Even if you run a successful small business, you might not understand all of the details of small business insurance. These insurance policies protect your company if something happens to your business or one of your employees, or if equipment breaks and causes damage to the office. Depending on the type of business you run, premiums vary widely. If you perform a more dangerous line of work, your cost of insurance will be higher, since the chance of injury increases. If your office (or home-based office) is located in an unsafe area, premiums will be higher since the policy also typically covers theft and damage to the office structure itself.
Liability insurance covers injury or damage caused to other people or property that doesn’t belong to the business. Property insurance covers your own items within the office and any damage or injury they may cause to the structure or employees. Together, these two types of coverage make up a standard small business insurance policy. Many bigger companies will be charged a liability insurance rate based on every $1,000 of revenue, so larger businesses will pay more.
If you are trying to get your small business insurance premiums lower, don’t cut your coverage and leave yourself at risk for lawsuits and other problems. Instead, talk to an insurance broker about raising your deductible. This means you will pay less each month, but if you file a claim, you would be responsible to pay for a portion before insurance kicks in. Other ways to lower premiums include bringing in safety inspectors to certify how safe your office is, or offering annual employee safety training to reduce injuries.
For small business insurance in Collingwood ON, contact us at Noble Insurance. We have been serving the greater Georgian Bay area for 60 years. Visit our website today and rest easy knowing your assets are protected.