Do you need to insure your business?

Commercial property: Minimize the damage

Would your business be able to repair major water damage? Property and building repair costs could add up quickly.

Businesses in the healthcare sector may have to replace specialized equipment and retailers may even have to buy new inventory. Also, you may have to rent another commercial building while the repairs are being done.

With commercial property insurance, you could protect your equipment, merchandise and place of business in the event of water damage, fire, theft or vandalism.

Commercial vehicles: Limit the impact of an accident

Do you use any vehicles in your business? In the event of an accident, the car's contents and the car itself could be damaged.

For example, if one of your employees got into an accident with another car during a delivery, your business could have to deal with financial consequences and a delay in your delivery schedule.

Commercial property insurance could cover the value of your lost merchandise and commercial vehicle insurance could help you pay for damage to your vehicle during an at-fault accident.

Equipment breakdown: Anticipate the consequences

Does your business need specialized equipment? A sudden breakdown could throw a wrench into your operations.

What if a power surge damaged your computer equipment? If business continuity is at stake, you may need to fix it fast. But replacing or repairing equipment could be costly and put you in the red.

With business insurance, the cost to replace equipment that gets damaged in an accident could be covered.

Liability: Protect yourself if you're at fault

If your business were held liable for damage to a third party's property, could your budget handle it? If a fire started in your place of business and spread, there could be major consequences.

In such case, if you're found liable, you could have to pay for damage caused to your neighbouring businesses: business liability insurance could then cover your legal fees and the damage suffered by these third parties.

Protect your business from financial consequences of property damage or bodily harm of a third-party with business liability insurance.

Cyber risk: Prevent the fallout

If your computer system became compromised, would you be able to cover the expenses to get things back up and running? Essential computer systems can often be targeted by cyber criminals.

If your business offers online sales, your operations could be put on hold for some time. With adequate cyber risk insurance coverage, you could get the support you need to restore your systems and reduce operational losses.

With the right insurance coverage, you could protect your business and computer systems against the consequences of cyber threats.

Even if your business has an emergency plan in place, it's unthinkable to have enough set aside for every type of situation. That's why your business could consider taking out damage insurance. Depending on the type of business you're running, you might also want to look into business health insurance and business loan insurance.

Speak with one of our damage insurance agents at The Personal to find out the right type of insurance for your business. You can also visit our website to find out more about business insurance quotes.