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6 Benefits of Getting Commercial Insurance for Your Business

Commercial Insurance Policy Form with a chrome dice on top

Picture two scenarios: one entrepreneur chooses business insurance, and the other does not. In comes the Canadian winter with heavy blizzards and snowstorms galore.

Which business do you think emerged from the incident unscathed?

If you guessed the entrepreneur with a commercial insurance policy, you'd be right. There are innumerable advantages to getting commercial insurance - and they're not all winter-related either.

Keep reading to find out the six benefits of choosing business insurance today.


1. Coverage of Financial Losses

This is one of the most compelling reasons to take out commercial insurance. This type of insurance will protect the business from having to pay out of pocket for unforeseen events.

Depending on your coverage type, you could have everything from expenses for natural disasters to vandalism covered!

2. Credibility

Some business owners take out insurance as a mark of their legitimacy.

An uninsured business simply doesn't carry the same weight as an insured one. Your suppliers and customers will feel secure doing business with you knowing that you will honour any commitments.

This can be a critical competitive advantage.

3. Legal Protection

All it takes is one broken contract or disgruntled employee to turn the situation into a legal matter.

Covering lawyers' fees can cost many times the cost of the entire business. Thus, instead of worrying about what could happen, commercial liability insurance will give you peace of mind knowing that you can cover the cost of a lawsuit - should it occur.

4. Covers Act of God

This term refers to any accidents not caused by human hands. Lightning, floods, fires, and more would all qualify.

This is especially critical for Canadian business owners who have to deal with the perils of the winter each year!

5. Guards Human Assets

Commercial insurance policies may also cover any human resources-related issues. In the event of an employee or owner liability, you will have the funds to keep your business running.

'Key man' insurance will also cover the disability or death of a valued employee, similar to a life insurance policy.

6. You Can Rest Assured

No business owner has a crystal ball wherein they can predict the future.

As such, you need to be prepared for the worst-case scenario. But no one should have to operate out of fear! With the right commercial insurance, you can focus on growing your business and running it productively.


Getting Commercial Insurance for All Your Needs

Taking insurance to protect your business is not a 'good to have,' but rather an absolute essential.

Getting commercial insurance is that much easier with the right commercial insurance provider. At Maynard Ken Insurance Brokers, we pride ourselves on providing financial protection for businesses.

As a family-owned business ourselves, we work hard so you can rest assured knowing you have accurate and reliable information, as well as a customized insurance policy suited for your unique needs.

Be sure to check out our commercial insurance policy details here!



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