Does your business need insurance?

Does your business need insurance?

Without being compulsory, business insurance could be very useful for any entrepreneur ensuring the sustainability of his business. Indeed, an accident or a lawsuit could have disastrous consequences on the survival of a company. Some insurance coverage may even be required by creditors and suppliers. Here are a few examples to help you establish the needs for your business.


Limit damage to commercial property
Would you be able to repair the damage suffered by your business after major water damage? Already, for both building and property damage, the various costs of cleaning and repairing after a disaster could add up quickly.
In addition, you may have to rent another commercial space during the work. Retailers may have to buy back new inventory of merchandise. Professional service companies, on the other hand, may have furniture or computer equipment to replace.
Protect your premises, equipment and goods in the event of fire, theft, vandalism or water damage with company property insurance.
Minimize the impact of a commercial vehicle accident
Does your cargo travel the roads in your commercial vehicles? An accident could then mean the total loss of the vehicle, but also of the goods it contains.
For example, one of your employees causes a collision with another car and damages the goods to be delivered during the day. Such a situation would cause financial consequences and delays in your deliveries.
Cover damage to your vehicle in a responsible accident with Commercial Vehicle Insurance and protect your merchandise with Commercial Property Insurance.
Anticipate the consequences of equipment breakdown
Does your service delivery depend on specialized equipment? Some equipment could be damaged by a power surge when power returns after a power failure, for example.
The bill for repairing or replacing this equipment could easily climb, especially when the situation needs to be resolved quickly to ensure business continuity.
Obtain reimbursement for replacement costs for covered equipment damaged accidentally through your company insurance.
Think about civil liability
Does your financial forecast include the funds needed if your business is held liable following a disaster? A fire could start in your business and spread to adjoining places.
In such a case, you could be found liable and have to pay for the damage caused to neighboring businesses: your company civil liability insurance could then cover the damage suffered by these third parties as well as your defense.
Protect your business when a disaster strikes at your place of business and causes property damage or personal injury to others with liability insurance.
Prevent cyber risks
Could you absorb all the costs associated with the refurbishment of your compromised systems? A cybercriminal could disable the computer systems on which your business depends to provide its services or sell its goods online.
This could hamper your operations for an indefinite period of time. Without adequate insurance protection to back you up, then you may have to absorb operating losses in addition to the costs of restoring your systems.
Insure your business and your IT systems against cyber threats and cyber attacks with the right insurance guarantees.
Providing the necessary provisions to deal with all of these circumstances is unthinkable. This is why these insurance protections could become important for entrepreneurs. Depending on your business, in addition to P&C insurance, other insurance may be relevant to consider, such as business loan insurance, business legal insurance, and health insurance, for example.
Take advantage of the expertise of Desjardins Insurance damage insurance agents to help you define the insurance coverage that is advantageous for your business. If you would like more information for your industry, visit our section on this subject.