Amid the dozens of things you have on your to-do list and the thousands of things that are running through your mind, having the right level of business insurance coverage is important for small business owners in Ontario.

A good commercial insurance policy is something that many business owners tend to overlook, but it is one of the most important things you need to protect your business. No two businesses are the same, and there is no shortage of threats that could disrupt your business. This is why you need to put the time and effort into working with your insurance broker to find a business insurance policy that addresses your company’s specific needs.

4 Tips to Find the Right Business Insurance Policy

Finding the right commercial insurance coverage can help put your mind at ease. Here are 4 key things to keep in mind when exploring your options for business insurance:

1.     Explore Your Options with a Business Insurance Broker (That’s Me!)

Finding the right insurance coverage can have a lot to do with who you work with. You have two main options – you can work with the insurance company directly or with an independent business insurance broker. The advantage of working with a broker is they work for you. They have your best interests in mind, can help you shop the market for the best coverage, and help you get the best business insurance rates. Plus, they can help you address specific concerns about insurance for your business.
 
2.     Find the Right Level of Commercial Insurance

While many businesses worry about being under-insured, you can also be over-insured. For small businesses with tight budgets, every dollar counts, and this is why it’s important to be thorough about assessing your insurance needs and working with a trusted business insurance broker in Toronto. Make a checklist of everything that you need to insure – including equipment, inventory, and employees and talk with your broker about your options.
 
3.     Personal Insurance Doesn’t Carry Over

A common assumption made by new business owners is the role their personal home and auto insurance plays in providing coverage for their business. Your personal car insurance coverage does not cover business usage, and if you work from home, you should look into increasing your liability insurance coverage to ensure you are covered. Avoid trying to cut corners or saving a few bucks, and make sure you have adequate insurance coverage for your business.
 
4.     Review Your Policy Annually

A lot can change in a year, especially with a business. As your business evolves, grows, and takes shape, your insurance needs will also change. This is why reviewing your business insurance policy annually is so important. The simple act of reviewing your policy helps you identify areas where you need more, less, or different insurance coverage.

Don’t make the mistake of simply renewing your insurance policy without reviewing it. It could leave your business exposed, and you could be losing out on an opportunity to save money on your business insurance premiums.

To explore your insurance options, get a free business insurance quote.