#SmallBiz Insurance Roundup: October 21, 2022
Zensurance
Zensurance is a Toronto-based technology company and leading source for small business insurance in Canada.
What Is Cyber Insurance?
Inarguably, the internet has made our lives easier in countless ways. As it continues to evolve, the advantages it provides small business owners to grow their revenues and companies will increase. But there’s a downside to doing business online: cybercrime.
Unfortunately, cybercrime is as prevalent and broad as the internet itself. No individual or small business is immune from the risk of a cyber-attack or an accidental data breach that exposes your business’s or customers’ confidential information.
That puts the onus on small business owners and leaders to prioritize cybersecurity and try to reduce the risks they face. As part of that effort, find out how cyber liability insurance can aid your company if it suffers a data breach or cyber-attack.
How to Identify and Eliminate 7 Types of Waste in Your Small Business
Finding ways to lower your expenses and increase profitability while growing your business comes part and parcel with being a small business owner. That’s particularly true when economic headwinds may pose a fiscal drag on your finances.
As managing a small business’s cash flow is always a primary concern for owners and entrepreneurs, one way to give yourself an edge is to step back and take a hard look at how to eliminate wasteful activities in your company.
Enter the methodology referred to as ‘lean thinking’ or ‘lean management’. It may be the framework your company needs to rearrange how you do what you do. For startups and growing businesses, applying lean thinking principles allows you to focus on the things you’re good at and develop them before gradually adding new services to your business.
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What Is a Deductible for Small Business Insurance?
Insurance can give your small business peace of mind when things go wrong. But remember to factor in the insurance deductible in your policy if you want to avoid another unwanted surprise.
There are different types of deductibles for small business insurance – they are necessary – but how much your deductible is can vary depending on the coverage you want and what you are willing to pay in premiums.
Recap: What Is Business Fire Insurance?
October is Fire Prevention Month in Canada, an annual campaign to raise fire safety awareness in communities nationwide.?
Fire is among the most common causes of damage and loss to Canadian small businesses annually. Statistics Canada notes there were over 439,000 fire incidents between 2005 and 2014, with building or structural fires accounting for six in 10.
If a fire damages or destroys your commercial property and inventory, recovering from it is not inexpensive. That highlights the necessity to ensure you have commercial property insurance, as fire insurance coverage is included in it.