If you own a small business in Ontario, you should carry small business insurance. Depending on the type of business, you may not be legally bound to carry insurance. However, it is never recommended to operate a small business without carrying some type of liability insurance.
A small business must have its clients’ best interests in mind. However, like anything else in life, no company is perfect. Every person and business is entitled to make a mistake. Suppose your business offers a product that has caused harm to a person or persons. Maybe an employee has purposefully or accidentally caused harm to a client or customer. Maybe a customer is simply unhappy with the way your business has handled an issue. Whatever the reason, small businesses are susceptible to lawsuits.
Not only are the small businesses susceptible to lawsuits, but these lawsuits can also be financially devastating to an unprotected small business. Even unfounded claims leading to litigation can cost a small business thousand in attorney and court fees, as well as reputational damage. The small business must spend time recouping the money lost to fight the claims.
Small business liability insurance in Ontario protects much more than your business offerings. This type of protection protects everything related to your bottom line. This includes items such as general liability coverage, protection against physical injury on your property, and even professional liability coverage, among many other protections. Without such coverage, a lawsuit could cause the business to go bankrupt and cease operations.
Duliban’s small business liability insurance offers coverages designed to fit the needs of almost every small business in Ontario. Duliban understands the needs and concerns of other small businesses operating in the same space. They offer coverage to help protect small businesses while protecting the bottom line as well. Some of the coverages you can expect from Duliban’s small business insurance include:
- Commercial Property: Whether you own or rent the property in which your business operates, you must provide insurance against damage caused by natural disasters, water damage, and even theft. If an event occurs, this coverage will help cover the costs of the damage and repairs.
- General Liability: This is the meat and potatoes of any small business insurance policy. This piece of the coverage is used to protect your business in the event that a product fails, or an injury occurs as a result of business activities. This is where the majority of small business claims fall and where the crux of your coverage should be.
- Commercial Auto: This protects your company vehicles, the drivers, and your employees as they are driving for business purposes. Should your vehicle or employees be involved in an accident while on the job, this coverage will provide payment for any injuries and damages to the other vehicle, should your driver be at fault.
- Professional Liability: If you make a mistake, such as offer bad advice, miss a deadline, or simply do a poor job, professional liability will cover the associated losses if the client chooses to sue. This is different from general liability in the sense that it relates to your services, as opposed to physical injuries due to a slip and fall or a product malfunctioning.
- Cyber Coverage: If you believe you are exempt from a data breach, you are being naïve. No business is exempt from a data breach. However, some businesses will suffer more than others as a result of a data breach. No matter what type of business you run, there are extensive costs associated with data breaches, such as the costs of notifying customers and other issues that may arise. This coverage helps cover those costs, so you can continue to operate without filing bankruptcy.
- Crime Coverage: Sometimes a breach is not a hack. Instead, an employee can steal data or products. This can affect your bottom line as well as your reputation. This coverage will help mitigate the costs associated with his type of employee theft.
- Business Interruption: Sometimes an event occurs that interrupts the ability to conduct business for a temporary period of time. This can be the result of weather, product issues and recalls, or any number of other issues that can prevent a business from operating normally. This type of insurance helps protect the business from financial loss during this time, while the issues are being repaired, allowing business to resume as usual.
- Key Person Insurance: When a key person leaves a company, the company can suffer a financial loss. Passwords, access, and locks need to be changed. Computer data needs to be saved and deleted. A new key person needs to be hired. Key person insurance helps cover the losses associated with his process and more.
These are some of the coverages available through Duliban for small businesses in Ontario. These and other available coverages are designed to help protect the financial interests of a small business. Any one of these issues can, and likely will, bankrupt a small business if the company is not covered. This insurance coverage will help protect the company from bankruptcy and allow them to continue business as usual.
In order to determine your options available under small business insurance in Ontario, contact the experts at Duliban Insurance Brokers. They will be happy to answer your questions and provide you with a free quote based on your needs.
Duliban Insurance Brokers are the trusted name in small business liability insurance. As a small business, we pride ourselves on the ability to anticipate the needs of our clients and help them before they know they need the help. However, rather than taking our word for it, read what our clients have to say below.
“I was very impressed with this company, they provide great service, they are so friendly and very helpful.” – Zac B
“Very happy with you guys. Your staff are very friendly and easy to deal with. Also very clear with explanations on any changes with policies. Highly recommend.” – Rico C