Coverage to Protect Your Business

It’s important to protect your business. Building a business takes a lot of hard work and dedication; entrepreneurs especially put a lot of their own personal time and effort into crafting their business, just the way they want. Much like how it is important to constantly save and backup any work that is being done digitally, the right commercial insurance can help ensure that the hard work put into shaping and running your business is protected.

The following are some important reasons why you should consider getting insurance for your business from the Canada Business Network (if you don’t have some already), or maybe altering the type of insurance you have to ensure you have the necessary protection in place in event of the worst.

Why do I need business insurance?

Your business may have many assets: vehicles, office space and equipment, inventory, an indispensable employee or partner and, most importantly, yourself. To protect these assets and to protect your business from potential risks, you should consider getting insurance.
All businesses take some risks, but taking too many risks or failing to protect yourself does not make good business sense. Could your business survive if one of the partners dies or becomes disabled? Would you have sufficient cash on hand to deal with any business emergency that could arise?

Insurance for business property and earnings

You need to protect your assets and earnings in the event that a disaster or emergency destroys part or all of your business premises and assets. This could include:

• Property insurance — Property insurance will cover the property and buildings owned by your business in the event of destruction or damage due to things like fire and other perils.
• Contents insurance — This covers assets that you store at your business premises. If you are leasing space for your business, the owner of the property probably has property insurance, but you are likely responsible for your own contents insurance. If you run your business out of your home, you will likely need separate contents insurance for your business assets.
• Business interruption insurance — If you need to shut down your business temporarily due to a fire or other peril, business interruption insurance will cover your loss of earnings until you are back in business.
• Vehicle insurance — You will need to insure any vehicles that your business owns. If you use personal vehicles for business purposes, be sure to advise your insurance company.’ (source: canadabusiness.ca)

At Palladium our business insurance products will help to ensure that your organization is protected. In particular, our DentAssure program is designed specifically for dental professionals and provides tailored coverage to meet all needs. Let us earn your trust.

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