Protecting Your Business
Protecting your growing business
The need for protection against loss will increase as your business expands. This table outlines some key areas of concern along with effective ways to protect yourself and your business from loss.
|What concerns you?
||How to protect yourself and your business
|How can I protect my business from accidents that may occur on business premises?
||Liability insurance protects you and your company in case of an accident on the premises, negligence on the part of an employee or a deficiency with one of your products or services.
|What happens to my business if it is affected by fire or theft?
||Property insurance protects your premises and equipment and can provide the funds you need for replacement or repair. If you work from home, make sure your property insurance covers your business assets and activities.
When the situation involves a long-term disruption in your business activities, business continuation coverage can cover your ongoing costs, even during a business shutdown, and provide the funds you need to get your business back up and running as quickly as possible.
|Mistakes happen. How can I reduce risk in case of an oversight in delivering products and services?
||Errors and omission insurance offers important protection against potential litigation. Even if your company is not at fault, the cost of defending a claim can threaten your business.
|How can I protect my business if a key person, guarantor or owner (either myself or a partner) dies or becomes disabled?
||Business Loan Insurance Plan1:
- Life Insurance Coverage: Should an owner, key employee or guarantor pass away, this coverage provides up to $1,000,000—per insured person— against the qualifying balance to help pay off insured loans under the policy.
- Disability Insurance Coverage: If a disability prevents an owner from working, the optional disability coverage can provides up to $7,000 per month towards all insured loans under the policy for up to 48 months.
- Accidental Dismemberment Coverage: Included with your life insurance at no additional cost, this coverage pays up to $50,000 against insured loans if an insured person suffers an accidental dismemberment.
|What kind of insurance do I need for my fleet of delivery trucks?
||If a vehicle is used regularly by employees or others for making business deliveries, you need a commercial automobile insurance policy with comprehensive liability and accident coverage.
1 Business Loan Insurance Plan is underwritten by Sun Life Assurance Company of Canada, a member of the Sun Life Financial group.