Are you setting up your own business? If yes, then insurance is something that you need to consider seriously. The various business insurances that you can avail can help you down the line in case something goes wrong, and in turn, it can save you a lot of money and legal trouble. They are crucial for your business, and to protect your business, they must be the first priority. So these are the types of insurance coverages that you should consider for your business.
General Liability Insurance
This is a basic type of insurance that you need regardless of what kind of business you run. Whether you are a professional service provider, creative service provider, retail marketplace, or a contractor, you need this insurance coverage. General liability insurance covers you against any accidental damages to a third party, their property, business or customers. That is, in case your product or service damages a third party, or their business assets, this insurance will protect you from a lawsuit and the financial brunt of the accident. Here, you can either opt for a Professional Liability Insurance or a Product Liability Insurance.
Business Interruption Insurance
With global warming on a constant rise, there is always a risk of natural disasters like wildfires and floods, especially in Alberta where it snows heavily in winters. During such times, your business may take a severe hit in terms of productivity and face significant financial losses. Here, a Business Interruption Insurance comes in handy as it helps your business keep going after it suffers a considerable loss; it provides financial relief that can cover the bills, payroll, and other ongoing expenses for your business until it gets back on its feet.
Property Insurance
There are two types of Property Insurance – Commercial Property Insurance (for property-owning businesses), and Rental Property Insurance (for businesses that rent properties). These insurances cover the property in case of accidents like fires, burst water pipes, and even natural disasters. Moreover, they not only cover the building, but also all the content within the building including the inventory, equipment, and machinery.
Commercial Auto Insurance
Lastly, if you use vehicles for your business, be it for transportation of your employees or for the delivery of products, you need Commercial Auto Insurance. This type of business insurance is made mandatory by the provincial government. This coverage protects not only your commercial vehicles but also the tools and equipment that are stored in them.
These were the basic types of business insurances that you should consider while setting up your business, but since all companies are unique, they often require particular coverages that suit their strategy, needs, and long-term goals. So if you want to be sure about what business insurance to choose, then contact ATS Accounting now. We provide several financial services to keep your business running smoothly and efficiently. So going above and beyond just insurance, we also offer other services like accounting, strategic planning, cash flow management, band financing, and a lot more. We provide complete assistance for your new business, and our expertise ensures that you get the best results only.
ATS Accounting & Tax Edmonton has experienced financial advisors who will help you with your business’s financial matters. Our team of dedicated experts knows the specific risks you may face and help ensure your business is protected.
Ready to get started? For more information about our accounting and tax services, book your free 15-minute consultation by calling us at 780-484-4006 or contacting us online.
