#SmallBiz Insurance Roundup: June 3, 2022

6 Reasons Why Your Small Business Needs Legal Expense Insurance

Legal expense insurance was first offered in Canada in the 1990s. Over time, it’s become more commonplace for small business owners, self-employed professionals and contractors, and entrepreneurs to add it to their business insurance policies.

It’s a wise move, especially when you consider it’s not a pricey add-on for a policy (it typically costs around $200 annually). However, if you don’t have it in your policy, here’s why you should think about adding it .

How to Do a Business Name Search in Canada

Starting a business can be both stressful and exciting. You want to?be a successful entrepreneur, which requires time and hard work. You’ve come this far, and now it’s time to come up with a snappy name for your business.

It’s a critical step. After all, a catchy business name can create brand awareness, drive customer loyalty and sales, and eventually help you attract the talent you need when it’s?time to hire employees. It’ll also be on all your advertising and marketing materials, legal documents, and more. Here are the steps you need to take .

How to Do a Contents Inventory for Commercial Property Insurance

When you purchase commercial property coverage, one of the things that is covered is your company’s inventory.?Specifically, commercial property insurance includes coverage to repair or replace your merchandise and inventory if damaged by fire or flood or stolen by a burglar. It also provides coverage for replacing or repairing your equipment, electronics, furnishings, and repairs to the building itself.?

It’s recommended that you create and maintain an up-to-date contents inventory. Your inventory is a list of all the physical assets and goods that your company needs to operate.?But taking stock of every piece of merchandise and its estimated value at your place of business sounds like a Herculean task. So, how do you do it? Here’s what you need to know .

Types of Communication Styles in Business

Business communications can be tricky. You want your brand and messages to stand out and be memorable and respectful and not offend (or bore) anyone. Is it okay to be witty, or should a serious business always play it straight? Can you mix it up sometimes, or is it best to pick a style and stick to it?

The tone of voice you use when developing your business communication style affects how people notice your business, and it can also influence who’ll want to do business with you. Learn how to decide on the right tone of voice for your business .

Insurance Broker vs Insurance Company: What’s the Difference?

What is an insurance broker, and what do they do? Also, what’s the difference between an insurance broker and an insurance company?

There tends to be a bit of confusion between what an insurance broker does and how it compares to what an insurance company does. Though the two work together, they are unique entities that provide different services to their customers. Get a brief overview of the difference between the two .