As a business owner, it is of utmost importance to protect yourself, your employees and your business against lawsuits and claims. If you go out to look for options, it can be quite overwhelming to consider all the different types of insurance available. When you look for insurance options in the market, you can easily get overwhelmed by available options. That’s why we have decided to simplify things for you. Here’s a very detailed list of insurances that you should consider getting for your business.
Business Interruption Insurance
As the name suggests, this type of insurance is a must-have for any troubles that your business may face following a natural disaster or other interruption. Canada has seen its fair share of floods and wildfires over the past few years and this type of insurance can certainly provide some much-needed relief during and after such incidents, till you can get back on your feet. It can help you cover bills, payroll and other ongoing expenses, that may be difficult to pay out during an emergency.
Commercial General Liability Insurance
This is all-encompassing insurance for those who wish to get only one type of insurance. This broadly covers two types of claims: bodily harm and property damage. Someone can claim that your equipment or business caused them bodily harm even though it may be due to their negligence of caution. Also, as a contractor, another claim you are exposed to is a third party claiming that you caused damage to their property. In both of these circumstances, a commercial general liability can come in handy.
Commercial Property Insurance
Whether you are starting out or have been in business for a while, your place of operation should also be insured against any unforeseen situations. This property insurance, which can cover your office building or any other property like storage units, can effectively cover damage or theft to office equipment like furniture, computers, physical space and inventory. It can also cover certain exterior things like fences.
Equipment And Vehicle Insurance
If you are in the home renovation industry, it is likely that you will use a vehicle for your business. Almost every type of business also requires one or more pieces of equipment to effectively finish jobs. It’s important to get insurance for your vehicle as well as equipment in case of any damage, breakdown, accident and such incidents. If the vehicle used is under the name of your registered business, you should opt for commercial vehicle insurance rather than relying on just personal insurance.
Employment Practices Liability Insurance
This insurance seeks to protect you and your business from any employee-related claims. If an employee decides to file a lawsuit against you for wrongful conduct, termination of services, negligence or misrepresentation of employee contract, emotional stress, discrimination and more, this insurance can make an otherwise long-drawn and expensive lawsuit much simpler.
Errors And Omissions Insurance
If you are a contractor, you must have errors and omissions insurance. It is designed to cover the business if it fails to meet the terms in the contract. If your client feels that they suffered a financial loss due to a delay in the timelines, accuracy of design etc. this insurance can come in handy. If you have hired a subcontractor, this insurance can also help protect your business if there’s any delay or miss on their end and the client is unhappy with the results.
Life, Disability And Employment Insurance
Life and disability insurance are two things that should be opted for by everyone. For people in the home renovation business who handle complicated or heavy machinery, this is all the more important. If something happens to you in terms of injury or death, these insurances can help protect your family. Employment insurance is a big umbrella and essentially covers the well-being of your employees. You can consult an insurance broker specializing in business insurance to better understand the extent of employee insurance you need.
When you have all the insurance coverages you need, you can update your HomeStars profile to include the details. In our homeowner survey, 33% of homeowners said that they tend to trust and hire the pros who have insurance. Thus apart from covering any unforeseen circumstances, it also helps you build better homeowner connections.
Are you looking for more tips on growing your business? You can check out our blog, here. If you have any questions, you can reach out to your dedicated account manager, here.
