Small Business Loan + Insurance Policy = The Best Coverage
The life of a business owner is full of surprises. Some days you may land a big contract or learn about a new space that would be perfect for your business. Other days you may scramble to fix a piece of equipment or be forced to deal with a cyber-attack.
As a business owner, you should be able to quickly take advantage of unexpected opportunities while minimizing your risk of exposure. However, many small business owners get caught up in their day-to-day work and fail to prepare for unexpected expenditures. As a result, their business either stalls when they can’t capitalize on an opportunity or they suffer a significant setback when something goes wrong.
Today, we’ll be talking about small business loans and small business insurance, two invaluable solutions that can prepare you for good and bad surprises.
Small business loans
Do you have the capital you need to grow your business? If not, a small business loan can help you take advantage of any opportunities that arise without having to give up equity.
Here are some popular examples of what small business loans can be used for:
- Invest in marketing. Marketing is the best way to improve sales and brand awareness, but it requires an investment. For example, a new website or video series can cost $10,000+, and some campaigns cost much more. However, an investment in marketing can provide you with a great return and fuel the growth of your business.
- Purchase inventory in bulk. You may be able to increase your margins dramatically by taking advantage of volume discounts. For example, some suppliers discount their product as high as 50% if you purchase in bulk.
- Purchase equipment. A small business loan can give you capital to invest in new technologies and advancements. It can also provide relief if your equipment breaks. For example, you may want to repair or replace HVAC units before the summer season to save money on energy and future repair costs.
- Renovate, relocate, or expand. Small business loans can give you money to improve or expand your physical business space as well. For example, you might need tens of thousands of dollars to retrofit or build out a space.
There are many short-term business loans available today. We recommend building a relationship with your bank to get access to capital via a term loan or credit line. However, if you can’t get enough from your bank or need capital fast you can use an online lender such as Lendified. Lendified is a leading small business lender in Canada that was founded by former bank executives. They offer fast and affordable business loans through a simple online process that provides you with a free quote in minutes.
The most important thing is that you know your business loan options and are ready to leverage them when opportunities arise. Be proactive by finding out how much capital you need to take your business to the next level and see what loans you qualify for.
Small Business Insurance
Are you confident in the ability for your business to overcome unexpected problems? Whereas small business loans are used to pay for new opportunities, business insurance protects against challenges or damages.
Here are some examples of what small business insurance can be used for:
- General liability. The average cost of a slip and fall accident exceeds $20,000. If someone is on your company’s property and gets injured, you could be on the hook for their medical and associated expenses. Insurance keeps you covered should they press charges against you.
- Recover from physical damage to your business. Whether it’s a flood, snowstorm, vandalism, or theft, your business is susceptible to physical property loss. Insurance can even protect against internal theft. With 21% of businesses in Canada reporting some form of internal robbery over the last three years, this type of theft can lead to significant damages to your business.
- Protect your company from cyber crime. Is your business equipped to handle a cyber-attack, like DDoS or a virus? Canadian businesses are losing millions each year to cybercrime and data breaches. Small business insurance can help pay for associated fees or liability costs in the event of an attack or breach.
- PR-related issues and employment practices. In recent years, a third of employers have experienced an employment-related allegation. If your business is accused of defamation, discrimination, breach of contract, or another lawsuit, business insurance can help pay for your defense and legal fees.
A business insurance provider is a partner in the well-being and health of your business. By having a conversation with an insurance professional and finding the right solution for your business, you can be prepared for the unexpected.
We recommend speaking with a small business insurance broker such as ALIGNED Insurance. ALIGNED is a premiere Canadian insurance brokerage focused exclusively on business insurance. They allow claims to be reported 24/7, offer extended business hours by appointment so clients can get assistance whenever the need arises and were named one of the Top 10 Insurance Brokerages In Canada!
Your partners in success
No matter how well business is going, you should be forward-thinking and be prepared for all the good and bad surprises. Small business loans and insurance are two solutions that together give you the best coverage.
|ALIGNED Across Canada 100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves nearly 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.|