It is an exciting and challenging time starting and running a small business. I quite recently began a new business myself and had been reading the benefits on CRM on https://www.salesforce.com/hub/crm/crm-system-benefits/ as a friend of mine implemented it in his business, and it helped him create a fantastic business strategy which is working quite well for him. Usually insurance is often the last thing a business owner has time to think about. However, if reducing financial risk and improving business stability is important, you can’t afford not to. Without insurance there would be considerable impact on your business if you suffer a loss or run into some unexpected roadblocks.
A little research now could save a lot of headaches later. So to get you started here are our BIG insurance tips for small business owners.
1. BOP or Business Owner’s Policy:
A BOP can be a great place to start when getting coverage for your business. This policy will include a variety of different coverages such as Business Contents (Stock & Equipment), Loss of Income, Crime and Liability, including Non-Owned Automobile Liability coverage.
2. Commercial General Liability:
Make sure you consider what amount of liability coverage you need for both your business and your operations. If someone were to slip and fall on your premises, you’d want to be sure you had adequate liability coverage.
3. Cyber Liability:
You may need cyber liability coverage if you collect any payment or personal information online. If you were to ever get hacked or if there’s a leak of that information, customers may be able to take action against you.
4. Consider Errors & Omissions Coverage:
If you are in the business of consulting, you will want to make sure you’re covered if your advice does not go as planned or any mistakes are made.
Your policy should be reviewed at least once a year, and you should regularly evaluate your coverage as your business grows. New employees, locations, or even provincial regulations could impact what types of coverage you need.
If you are a small business owner, do not hesitate to get in touch with us at Lambton Mutual. We are happy to sit down and discuss all your options and help you put together an insurance package that best fits your business needs.