Blog

Does My Home-Based Business Need Business Insurance in Delta?

by admin

Owning a business takes a lot of hard work and commitment. You need to set goals, organize schedules, manage product inventory, advertise, and then of course there’s all the administrative work. Running a thriving business in Metro Vancouver is an entrepreneur’s dream, but it’s no easy undertaking. For some business owners in Delta, a home-based sole proprietorship is the best model, but what does this mean for your business insurance in Delta? The experts here at Prime Insurance have offered these tips for ensuring your home-based business thrives with the right business insurance.

Think big

Even if your sole proprietorship feels like a small business, it’s essential to consider just how far your reach extends in terms of liability. For example, if you are a contractor or a handyman in the Lower Mainland working for a retail client within a mall somewhere in Vancouver, and you make a mistake that leads to a third-party claim of bodily harm or property damage, you may find yourself in a legal battle with the corporation that owns the entire mall. Being a small company doesn’t mean you only do small jobs. Make sure you have the right amount of commercial general liability insurance to cover the size of your revenue and the level of risk involved like your work. If you’re not sure what the appropriate amount of coverage would be, connect with us here at Prime, and let us walk you through the options for business insurance in Delta that would protect your company best.    

Separating office space within the home

Delta is a busy and sprawling urban area and the cost of renting commercial office space is constantly climbing. It can be practical, economical, and more comfortable to operate your business from home. As a sole proprietorship, however, it can be difficult to distinguish between home and office use of space and equipment. Many small business owners make the mistake of assuming that if their company is run from their home, then their home insurance will cover theft and damages to any business-related equipment and space. Unfortunately, this is not often the case. Insurance providers will make distinctions between equipment and space used for business purposes and home use. That’s why we recommend having your business insurance in Delta carefully put together to cover the essential business equipment that is kept in your residence. Let us help you tease apart business and home insurance coverage to make sure you’re protected on both fronts. If you are also using your vehicle for both company and personal use, it’s a good idea to discuss this with your insurance provider to find out which coverage will work the best.

Online business

So many businesses in Metro Vancouver are run from home offices because most of their operations are done online. With E-Commerce constantly expanding, more and more businesses are thriving through online platforms and services delivered virtually. However, with new territory comes new dangers and cybercrime is growing as quickly as an online business. Much like you obtain insurance to protect your belongings at home, you need quality coverage to protect you from the financial and legal damages of cybercrime. The proper cyber liability business insurance in Delta makes sure that your business is protected from the potentially devastating financial and legal repercussions of hacking.

As an entrepreneur, you have to be flexible, motivated, and great at multitasking. With the experts here at Prime handling your business insurance in Delta, you can also be a less stressed and more successful sole proprietor.