Many Chinese Canadian business owners are careful about the details in their operations, but sometimes they may overlook potential risks. In fact, Canada's commercial insurance market is extremely mature, and the best way for a small business to combat risk is to choose some appropriate insurance. In the event of an accident, the insurance payout may play a crucial role.
Business insurance can be used for a wide range of purposes, not only to protect your business's equipment and other assets from damage, but also to provide coverage for issues such as business interruption or professional malpractice. So how do you choose the right insurance product? The annual premium for business insurance depends on the type of business you have. The amount you need to pay is also affected by the level of risk in your business, your gross income, your location, and the type and maximum amount of coverage you need.
Next, Carlson will go over some common types of business insurance to help business owners make an informed choice.
1. Commercial General Liability (CGL) Insurance
CGL is probably the most commonly used insurance policy for small and medium-sized businesses, and deals mainly with losses caused by legal liability. It covers the following:
- Claims for accidents on business premises, or for injuries or losses resulting from the advertising of a business's products, operations or operations
- Costs associated with corporate lawsuits and judgment payouts
- Medical expenses in case of injury to a third party
CGL is extremely important and landlords and important clients may even ask you to show proof of insurance.
However, CGL will not pay out in the following cases:
- Employees injured at work
- Employee assault
- car crash
- punitive damages
2. Commercial property insurance
This insurance focuses on financial risks and protects not only tangible assets, including owned or leased land, property, interior finishes, and even landscaping, but also income, accounts receivable, and employee fraud. It can also protect against employee fraud, as well as interruption of business income due to accidents, such as damage to business equipment, and property damage.
It has two main types:
All Risks : Any coverage that is not specifically excluded in the policy is covered. Generally speaking, it does not cover force majeure factors, such as natural disasters like earthquakes, floods, natural wear and tear, and war. However, additional coverage can be purchased for earthquakes and floods.
Basic Insurance : Limited to the coverage terms stated in the policy, generally including fire, explosion, falling objects and external collision. The coverage is relatively simple and therefore the premium is correspondingly low.
3. Professional liability insurance
Professional liability insurance applies to people in specialized fields, such as computer and technology consultants, attorneys, engineers, and others. When they sue for financial losses caused by your negligent or improper professional services, or when your clients sue for defamation of your media services, you will be able to use the insurance money to pay for the related legal costs, as well as to make restitution.
4、Employee welfare insurance
Although not required by law, employee benefit insurance can help you attract and retain good employees, and setting up group health insurance is a good choice. This will not only make your employees feel cared for by the company and give them a good healthy body, but it is also the key to increase their productivity oh. In addition to the basic medical checkup package, this insurance plan can also provide professional nursing services, dental plans, life insurance and disability insurance. We can also help you customize your employee benefits insurance.
You can click through and read the two articles on group insurance:
If you are considering this expense to be a bit stressful, you can also reasonably require your employees to pay their own health insurance premiums to share the cost while avoiding employee abuse that could result in excessive benefit payments.
Business insurance is extremely critical for both businesses and small business owners, and we urge you to consider your options carefully and in conjunction with other business-related financial planning. You are welcome to contact us by clicking on the link to speak to one of Carlson's professional advisors.
*Charles Schwab Wealth Management kindly reminds that the information in this article is for reference only, when choosing a specific product, it is recommended to consult with specific, according to their actual needs, choose the right program, in order to maximize the protection of your interests. Finally, please do not take any action based on the information in this article, Charles Schwab will not be responsible for the information in this article or any choices you make as a result or losses incurred.
