If you run a small business in Winnipeg, you might not think that being insured is that important. However, you should stop to consider that one small incident could be enough to lead to the financial dissolution of your company! For that reason, making sure that you are covered for everything that could happen, whether major or minor, is integral to protecting what you have worked so hard to build.
Business insurance is an overall concept which is meant to guarantee your protection. Insurance is intended to handle everything, from losing your partner unexpectedly, to making sure that your assets are safe should anything happen.
There are a vast number of potential risks associated with owning and operating a small business. The equipment you own, your vehicles, the office space you occupy, and the warehouse where you store your inventory, are all things that need to be insured properly. Otherwise, you could be leaving your small business vulnerable to immediate ruin.
As a business owner you know that it is virtually impossible to limit all of the risks that you encounter. The key is to find a comprehensive Winnipeg business insurance broker who knows how to reduce the possibility that you are leaving your assets, employees, or yourself, open to any potential vulnerabilities or liabilities.
For those businesses that rely heavily on key players within the top tier of the organization, careful thought should be given to the question of what would happen to the company, should something happen the players themselves. This does not only refer to a personal loss. If someone who holds a prominent position within your small business should become ill, or worse, perish, would your company have the means to carry on or maintain the status quo?
What are the types of insurance?
There are a number of forms of insurance policies that a small business should consider carrying, depending on the industry in which you operate, and what it is that you do, sell, or manufacture. An excellent Winnipeg small business insurance broker should be able to identify what your needs are, so that you are covered from top to bottom.
Insurance for individual corporate employees, partners, and owners.
Though it is unpleasant to think about, you must realize that if you should lose one of the most integral members of your business, such as a partner or owner, it could be a serious blow to your entire organization. It is important to make sure that everyone that is critical to your business is free from personal risk. You can guarantee this by having:
Life insurance – If you are the owner, you will want to make sure that your family and business are cared for should something happen to you. If you owe any debts, the only way to ensure that you aren’t leaving your family holding the bag, or your company, in financial debt, is to completely cover yourself with a full life insurance policy.
Disability insurance – If someone is left unable to work, you can help by ensuring that they will have the means to pay for their day to day bills, until they can return to work.
Buy-sell or partner insurance – If you should, unfortunately, lose your business partner, the buy-sell or partner insurance policy protects you by giving you the right to purchase your partner’s shares, so that business can continue operating.
Critical personal insurance – Should you be diagnosed with a terminal or critical illness, the critical person benefit plan will provide protection in the form of a lump sum, so that you have the means to provide for you and your family during a difficult time.
Key person insurance – If you own a business that is successful specifically because of the highly intelligent and important people working for you, you must consider that something happening to them would be a huge loss, both financially and operationally, to your company. The key person insurance is a policy that will protect the company should you lose someone whose presence is essential to the success of your business.
Keep in mind that while taking out key personnel insurance will be an expense to the business, it may actually be possible to deduct the cost of insuring your employees! A highly skilled insurance broker in Winnipeg will work with an accountant to figure out which policies make fiscal sense for you. Your broker will help you to acquire insurance policies that will protect not just the individuals who mean so much to the success of your company, but you yourself and your family, in the event that something should happen.
