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Small Business Insight | A Shutdown Could Shutter Your Company
If you run a small (1-99 employees) to medium (100-499 employees) sized enterprise (SME), you are driving the Canadian economy. In fact, according to Government of Canada statistics, “In all industries, at least 70 percent of the workforce is employed by small and medium-sized businesses.”1
While SME’s are a major economic driver, many do not have a plan in place for a worst-case scenario. In fact, a recent survey of Alberta-based small enterprises sheds light on this gap. Canadian Underwriter reports that, “One in five said they have a formal plan and an additional 27% said they had an informal plan. Four per cent did not know while the remaining 49% said they did not have one.”2
[Did you know?] Unexpected closures can be covered. The Insurance Bureau of Canada (IBC) notes, “Business interruption insurance is usually an optional add-on to your existing business property insurance policy that would cover your earnings during the period of a shutdown. For example, a retail store owner whose business has suffered fire damage would collect the income they would have expected to generate from doing business during the repairs and shutdown.”3
Whether it is your property, liability or directors risks, there are many things to consider when assessing your small business insurance needs.
Our insurance advocates understand the risks that small business faces. From assessing your liability exposures, reviewing losses to providing risk management info to calculating the current value of your property, we’re here to help.
Insurance Options For Your Small Business or SME
We take the time to assess your specific coverage needs and match these with the best possible insurance products and services. You can learn more about our many commercial insurance products, services and options by visiting our dedicated small business corner. Insights about some of the insurance coverages that are most relevant to Canadian small businesses can be found below:
ONLINE Insurance For Your Small Business or SME
We also make it easier for small business to get insurance online. Click on the links below to buy any of these online insurance products right now with us.
Sources: 1 Government of Canada: Innovation, Science and Economic Development Canada
2 Canadian Underwriter “49% of Alberta SMEs surveyed do not have business continuity plan: ATB Financial”
3 IBC.ca Business Insurance and You