98 percent of enterprises in Canada are small firms, making them the foundation of the country’s economy. Many are taking needless risks in spite of its crucial role. Although almost one in five small business owners say that their biggest liability is having their business interrupted, a recent survey found that nearly 40% of them lack business insurance, which is essential for keeping their company running and safeguarding against financial loss in the event of an emergency.
According to Tang Trang, vice president of product and pricing, small business insurance for TD Insurance, that with over two million small businesses in Canada ranging in size, profits and industry, there is no one-size-fits-all approach to business insurance.
“The unthinkable can happen and no business wants to close their doors to their customers. It’s essential that business owners find the right insurance policy that meets their unique needs and gets them back to serving their customers as quickly as possible”, he added.
Given the ongoing increase in business expenses, it is not unexpected that 36% of small firms polled cited cost as a deterrent to insurance. “It can be tempting to forego insurance to cope with economic pressures, but for a small grocery store whose customer slips and falls on its property or a bakery who has to shut down due to significant fire damage, the financial loss could greatly outweigh the cost of protecting your business from the unexpected,” adds Trang.
The needs of business owners are always changing along with the economic environment. Whether they are starting a new service, purchasing new equipment, or relocating to a new retail location, company owners should always evaluate their insurance coverage and ask any questions they may have to a professional insurance advisor.
Apart from being proactive in identifying your company’s insurance requirements, there are other methods firms might avoid having to temporarily close:
- Creating safety and emergency procedures and routinely educating staff members about them
- Carrying out safety checks and resolving any concerns found
- Setting up anti-theft equipment in their car
Without insurance, managing a company is like walking a tightrope without a net; accidents can happen at any time, and the repercussions can be severe. The hazards are real and could affect your company for a long time, whether they are related to liability claims, property damage, or staff injuries. A crucial first step in safeguarding your company’s resources, personnel, and reputation is purchasing business insurance. This will give your company the financial stability it needs to endure and prosper in an uncertain world.
Learn more about business insurance at: https://newscanada.com/en/Why-you-should-consider-having-business-insurance-139966
Reference https://newscanada.com/
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