For many people who do it, starting a business is a turning point in life that can lead to many new and exciting opportunities and experiences. Setting up a business is indeed highly rewarding, but there are many factors to consider and ensure are done right for your business to start up and move ahead successfully. From ownership arrangements to registration, there are many pieces to put together. One of the most important is insurance.
Business insurance is nothing short of critical for just about any business. Maintaining proper insurance can be critical for the survival of any business, and it’s important to know what types of insurance are available.
The brokers at Will Marshall Insurance can help your organization put together an insurance package that fits your needs and budget. Our team has the experience to find you the best insurance options for the right price. Here is an overview of some of the common types of business insurance you should know about.
General Commercial Liability Insurance
Commercial liability insurance is one of the core types of insurance for businesses that every business should have. No matter what your business does, there is a very real risk for liabilities to arise that could prove to be extremely costly and, in some cases fatal for your business. Commercial liability insurance can provide protection for both bodily injury and property damage claims. Both types of claims can spark extremely costly, time consuming and reputation-damaging processes that proper liability insurance can help you get through. If you’re only looking for one type of insurance, start here.
Commercial Property Insurance
If you lost your office space and equipment, would you be able to keep your business going? Commercial property insurance makes sure that your office space and equipment is protected from loss. This can include things such as equipment, furniture, inventory and electronics, to name a few. Commercial property insurance helps your business get back on its feet after the loss of property.
Professional Liability Insurance
For businesses that provide services in place of products, professional liability insurance should be on the radar. This is insurance that provides coverage against client claims of financial loss due to an issue with the services provided by your business. Such claims can result in arduous legal proceedings including lawsuits; which this form of insurance can help cover the costs of.
Product Liability Insurance
This form of insurance is similar to professional liability insurance; however, it is intended to help cover claims of damages or losses that stem from a product rather than a service. Lawsuits can and do arise from issues that are caused from the use of one of your products, product liability insurance can help cover the expenses while you navigate any consequential legal proceedings. Such types of issues can come from things such as faulty products, illness from food or beverages, or products that cause bodily or property harm.
Will Marshall Can Help You Find the Right Business Insurance for Your Needs
There are many more types of insurance that are designed to help businesses handle damages from things such as fraud, cyber security attacks or equipment breakdowns. We can also help your business find insurance to protect your fleet of vehicles.
For over 20 years, Will Marshall Insurance Brokers have been helping clients across central Ontario find the right insurance coverage to protect their interests. Don’t let your business fall apart due to a lack of proper insurance coverage!
To learn more about the different types of business insurance, or to assess the insurance needs of your business, talk to one of our professional insurance brokers today!