Do you own a limited company (LC)? Then you may wish to consider investing in limited company business insurance. Designed with LCs in mind, this type of business insurance can protect your company from a wide range of risks. Plus, ALIGNED has a team of business insurance experts to make shopping for limited company business insurance easier than ever before. Keep reading to learn more about this niche type of insurance, including how it can help protect your LC.
What is limited company business insurance?
Limited company business insurance is essentially business insurance. It can help protect your LC and its owners from various threats, such as property damage, negligence, bodily injury, and even cyber threats. While not mandatory in Canada, business insurance is a form of risk management, which many limited companies can benefit from. As business owners know, major financial losses or lawsuits can lead to bankruptcy and threaten your company’s existence. Spare yourself the stress, hassle, and money of taking on these potential legal and financial burdens yourself by investing in limited company business insurance.
How does limited company business insurance protect my business?
Limited company business insurance is designed to protect your LC from financial losses relating to the company’s owner, employees, customers, or physical property. The specific losses your limited company will be protected against vary depending on the coverage you choose. Examples of coverages that may be included in your business insurance policy or that could help protect your limited company are as follows:
- Commercial general liability insurance
- Business property insurance
- Professional liability insurance
- Product liability insurance
- Cyber risk and data breach insurance
How is the cost of limited company business insurance calculated?
Insurance providers consider several factors when calculating the cost of limited company business insurance. The industry, location, number of employees, product/service offered, and length of time in business can all impact the price of your policy. In addition, the coverage types and limits you choose for your policy will also determine the cost. Generally speaking, tacking on additional coverage, selecting lower over higher deductibles, and choosing higher coverage limits will raise the price of your insurance policy.