Business Insurance


 Business Insurance

Protecting your business with the right insurance is an important step in guaranteeing the performance of your business. Insurance is not a one-time expense as you will need to insure your company from time to time. You also may need insurance if you are expanding or opening a new location. An overview of what different types of businesses need for different scenarios can be found below:

Business Insurance Types:
"Types Of Businesses: When it comes to finding acceptable compensation for injuries from an accident at work, there are nine different types of businesses in Quebec, which fall into four categories. They are:
"Employers' Liability":
"Commercial General Liability":
"Motor Vehicle":
"Workers' Compensation":
Different Business Insurance Requirements:
Each business type in Quebec has different insurance requirements, which will be based on the specific needs of that business. Here are some general guidelines for businesses in Quebec:
For a construction company, you will need to determine what type of work you perform as it will inform your insurance needs. As a general rule, if you work on public property then you will likely want to take out public liability insurance. If you do any private construction, then you should consider taking out both public and private liability insurance. When you move into a new location, it will depend on what type of business you are. If you are operating as a sole proprietor with no employees, then you will need to purchase workers' compensation insurance. If you do have employees and your workplace has an occupational disease program, then a business insurance company can help set up the program for you. Once again, it all depends on what type of business you are running.
In today's economy many employers send their employees onto the Internet for business purposes. The same holds true for home based businesses. While you can minimize the risk of your business being hacked by purchasing an online backup solution, there are still risks when using the Internet. The best solution is to use firewalls, antivirus software and security software that can be found at online business insurance providers.
Frequently Asked Questions:
What business insurance coverage is required? Do I need to submit a copy of my insurance policy? Do I need to register with a website or insurance broker? What are e-business policies like? What is an e-commerce policy and how does it work? Should I have another type of business insurance in addition to my standard personal homeowner's policy?
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There are three main types of commercial insurance in most countries, each serving a different function:
1. Business Insurance:
This covers the assets and people of your business, such as your office equipment, inventory and personnel. Business insurance can be specialised in certain industries or sectors e.g. Property Insurance for retail stores or Marine, Aviation or Professional Liability for construction companies or manufacturing plants. The most important question to ask yourself is "What type of business do I have?" There are nine different types of businesses in Quebec which fall into four categories: Employers' Liability Commercial General Liability Motor Vehicle Workers' Compensation
2. Business Interruption Insurance:
Covers any loss of income due to a business interruption, such as fire, theft, break-in, vandalism or strike. This is often part of the property insurance package.
3. Property Insurance:
Covers your office and commercial premises (including the building itself) in case of damage or loss from theft, fire, vandalism or break-in to business assets e.g. computers and electronic equipment. The value of the premises must be planned before the insurance company will insure it against a loss i.e. if you have an unplanned increase in rent you must increase your insurance cover accordingly (this is usually called annual increases).
4. Liability Insurance:
Covers personal injury or other liability claims by your employees, customers or suppliers e.g. a supplier may sue due to damage caused by incorrect product installation and your business could be held liable for such damage.
5. Business Renters Insurance
Covers any losses due to damage or theft to your premises e.g. you have a fire in your office and the contents of your room are ruined, or if the space is rented out and you rent out a whole floor.
6. Workers Compensation Insurance:
Covers employees who are injured due to work-related accidents e.g. a carpenter hurts his back, or an employee is knocked over by a forklift and ends up with a broken arm. This insurance covers past and future claims for lost wages, physiotherapy and other rehabilitation costs, as well as compensation for pain and suffering (if applicable).
7. Public Liability Insurance:
Also known as general liability insurance, this covers (in most countries) the legal responsibility of a business for losses caused by its employees, clients or contractors, such as a customer suing due to some damage caused by your staff and it may cover damage to your premises or loss of income due to fire and theft e.g. if a customer is injured due to faulty products then they can claim compensation for any resulting medical bills and other damages e.g. if you are held liable then you will be required to pay the judgement made against you regardless of whether or not you have good title rights i.e. it does not matter if the claim is true in law!
8. Professional Liability Insurance:
Covers you and your business (and its shareholders) from claims by people who have an interest in your business e.g. a customer suing due to damage caused by faulty products, employees who are injured etc. It covers all legal costs such as court fees and legal expenses e.g. defending the action or paying for the judgement made against you if you are found to be liable i.e. there is no defence for this type of insurance where title rights are concerned!
9. Business Owner's Policy:
The owner of a business may have more than one policy covering different aspects of his or her business e.g. Property, Public Liability and Professional Liability or even Domestic Violence Insurance.
Ten Types of Business Insurance:
1. Home Office Policy
This is standard business insurance for any business that has an office and uses computers to run their business e.g. office service providers, Internet child care centres, etc. A home office is defined as any place where the owner conducts part of his or her business e.g. home, family home, etc.
2. Full General Liability Insurance
When you buy a policy in this category you don't know exactly what you are getting but there is an extensive form that describes the risks of doing business with your company and some features of the policy e.g.

Business insurance is a way to protect your company from people who are injured in your business or damage caused to their property, and it is also a way of protecting yourself from losses due to strikes, theft, fire and other unforeseen occurrences.
3. Commercial Property Insurance
Also known as business property insurance, this covers your business premises and contents in case of damage, theft or loss by natural or man-made disasters e.g. fires caused by faulty wiring or lightning strikes, etc. Some types of insurance businesses are required to have include propane gas dealers and electricians but you should check with the province for details because these may be provided by another policy option if you work as a sub-contractor i.e.

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