Has your business changed since the start of the pandemic?
To stay in business despite the current circumstances, many companies have had to reinvent themselves in order to meet new consumer expectations, comply with health measures and continue to prosper despite the uncertainty. In Canada, small businesses have rolled up their sleeves: overnight, manufacturers have started producing personal protective equipment for essential workers in the health network, distilleries have started manufacturing disinfectantfor hands to restock shelves, and restaurants have shifted to selling groceries and takeout. Things have moved so fast that business owners may not have thought that their insurance might need to be adapted to their new reality.
My business hasn’t been the same since the pandemic; should i change my business insurance?
If the pandemic has forced you to review your activities, you should inform your insurer. The latter will check your insurance contract and modify it if necessary so that you are covered in the event of a problem. It will also inform you about new risks to which you may be exposed. To find out if you need to review your business insurance, answer the following questions:
Are you and your employees now telecommuting, or have you relocated your business?
Other protections could be very useful to you
Insurance needs vary from company to company. Some owners operate their business from home, while others occupy commercial premises. The following protections are among the most likely to need to be modified or added to Commercial liability insurance
All businesses should have comprehensive insurance to prevent losses in the event of a liability suit. This protection will be particularly important during the reopening period generating a high influx. If someone falls on the perimeter of your business, you could end up with a lawsuit on your hands. And if your business is affected by a claim for bodily injury or property damage, this insurance will help keep the costs down.
Professional indemnity insurance
Do you operate a service business (consulting, construction, design or other)? You should include professional liability protection (also called errors and omissions insurance) in your insurance contract to financially protect your business if it is ordered to pay damages due to professional error on your part. . When requests are high, the risk of error increases. A small mistake can easily escape us and an oversight happens so quickly – especially when the deadline is approaching. If a client suffers financial loss due to professional error on your part, you could find yourself in the middle of a lawsuit that will cost you time and money.
Commercial property insurance
No matter where you do business (home or business), it’s essential to protect the building that houses you, your equipment and your business tools. In today’s environment, getting business property insurance is especially important if your business has acquired new devices to expand its horizons. No one wants to think about the consequences of a theft or the damage their commercial building and business assets might suffer. But in reality, no business is immune and if such a loss occurs, business property insurance will cover a portion of the cost of replacing or repairing the building, tools, equipment, inventory, electronics and furniture.
Commercial auto insurance
Have your employees started delivering? And you? Personal auto insurance and commercial auto insurance aren’t exactly the same, and without commercial auto insurance, you could be exposed to certain risks. Here are some of the things covered by commercial auto insurance: