Ontario leads the way with some 407,175 small and medium-sized enterprises. Among the many challenges facing business owners is how to protect their company with the right insurance.
Shopping for insurance can be complex for an individual, and as you might expect it’s that much more complicated when it comes to a business. Depending on the size and type of operation, the company will need coverage for various risks to avoid major financial losses resulting from a fire, storm, theft, computer security breach, or a simple accident, such as a customer slipping and falling on the premises.
READ MORE: 5 Common Insurance Claims for Small Business
Business Insurance Brokers in Ontario
The first step for an owner or manager is to shop around – not for quotes and prices, but for a broker. It’s important to find an insurance broker you can trust to establish a strategy that can adapt to a company’s growth in the coming years.
Once a broker has been selected, the business owner must be prepared to answer the sometimes detailed questions they will be asked in order to determine their coverage needs: type of operations, inherent risks, gross and net income, value of leases and/or real estate assets, equipment, merchandise in stock, automobiles, etc.
For a thorough and productive discussion, the owner must not only know the facts about the business, but also be aware of his or her own risk tolerance. As a small business owner you are transferring risks to an insurance company, and you have to know what those are and why you are choosing to insure them. To this end, the broker is there to help the business person make informed decisions about which coverages to purchase and which ones not to.
Once the portrait of the business is complete, the broker asks insurance companies to provide quotes. Many products on the market are designed to meet specific needs. The broker will recommend what they think is the best value for money in light of the customer’s requirements. Once issued, the insurance policy will protect the insured business for one year, after which it may be renewed for the following year.
Your Insurance Broker is an Ally
Transparency is a vital element in the information gathering process. If the client fails to disclose information about prior claims or any activities outside Canada, this could cause serious issues in the event of a claim later on.
It’s also important to keep your insurance broker informed of any changes in the business during the course of the year. If you open or close a branch, begin exporting, or launch a new product line, your broker needs to know about it, so they can adjust coverage and premiums accordingly.
One last point: providing your business with appropriate insurance protection is not something to view as a necessary evil. On the contrary, the insurance broker should be seen as an ally who is there to help your business.
Use Our Resources to Get a Custom Insurance Package
As commercial Hamilton insurance brokers, we have access to a variety of different insurance plans. When you work with one of our brokers, you can choose from all these plans and customize your business’ coverage. With Acumen, you’ll get no more or less than the coverage you need.
If you need more business insurance in Hamilton, we can help you find a plan that meets your company’s needs.
Call (905) 574-7000 and get the insurance you need today.