What your Insurance Provider Needs to Know about your Business
by adminIf you own a business in Metro Vancouver, then you know one of the most important tools in your entrepreneurial kit is proper business insurance. Finding the right business insurance in Surrey is crucial to protecting your company against potential financial losses. When you meet with your provider, it’s helpful to have all your company’s information organized to ensure you’re getting the right coverage. Let’s have a look at a few things we here at Prime Insurance would need to know to help set you up with the perfect policy for your business.
What exactly do you do?
The Surrey business scene is a diverse spectrum of entrepreneurs ranging from the food and entertainment business to international trade to construction and beyond. Insurance coverage varies widely based on a multitude of factors and can change significantly from industry to industry. Every business is working with different gross revenue thresholds, some businesses have inventory some don’t, and all businesses operate on varying degrees of time sensitivity. All these mitigating factors contribute to building an individualized package of business insurance in Surrey. For example, if your business brings in inventory such as food or cosmetics, and resells them, it would be wise to have product liability insurance. This type of coverage protects against legal costs incurred if a product you sell is found faulty or has caused bodily harm to a customer. So, when you are ready to meet with an insurance company to discuss your options, be prepared to give an accurate explanation of what your business does, what it sells, and how it operates so that your provider can assess the different risks your business may carry and find you the right protection.
Where exactly do you do it?
Many businesses are small in their early years. Some are even run from homes all over the Lower Mainland. These “cottage industry” businesses still need insurance, but their coverage will look quite different than the policies of large corporations. Ascertaining where your business operations are taking place, and how this may affect your risks and coverage is what professional insurance providers are trained to do. They can tell you what sort of policy works best for your workplace. If you run construction sites, it’s important to have the correct insurance for worker’s compensation whereas if your business operations are primarily online, it would be vital to have cyber insurance. Distinguishing between brick-and-mortar operations, online operations, and where the operations primarily take place is essential to picking the right business insurance in Surrey.
What if you had to stop doing it?
Imagine your business is steadily chugging along when suddenly, the unexpected happens and you are no longer able to stay open and running. Whether a natural disaster or personal disability, many things can stop a business in its tracks. Discussing potential pitfalls with an experienced and knowledgeable insurance provider can help you map out the future and make sure you’re protected. Some larger businesses vulnerable to fire or flood may need business interruption insurance whereas a smaller sole proprietorship may feel reassured knowing they have disability coverage.
The best way to simplify the process of curating the perfect business insurance in Surrey is to work with an expert insurance provider. Relying on a knowledgeable professional who knows what to ask and what to look for will ensure your business gets the coverage it needs and you get the peace of mind that comes with it.