5 Most Common Types Of Business Insurance

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5 Most Common Types Of Business Insurance

If you’re a Canadian business owner, you already know how challenging it can be to juggle all of your different priorities. And it can also be difficult to keep up with all of the legal responsibilities related to your daily operations–this is especially the case when it comes to insurance. Let’s take a moment to discuss five of the most common types of insurance available on the market today.

 

  • Employers Liability

Employers’ Liability is one of the most important types of insurance for your business. This is especially the case if you are not required to have Worker’s Compensation. This policy can help to protect your company from employees who claim to have job-related injuries.

 

  • Employment Practices Liability

These days, corporate lawsuits are very commonplace. Employment Practices Liability Insurance will help to ensure that your organization is well protected from this threat. And it covers some of the most types such as lawsuits involving wrongful termination, workplace harassment, discrimination and much more. I f someone brings a lawsuit against your business this will give a little peace of mind to know that you are equipped with a policy that will work in favor of your company.

 

  • Professional Liability Insurance

Not every business provides products–some offer services instead. If you own a company that specializes in offering advice or special service to your clients, then it’s a good idea to consider getting professional liability insurance. This policy is sometimes referred to as Errors & Omissions Insurance. If you ever offer advice that causes your client to lose money, then this policy ensures that you will not be liable for the advice you provided.

 

  • Cyber Security Insurance

Does your business deal with a lot of confidential information? Well, if you store your customers’ information online, then it’s extremely important hat you have some form of protection in case your system is hacked or there is a security breech. By equipping your business with a Cyber security insurance policy, you can be sure that you are protected from costs that may come from these types of incidents.

 

  • Industry Specific Insurance Policies

Maybe you own a company that is in a very specialized area and you’re not quite sure where to start. CCV Insurance offers several different insurance policies which happen to be tailored specifically industries. You may be interested in hospitality insurance, contractors insurance, HVAC insurance and much more.

 

As you can see, having business insurance Ontario is a huge part of running a successful business. It can help protect you from incidents you expect and even those that you’ve probably never even though of. However, the type of insurance you choose will largely depend on your specific needs. It also depend on what type of business you own and the services you offer. If you do the proper research and familiarize yourself with all of the options available to you, you will be well on your way to a safe and productive operation.

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