Small Business Insurance
small business insurance
Protecting Your Business with Small Business Insurance
A small business insurance policy differs from that of auto insurance or personal home insurance. Business insurance coverage is very important for all small business owners. Your business assets should be taken into consideration when choosing a small business insurance policy, as well as securing adequate liability coverage, should something occur in which you are found liable for damages. Your assets such as business property, equipment, and tools are needed to help your company operate, and insuring these items properly is very important.
As soon as a small business owner has researched the right insurance carrier by conducting company research and receiving business quotes, the application process begins. Stating what assets you have and the desired coverage needed for those assets, as well as the liability coverage you need to properly insure your risk, is vitally important. Should a loss occur, you wouldn’t want to find out that in fact you do not have enough coverage.
After all factors have been taken into consideration, the insurance provider will calculate your Small Business Insurance Quote. Small business insurance policies can be expensive depending upon the type of business that you run and how many workers you employ. However, small business insurance is necessary and should be calculated into your business budget. Most people and companies will not employ you if you do not present a current insurance policy before work begins.
At the end of the day, your new small business insurance policy should be in effect. Everything that is used in the running of your small business needs to be appropriately covered and your required liability limits met. As a small business owner, you have enough to worry about; you shouldn’t have to worry about your insurance also. A small business insurance policy will give you the peace of mind to go out and make your small business a success.
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Small Alberta Business, insurance and bonding?
I have started a home based, small business in Alberta. I will have 3+ employees, I am told I need insurance and to be bonded. Who bonds, what insurance, what is the best as I am just starting out. What is the difference between bondingand just insurance? What protection does it give me? ALL answers and info on that any any small business details greatly apprecitated. Ps, it is a homecare (yard and homecleaning) biz.
Regarding the bonding aspect of your question. The ‘bonding’ here would be for employee dishonestly and not performance related. An employee dishonesty bond protects your clients from you and your employee should they steal while on your client’s premises. In this case their yard or home. These are referred to as either a janitorial services bond or a business services bond.
There is some protection for an owner with these types of bonds. If your employee does in fact steal from one of your clients and is prosecuted and convicted of the crime, the insurance company will pay the claim (usually this equals the amount stolen and is filed by the victim of the theft). This said if the victim is made whole, there is less chance of you, the owner, needing to make restitution to the victim from your own pocket.
There is no indemnification so you do not have to financially qualify for this type of bond. This means that if the insurance company has to pay a claim against your bond, you do not have to pay them back. On all other types of bonds (license, permit, performance, bid…) you would need to indemnify the insurance carrier and therefore pay them back any claims they paid on your behalf. In these cases you need to financially qualify and the insurance carrier would underwrite your application as such.
The type of bond you would be obtaining is more along the lines of an insurance type policy and not surety. And as you know on car insurance, for example, you are not required to pay back the insurance company if they pay to have a dent fixed.
The bond premium is directly related to the amount of coverage and the number of employees covered. These are relatively cheap in cost.
Contact your current insurance agent or look in the yellow pages under either ‘bonds’ or ‘surety bonds’ for a local agent.
The liability insurance would again protect your clients. However in this case it would be against any damage you cause them on their property.
