Are you aware of the fact that your business is always at risk? At this point in time, it is estimated that Canada is home to roughly 36 million individuals. This is great for businesses. You can always rest assured knowing that someone in the country is going to need your services. Unfortunately, Canada is a very diverse country and that can make it difficult to satisfy everyone. If you happen to run a business in Canada, you’ll want to familiarize yourself with the insurance for business. Failing to protect your business could have severe repercussions in the future. Within this guide, you will learn more about the dangers of not having commercial general liability insurance.
The Chance For Lawsuits Is High
The unfortunate truth is that the chance of being sued at some point in the future is very high. Companies sue one another frequently and businesses are also at a very high risk of being sued by the consumer. You just never know when something is going to go wrong. To date, Canada has seen 75 lawsuits involving copyright infringement this year. It has also had 63 lawsuits regarding trade mark infringement. The good news is that some business insurance Ontario providers offer products that can protect you from such problems.
It is in your best interest to get covered as quickly as humanly possible. If you do not, you may become a victim and you may not have any effective way to defend yourself.
Bankruptcy Is Rampant
Believe it or not, bankruptcy in Canada is far more common than you might imagine. In 2016, it was estimated that roughly .7 percent of businesses filed for bankruptcy. 1% of all businesses experience insolvency. This might seem like a small number, but there is always a possibility that you could become one of the 1%. Unfortunately, the numbers are even higher when looking at individual sectors. And, you should realize that some bankruptcies are caused by lawsuits. If you lose a lawsuit filed by another company or a consumer, there is a good chance that you’re going to be required to pay a huge settlement.
This is something that you’ll want to avoid at all costs. If you do not want to face a premature bankruptcy, you’ll want to protect yourself with the best business insurance Canada has to offer. Intact and Aviva are two great insurance providers. They’ll offer services that will be able to protect you in the event of an untimely lawsuit.
Protect Your Employees
Failing to protect your business is also putting your employees at risk. At this point in time, Canada has a national unemployment rate of 6.3 percent. Unfortunately, a lot of people have lost their jobs, because companies have been forced to lay off and some have been forced into bankruptcy. It is your duty to go above and beyond to protect your employees. The best way to make this happen is by investing in good commercial insurance. Commercial insurance will be there to protect you from legitimate and frivolous lawsuits. In return, this will also protect your clients and your family.
Without insurance, you’re are truly playing a risky game with your employees. Protect these individuals by ensuring that your company is insured by a sufficient amount of insurance today!
Ruining Your Future
There is a good chance that you depend solely on your business for your income. And of course, your income is absolutely pertinent for supporting yourself and your family. Without a steady flow of income, your family is going to have a difficult time making ends meet. This is why it is absolutely pertinent to protect your income and ensure it stays around for as long as humanly possible. State Farm, Aviva and Bullfrog all offer insurance products that are designed to protect businesses in the country of Canada. If you want to brighten your future and the futures of your family members, you need business insurance!
This type of insurance will protect you from problems with your storefront, liability issues and lawsuits. Suffice to say, it’ll keep you going so you can continue providing for your family. Do not take a gamble. Get insured as quickly as possible, so you do not have to put your family at risk.
Canadian businesses that are not covered by commercial insurance are at risk of fire damage. While the risks of a fire are low, it is always a possibility. If you are a business owner, it is imperative to obtain business liability insurance. You should not take any risk on one of your most prized possessions, as the proceeds provide a nest egg for you and your family and covers your living expenses.
If a fire does break out inside your business, you may be able to get it under control, with very little damage. However, if you are not present when the fire starts, it could burn your business to the ground. Commercial general liability insurance will cover almost all of the repair, renovation or replacement costs. Without coverage, you will have to pay out-of-pocket or obtain a loan to cover the expenses, which is not always a feasible option.
In 2015, the Off of the Fire Marshal and Emergency Management recorded 10,951 “loss fires.” While 48 percent of those fires occurred in residential occupancies, two percent involved mercantile occupancies, five percent industrial occupancies and two percent personal services and business occupancies.
Operating a business that relies on a computer system, certain equipment and your health can generally pose some risk of downtown. For instance, if a storm rolls through the territory you live in, it could leave you without access to the Internet for days, weeks or even months. The overall damage will depend on the severity of the storm, which could also cause damage to your business. Without a computer system or electricity, your business operations would be interrupted, leading to financial loss.
With this said, some business insurance Ontario companies which you can visit by going to LiabilityCover’s website – http://www.liabilitycover.ca/commercial-general-liability-insurance/ offer interruption coverage that will kick in and protect your business from financial loss.