So, business is booming, and now it’s time to make sure you and your employees are covered for every eventuality. The Co-operators offers options that are affordable, flexible, dependable and easy to understand, with great client service. Joan Barbondy, Financial Advisor for the North Battleford, Wilkie and Meadow Lake branches, breaks down what you need to know about business insurance.
1. Extend your home insurance
If you run a small-to-medium sized business from home, you may not need a separate policy to cover it. The Co-operators offers home-based business coverage that covers property on and off premises, business-related cash, expenses if your home becomes unfit to live in because of an insured loss, and liability. There are caps on the amount of coverage, so speak to your Financial Advisor to see if this is right for you. If you have business premises away from your house, you’ll need commercial insurance.
2. Insure your key person (or people)
The key person is the person who is crucial to your business. It’s usually the business owner and might also include staff members with essential knowledge or skills. Insuring them for death or an injury that prevents them working can cover costs such as recruitment, training, loss in revenue and more. You can also get coverage for overheads in the event that the business has to shut completely while a key person is unable to work.
3. Remember travel insurance
If you or your staff travel for work, get insurance that covers medical treatment, transportation home in case of emergency, and cancelled, interrupted or delayed trips.
4. Think about liability
Depending on the size of your business and the type of work you do, you need different types of insurance for liability (if someone becomes hurt or their property is damaged by your products/services or while visiting your premises, or in case of libel and slander). In some cases, you may need Directors’ and Officers’ Liability: this protects board members from exposure to lawsuits and any loss of income or costs incurred around that.
5. Offer group benefits
A competitive group plan can give you an edge over competitors when recruiting and ensures that your staff are well looked after.
For more information and to book an appointment with Joan Barbondy or a member of her team, visit www.cooperators.ca/joan-barbondy.