#Zensurance Newsletter: July 7, 2023

7 Things to Know Before Buying Business Insurance

Every small business owner, sole proprietor, or self-employed professional knows they need to be prepared to manage unexpected expenses or events that unfold.

And yet, a Deloitte survey of Canadian small business owners found only 6% of respondents rank identifying and managing insurable risks and protecting themselves from lawsuits and litigation among their top priorities. Meanwhile, a separate poll from 2023 finds seven out of 10 Canadian small businesses dealt with a legal dispute in the last three years, representing a 230% increase from 2015.

Here are seven factors to consider before buying a policy .

Understanding AI Hallucinations and 8 Ways to Mitigate Them

If you were asked a question but didn’t know the answer, instead of admitting it, you might take a shot at answering it as convincingly as you can. If no one knew any better, they might accept your reply as correct.?

As it turns out, artificial intelligence (AI) chatbots and platforms are somewhat human in that regard. They, too, may “make it up” when they don’t have all the correct information to reply to a query. It’s what’s referred to as an AI hallucination.

The risk for small business owners or self-employed professionals using AI tools when they hallucinate is potentially publishing incorrect information that could harm your reputation or, worse, inadvertently cause financial or physical harm to your clients and subsequently being sued for damages.

Here are ways to try to mitigate that from happening .

How to Write a Small Business Plan

If you want to start your own business, your first step is drafting a comprehensive business plan.?

A business plan is a roadmap, a framework, a blueprint, a secret recipe — it tells you where you want to go, how you’ll get there, and what you need to do along the way. However, it’s vital to apply careful planning and preparation to this process.

Read our in-depth guide on what you need to do to get started .

Why Do Lifeguards Need Insurance?

Lifeguards play a vital role in ensuring the safety of individuals in aquatic environments such as swimming pools, beaches, water parks, and lakes. These expert swimmers’ primary responsibility is to prevent and respond to water-related emergencies in public swimming areas.

Like any other professionals, lifeguards face certain liability risks ensuring water safety. While they’re trained to prevent accidents and respond to emergencies, unexpected situations can arise.?

Get an overview of the liability risks lifeguards face and how to minimize them .

10 Essential Types of Insurance to Consider for Your Small Business

Growing and maintaining a successful venture requires grit, determination, and consistency. But the road to success can be bumpy, and unexpected challenges can crop up.?

Get the lowdown on how a commercial insurance policy can help your company succeed .