Ranked by the Economist Intelligent Unit (EIU) as the third most livable city in the world, Calgary is home to 100 corporate head offices and 700 startup businesses. Among the small businesses, a significant chunk is home-based.
However, most of home-based entrepreneurs get hardly any to no coverage because most homeowners insurance policies do not cover business property and operations. Like any other enterprise, self-employed entrepreneurs should consider getting affordable business insurance Calgary–based professionals utilize to protect their assets.
Factors that Require Insurance
To assess your need to have your home-based business, ask yourself these crucial questions:
● What are the risks faced by my business?
● Do customers or clients visit my home?
● Do I keep stocks or inventory in my home?
● How many employees do I have?
● Do my employees work in my home?
● Do I require a vehicle to run my business?
● Will I lose income if I shut down operations due to damage to my home?
● Do I keep client personal or financial records on my computer?
Answering yes to any of the questions makes you susceptible to risks. Now is the time to consider getting your home-based business secured to avoid circumstances that could cause you to pay out of your pocket.
Home-Based Insurance Coverage
Depending on your service provider, home-based business insurance can sometimes be customizable, offering flexible coverage to simple consulting services to retail sales.
● Business liability or general liability insurance - This policy protects you from lawsuits due to negligence, defective product or personal injury. In addition, certain occupations call for specialized protection, such as errors and omission insurance for financial professionals.
● Business property insurance - This policy safeguards your business-related property and equipment. Coverage of this policy can range from workshop or studio structures in your home, leased equipment or furniture, data, papers or other important records, customer property under your possession to products en route to delivery to location.
● Electronic data processing equipment insurance - The policy covers damage to phones, computers, media, servers and other digital gadgets used in your operations. This coverage is critical if your business depends significantly on computers to carry out services.
● Accounts receivable insurance - This policy provides coverage for situations when you accounts receivable records get damaged due to peril. When this occurs and renders you unable to collect from customers who purchased your products in credit, this type of coverage will pay for your loss of income amounting to what you expect to receive.
● Loss of income insurance - This coverage will replace lost income due to interruption in operations. It also helps pay for particular expenses such as payroll, mortgage, or taxes.
● Data compromise or data breach liability insurance - This policy allows you to reimburse for certain expenses involved when confidential client information was exposed.
● Business car insurance - This coverage is essential in protecting you and your employees when using your personal car or commercial vehicle for your business. In addition, it helps cover the costs of bodily injury or property damage due to road accidents.
● Employment practices liability insurance - This type of protection covers claims filed by workers when they feel that their rights have been violated. Unfortunately, lawsuits against employers have been rising, and no business is exempt. Therefore it is best to take preventive action before it occurs.
Instead of settling for costly one-size-fits-all commercial insurance, check from different service providers to compare which one offers the most affordable business insurance Calgary companies need. Some providers offer endorsements that alter certain policy terms and conditions to make it work.
For more information about Business Insurance Broker Alberta and Small Business Insurance Quotes Please visit : Beneficial Insurance Solutions.
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