If you own a small business, your insurance policy might not cover all of the things that could potentially go wrong. For example, if you run the business out of your home, you might think that your homeowners policy will cover any damage to your business’ property. However, if your insurance determines that the damage was caused by a work-related problem, or a business machine injures you or one of your employees, they often will not cover the repairs or medical bills.
You need two types of coverage under your business insurance policy: liability and property. Liability insurance will cover any expenses related to another person, so if an employee gets injured, this portion would pay for any costs associated with that injury. Property insurance covers your building and any equipment or machinery that your business might use.
The cost of business insurance is calculated by the potential that you might file a claim. One factor that is included is the location of your business; more dangerous and crime-heavy areas will cost more to insure. The number of employees that you have and the nature of your business are also considered. These can also increase the need for higher coverage limits. When you shop for insurance, make sure to consider all your assets and the safety of your employees. This will help protect you and the company from future legal issues or bankruptcy.
If you need business insurance in Collingwood ON, contact us at Noble Insurance. We have been serving the greater Georgian Bay area for 60 years. Call us today and rest easy knowing your assets are protected.