How to Get Insurance for Your Business

How to Get Insurance for Your Business

Are you starting a small or medium-sized business in Canada? Congratulations! Our economy depends on the entrepreneurial spirit of people like you. But getting a new business up and running can take time. It requires careful reflection on some important topics, from how you staff and structure your organization to how you insure your business against a variety of credible risks. And that means learning more about protecting your organization by getting insurance for your business.

So, why do companies need business insurance?

It’s a great question and an easy one to answer: because you need to protect the assets that make your work possible. For example, it’s likely your organization has some valuable items in its possession, including vehicles, space in an office, computers, and specialized equipment. Depending on your type of business, these assets may be hard to replace and could be very expensive.

That’s one reason why you need business insurance, but not the only one. It’s also important to think about the value of the people working for you. Consider this: What would you do if one of your most important team members passed away or became unable to work? If this were to involve you or another member of your leadership team, would your organization be able to survive or, beyond that, continue to thrive? If the answer to any of these questions is unclear, it’s time to learn more about how to get insurance for your business.

Types of business insurance

The next step is deciding the types of business insurance you need. There are essentially two different categories when it comes to business insurance, including a) health-related insurance, and b) commercial property and liability insurance.

Health-related insurance products

Life insurance – It’s not just for protecting your own family. Life insurance (including permanent life insurance and term life insurance) can also be helpful in protecting against the loss of a critical member of your business.

Disability insurance – This type of insurance is designed to provide income in the event a member of your business team becomes disabled and unable to work resulting from an injury or serious illness.

Critical illness insurance – Similar to disability insurance but slightly different, it provides you with a lump sum benefit if the covered individual is diagnosed with a critical illness like cancer.

Partnership insurance – Are you a partner in your organization? Then you may want partnership insurance, otherwise known as buy-sell insurance. With partnership insurance, you’ll be in a better position to purchase the shares of a partner and keep the business running should something happen to them.

• Key person insurance – Similar to partnership insurance, it’s designed to protect you against the loss of vital employees, such as members of your executive team.

Commercial property and liability insurance products

Commercial General Liability Insurance – These insurance policies are designed to help protect a business against liability claims involving bodily injury and property damage.

Directors and Officers Liability Insurance – D&O liability insurance is similar to general liability insurance but has a specific focus on providing coverage for a “wrongful act,” such as an alleged error, omission, misleading statement, neglect, or beach of duty.

Cyber Liability Insurance – Today, most businesses depend on rapidly evolving technology platforms to meet the needs of their customers. This means they are likely to become exposed to cyber threats that may target customer information. Cyber liability insurance is designed to help protect an organization against threats like malicious code, distributed denial of service (DDoS) attacks, or viruses and worms.  

Getting insurance for your organization

Once you’ve determined the types of insurance your business needs, it’s time to discuss your options with a representative from a trusted insurance provider, like ALIGNED Insurance Inc.

You can find out more about how to get insurance for your business by contacting an ALIGNED insurance broker for a business insurance quote. They’ll be happy to discuss all of your options and tailor a business insurance plan to your organization’s specific insurance needs.


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