#SmallBiz Insurance Roundup: July 15, 2022
Zensurance
Zensurance is a Toronto-based technology company and leading source for small business insurance in Canada.
8 Ways to Make Smart Small Business Decisions
As a small business owner, you have many decisions to make every day. Some may be minor, while others can be important enough that they can have a significant impact on your company. As you gain more experience as an owner, you’ll be more confident in making the right decisions.
But there will be times when the challenges before you are perplexing, and as the boss, it falls to you to make the decision you feel is best for growing the organization. You need to remove guesswork from the equation and address the task at hand strategically as there are different ways to determine what to do.
Here are eight strategies for decision-making in business to help guide you as you grow your company .
What Is a Commercial Umbrella Insurance Policy?
Sometimes, we all need an extra layer to be secure or comfortable.
The name may be slightly confusing, but that’s what commercial umbrella insurance is. It gives you an extra layer of coverage to pay for costs exceeding your existing business insurance coverage limits.
9 Reasons Why You Should Insure Your Home-Based Business
Working from home as your own boss has many benefits – there’s no need to commute to an office, flexible hours, and fewer expenses such as gas and food court lunches with office tower mates.
Operating your business from home also has less overhead, if only because you’re not paying rent for a commercial space. You also can enjoy tax advantages because the Canada Revenue Agency lets home-based businesses and self-employed contractors make?unique deductions to reduce what taxes they owe.
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But you shouldn’t cut corners when it comes to having the right insurance coverage to protect yourself if something goes wrong. A private home insurance policy doesn’t cover many aspects of home-based businesses, including liability, which is your most significant risk.
What Is Business Fire Insurance?
Fire is among the most frequent and common causes of damage and loss to Canadian small businesses every year.
According to a 2017 Statistics Canada report using data from the National Fire Information Database, there were over 439,000 fire incidents between 2005 and 2014, with structural (building) fires accounting for six in 10.
Recovering from a fire at a place of business is not inexpensive. Thankfully, fire insurance for business property exists as a component of commercial property insurance.
Learn what your options are to protect your business from the risk of fire with insurance and follow our recommended fire safety and prevention tips for your workplace.
What Is Course of Construction (COC) Insurance?
Picture this: it’s summertime, and your construction crew is making tremendous progress on a residential building project and is on budget and ahead of schedule. Your team is nearing the finish line with only a few tasks left to complete.
Your team finishes work for the week, but while packing things up and securing the property before departing, a bucket containing oily rags is overlooked and accidentally left sitting inside the garage of the building. It’s July, and the temperature is sweltering over the weekend. As the heat rises inside the garage, it reaches a flash-point temperature, and the oily rags spontaneously combust. The fire spreads from the garage to other parts of the structure, destroying the excellent work your team has done so far and the remaining materials on-site you need to complete the project. Now what?
If you have course of construction (COC) insurance, you can relax. COC insurance protects property owners, contractors, and the job sites, materials, and buildings under construction from the devastating costs of accidents while work is underway. It may also provide extended coverage after the project has been completed.