your insurance needs.

The most common lawsuit that will result in product liability claims includes:

  • Defective or product design fault
  • Products that cause bodily injury to a consumer
  • Effects that cause property damage
  • Illness caused by food or beverages

Suppose a business is found responsible for an issue with one of the products they sell. They will find the company tangled in a costly and time-consuming lawsuit. Talk to your insurance broker to find out more.

Professional liability insurance

Suppose your business doesn't sell any products but instead provides a professional or creativity service, you should have professional liability insurance with our small business owner insurance package from our insurance broker. 

This coverage is commonly known as errors and omissions insurance  or Malpractice Insurance for medical professionals.

Professional / Malpractice/error and omissions insurance helps protect a business from claim over financial loss due to its service. 

The sample below shows cases resulting in E&O claims - from a US legal journal, based actions and are for illustration purposes only.

Software company developed risk modelling software and supply to a customer that relied on it for financial decisions. Following the client's economic collapse and bankruptcy, they sue the software company to provide inadequate warnings where the software is supposed to provide. The legal defence costs over 1 million over a few years, and the client was indemnified for 3.8 million.

Some examples of businesses below should have this coverage include:

  • Software designers
  • Graphic designers
  • Copywriters
  • Consultants
  • Web designers
  • Accountants
  • IT technicians
  • Insurance Brokers
  • Financial advisors
  • Photographers
  • Public relations representatives

Cyber risk coverage

See this section about cyber insurance

Equipment Breakdown insurance

Most small businesses would likely acquire equipment for daily operations. Tools such as an industrial table saw or an electric oven — Should any of the business equipment broke down, the business stop. Just like throwing a wrench in the operations, equipment breakdown insurance will help repair or replacement costs when such incident suddenly happens without warning as long as it is an insured peril on your small business owner insurance package. Ask your insurance broker for more detail.

Commercial property insurance

Whether you're a new startup or business has been running for years, it's essential to ensure your property is adequately covered. Business property, including the building you operate from or owned, and everything inside or outside, are appropriately protected from loss. Commercial property insurance could help repair or replace equipment in the event of an accident. It allows businesses to cover their inventory, furniture, electronics, including computers, if they suffer a covered loss. 

Should there be damage to your property, even those extended outside of the building, such as fence and advertising signs, trees and shrubs, will be covered accordingly. Always review your small business owner insurance policy that these properties are within the insured peril.

Bear in mind. However, work of art, anything in progress or data entered into the computer will not be covered unless it is declared explicitly in your property insurance policy. When in doubt or need to add discuss these work to your insurance policy, always talk to your insurance broker.

Having the right policy will help mitigate the long-term effects of the loss and limit your business' downtime. This allows you to maintain your business' continuity and protect your relationship with your clients or customers.

Suppose damage is done to your property as a result of an insured peril in your small business owner insurance package. In that case, the right policy can help mitigate the long-term effects of the loss and limit your business' downtime.

Commercial Auto Insurance

Which may include business vehicle or fleet auto insurance as bundle for small business owner insurance. Find out more from your insurance broker.

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