Protecting your business is one of the most important parts of operating one. No matter what stage your business is at, making sure that you have the right kind of insurance coverage is critical. But don’t think of that decision as a one-and-done deal: as your business continues to grow, you may make changes that impact the kind of policy that works for you. Whether you’re just getting started or looking for a new policy that may be a better fit, here’s how you can choose the right insurance for your business.
Identify the risks
Each and every business is different, and from one industry to another the risks can vary widely. It’s important to have a deep understanding of risks that can affect any business as well as the ones unique to the market, industry and geographic location that your business operates in. Depending on the way your business is set up, you may require coverage that protects your property, employees, product liability, key partners, and your overall ability to conduct your business within appropriate legal parameters. It will be imperative to consider everything from unexcepted events like fires, floods, or other natural disasters to the safety of your employees or clients.
Weigh out your options
The coverage that’s right for your business is something that will require plenty of research. While you may find general liability coverage to cover some of your needs, it’s possible that you may need a combination of policies to cover absolutely everything. Because of this, it’s important to get quotes from a number of providers and go into the selection process with a deep understanding of your specific industry’s business insurance obligations.
Protecting your most important asset
For the majority of small businesses, it is the owner – with their passion, dedication and vision – that is the economic engine that drives that business success. It is equally important to protect that engine. For the small business owner, the ability to protect their ability to generate income as well as look at their family’s needs is often overlooked. For these business owners the eventual success of their business is driven by the desire to protect and improve the well-being of their family. This is a crucial piece to the financial planning picture and needs to be addressed.
Reassess as needed
Once you find the right Insurance coverage, the process doesn’t end there. It’ll always be in your best interest to reassess the details of your insurance portfolio at least once a year. If you make major changes to your business, like moving to a new location, buying new equipment or hiring on more staff, you might need to adjust your business coverage to make sure you’re still in the clear. As your business changes, your coverage needs will absolutely change as well.
While every policy and provider are different, a Coast Capital Financial Planner can help guide you in the right direction.
The stuff we have to say.
Coast Capital Savings Federal Credit Union provides advice and service related to deposit, loan and mortgage products. Only deposits held in Canadian currency, having a term of five years or less and payable in Canada are eligible to be insured under the Canada Deposit Insurance Corporation Act. Coast Capital Wealth Management Ltd provides investment and financial planning services. Coast Capital Financial Management Ltd. provides advice and service related to segregated funds, annuities and life insurance products. Worldsource Financial Management Inc. provides advice and service relating to mutual funds. Mutual fund values change frequently and past performance may not be repeated. Commissions, trailing commissions, management fees and expenses may all be related with mutual fund investments. Important information about mutual funds is contained in the relevant fund facts and simplified prospectus. Please read the fund facts carefully before investing.
