Your business may not be an international corporation worth millions of dollars. However, you still have many of the same insurance needs as the big companies. In fact, many medium and small sized businesses do not have enough insurance coverage to protect all their risk factors. This could create a serious problem that can result in financial ruin from one large settlement or lawsuit. Here is an example. To often businesses set up insurance policies for there corporations when the business is small and then forget about them for years.
Many years later after having accumulated thousands of dollars of tools and equipment including buildings upon review we find businesses that are under valued in our current market place The buildings are insured for $400,000 when they should be insured to $600,000 or even $800,000. Their Gross receipts are based on $200,000 but in reality it is actually over $1,000,000 annual. Too many times we find business with no business interruption coverage and so on. Do these business do this on purpose? no they are just very busy doing what they do best and these things are not considered a huge priority and are then forgotten about. Until there is a loss.
Defining Business Insurance
Insurance for businesses is all about protecting your legal interests and your business assets. Every day you operate a business, you face a great deal of potential risks and without insurance coverage you are vulnerable to all kinds of problems.
Do I Need to Insure My Business?
If you run a very small business from your home with no employees, you may not need a separate insurance policy as you can add this to your home insurance. However please make sure your broker is aware that you are operating a business from your home.
Most businesses in the Calgary region will need to consider the protection that insurance can offer.
For example, these businesses need insurance:
Running a business puts you at risk for many things. If you own or rent commercial property for your business, someone could sue you if they are injured on your premises. Liability coverage pays for settlements and legal costs.
Liability is only part of your basic property insurance needs. It must be protected from a number of hazards, especially those related to weather events. In addition, you’ll want to consider Fire, theft and vandalism coverage also. This is part of your commercial property insurance also.
Your policy may include many different choices, depending on the nature of your business. Here are some of the options you may want to consider:
When it’s time to insure your business, talk to experienced insurance professionals with your best interests at heart. A M Luken Insurance & Financial Services is a family owned business offering personal services that are extremely hard to find in the insurance world today. Because we are a brokerage, we have access to a number of top insurance companies and we can get you an affordable insurance policy with all the right coverage options.
Why Use an Insurance Broker?
You receive several important advantages when you do business with an insurance broker.
One of the most important reasons to chose an independent insurance Broker is that in the event of a claim your broker will be there to help mediate with the insurance company on your behalf. In many cases calling senior claims managers to help move the claim along etc. Brokers will also contact and communicate with Underwriters to try to get you the best rates and the best coverage for a reasonable premium.
A M Luken Insurance & Financial Services can get you several types of insurance discounts for your business. Plus, we understand that many Calgary business people are very busy and we can visit your place of business to help you choose the best insurance. Call us at 403-225-5996 for more information.