#SmallBiz Insurance Roundup: July 29, 2022
Zensurance
Zensurance is a Toronto-based technology company and leading source for small business insurance in Canada.
Majority of Canadian Small Businesses Confident Despite the Pandemic: Survey??
Although the COVID-19 pandemic continued to impact small business owners’ revenue in the first half of 2022, data from Zensurance’s inaugural Canadian Small Business Confidence Index survey finds a majority of business owners and self-employed professionals feel good about their prospects.
According to the survey, 46% of respondents say their revenue was either down or about the same in the first six months of 2022 compared to the first half of 2021. However, 60% say they are confident their businesses will be successful over the latter half of this year.
Additional findings reveal what small business owners’ views on insurance are. For example, almost 40% say they shop around for insurance annually, 13% do so once every few years, and 7% say they never do. Another 40% say they don’t have a business insurance policy.
Among small business owners who do not have business insurance, most (25%) say they don’t think they need it. Others say they don’t because it costs too much (16%) or because they have personal home and auto insurance (16%). Another 13% admit they haven’t thought about it.
How to Start a Restaurant Business
Licking your chops at the thought of opening your own restaurant or food business??
If you’re considering opening an eatery in the not-too-distant future, your timing may be spot on since Canada’s food service industry is anticipated to return to pre-pandemic levels in 2023. Commercial food service sales are projected to increase to more than $97.5 billion by 2026, riding the wave of a rebound in spending.
What Is Commercial Insurance?
A common question many folks ask when doing a Google or Bing search is, ‘what is the meaning of commercial insurance?’ In other words, what?is?commercial insurance?
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Commercial insurance, also known as business insurance, is a policy designed to protect business owners, self-employed professionals and contractors, entrepreneurs, and startups from the risks they face. In general, it protects the owner(s) of a company, their employees, business property, inventory, and the products and services they provide.
Get an overview of what commercial insurance covers and what the most common coverages are for small businesses, entrepreneurs, and self-employed professionals.
Payment Processors: 5 Ways to Reduce Credit Card Processing Fees
Small business owners’ goals vary. Some want to grow their startups into massive corporate giants. Others look to earn a steady income and establish a healthy work-life balance or focus on providing good-paying jobs to the people in their communities.
No matter the reason for starting your small business, there is one common requirement all small business owners must have to attain their goals: steady cash flow.
Many businesses outgrow payment aggregators and eventually transition to one of Canada’s six major processors. After setting up a merchant account with a payment processor of your choosing, you can choose between a regular flat-rate plan or a variable rate plan. Of course, your merchant account provider will charge fees associated with the type of account you have.
What Is Business Interruption Insurance?
When things go awry, and your small business’s ability to generate sales is threatened by an unexpected event, are you able to weather the storm?
A 2021 survey?of Canadian businesses on the topic of emergency preparedness found four out of five companies have had their operations interrupted over the past five years. Interestingly, only 37% of businesses surveyed say they’re fully prepared to deal with an emergency or disaster.
Business interruption insurance can be the lifeline you need to cover your losses resulting from an insurable event, such as a fire, theft, or windstorms.