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Welcome to my Padlet that will discuss some different types of insurance you should consider if you plan to or already operate your own business.

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Video #1 - Professional Liability Insurance

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Video #1 - Professional Liability Insurance

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This short video provided by Zensurance gives a simple explanation of what Professional Liability Insurance, also known as Errors and Omissions Insurance, is and who might consider acquiring it.

I had never heard of Professional Liability Insurance until I was contractually obligated to have a policy while doing consulting work as an independent contractor.  After viewing this video I had a much better understanding because it does a great job at explaining what this type of insurance covers and what business owner’s would benefit from having it.  As well as the video the Zensurance website was also informative and user friendly.

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This website provided by TruShield Insurance covers in great detail the basics of Commercial Property Insurance.  They have also included and extensive list of business types that would benefit or require this type of coverage.  The website goes over the benefits and factors affecting your insurance as well as explaining additional coverage business owner's may want to consider.

I found this website to be extremely informative and useful because I plan to operate my own small business and this website includes a lot of pertinent information all in one place. I feel like I could use the information provided to make a more educated decision regarding commercial property insurance.

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Whether you operate your small business out of your home, or you rent, lease or own a commercial space - you need commercial property insurance. Commercial property insurance doesn't only protect the building you use, but a long list of things inside including equipment, inventory, furniture, computers and other electronics. It can also provide protection for things outside of the building including outdoor signs, fencing and landscaping such as gardens, trees and shrubs.

Who needs commercial property insurance?

Retail small businesses

Bakeries

Clothing stores

Restaurants

Gift shops

Florists

Pet stores

Book stores

Furniture stores

Professional services

Graphic designers

Web designers

Copy writers

Photographers

Accountants

Public relations specialists

Financial advisors

Marketing consultants

When you've suffered a loss to your property, the right commercial property policy can help with the repair cost and get you back in business quick. tweet

Benefits of commercial property insurance:

Recovery process following a loss: Suffering a loss to your small business can be a traumatic experience, and the longer it takes to get back on your feet, the worse the experience can become. If damage is done to your property as a result of an insured peril, the right policy can help get you back up and running quickly, which can help mitigate the long-term effects of the loss. By limiting your business' downtime, you also maintain your business' continuity and protect your reputation with your customers.

Repair costs: If your business suffers a covered loss, your commercial property insurance policy can help with the repair costs to get you back in business quickly. For example, if you own a commercial space, and someone vandalizes the door to your business preventing customers from entering the building, the right small business insurance policy will help get the repairs done quickly and help keep the costs to your business down.

Replacement costs: If the covered loss to your property is too extensive for repairs, commercial property insurance can often help with the replacement costs. For example, if you own a bakery and a fire breaks out in your kitchen destroying your electrical oven, your commercial property insurance policy can help keep the replacement costs low and protect your bottom line.

Business interruption coverage: If you suffer a covered loss, you likely won't be able to sustain operations right away. The right commercial property insurance policy may be able to mitigate your loss of income to help you keep up with bills, payroll and other expenses until you're back on your feet.

Unexpected losses: No matter how much you prepare your small business for the risks it faces, sometimes unexpected disasters happen. Natural disasters are often out of our control and can cause significant property damage. Instances of fire, winter storm damage, hail and some forms of water damage may be covered in your commercial property policy to help you keep costs down in these unforeseen situations.

Factors that can affect your commercial property insurance:

Insurance companies will consider a variety of factors when creating your commercial property policy and determining the premium you'll pay for your small business. Some of these factors include:

Location: Where your business operates will have a big impact on the type of coverage you need and how much it can cost. For example, if you work in an area with a high prevalence of forest fires, your coverage and premium will need to reflect that.

Replacement costs: The amount of money it would cost to replace both your commercial space and its contents will help determine how much coverage you need and how much your premium will cost.

The age of your property: As a building gets older, its likelihood of suffering a loss increases. Newer buildings will typically have lower insurance premiums than older ones. If you operate your small business out of an older building and decide to do renovations or enhancements to your property, it's important to inform your insurer as this may affect your coverage and premium.

Electrical work and plumbing: Water damage is one of the leading causes of insurance claims in Canada. The type of plumbing in your building will be a key factor in determining your coverage needs and the cost of your premium.

The factors that determine your commercial property insurance premiums can also be factors to help you lower them. There are several things you can do as a small business owner that may help lower your property insurance premiums, such as replacing the roof, improving your building security and upgrading your electrical system.

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What is Commercial Property Insurance? - TruShield Insurance

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Whether you operate your small business out of your home, or you rent, lease or own a commercial space - you need commercial property insurance. Commercial property insurance doesn't only protect the building you use, but a long list of things inside including equipment, inventory, furniture, computers and other electronics.

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Website #1 - Product Liability Insurance 101

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Website #1 - Product Liability Insurance 101

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This website page produced by Aligned Insurance explains what types of businesses benefit from Product Liability Insurance, some of their options for this type of insurance, as well other actions a business owner should undertake such as implementing quality control measures and seeking advise from legal professionals regarding risk and exposure.

Product Liability Insurance is another type of insurance that I hadn't really considered until recently. As part of my future business plans I hope to build custom furniture and found this website to be very useful when considering types of insurance that I will have to acquire when the time comes.

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Product Liability Insurance 101

Product Liability Insurance provides solid protection for your business relating to the manufacturing or sale to the public of products, foods, medicines or other items. It is typically found under the Products-Completed Operations Insurance extension, as part of Commercial General Liability (CGL) policy, this coverage provides protection against liabilities for losses due to injuries caused by malfunctions or defects in your products - including design defects or a failure to warn consumers about the dangers of using a product.

Protection For Product Liability Insurance Claims
Product Liability Insurance protects against the following claims:

Manufacturing or production flaws that cause unreasonably unsafe defects in the product. For instance, there may be traces of dangerous chemicals in your product, which could be toxic to those using it.

Design defects that make the product unsafe for use by the public.

Failure to provide adequate defect warnings or instructions for using the product. These claims arise when products are not properly labelled or have warnings that are not explanatory enough to reduce consumer risks while using the product.

Depending on the outcome of the case, money may be awarded to the party that filed the claim for compensatory loss (including medical costs, economic damages and attorney's fees) or punitive damages (designed to deter the defendant from repeating the action that caused the damage). At times, these serious product liability insurance claims have and can put organizations out of business because the awarded damages are so large.

Why Purchase Product Liability Insurance?

Even if you do not physically manufacture a product, you may be at risk for litigation and need product liability insurance. The actual manufacturer is not the only party that can be held liable for product flaws, defects and failures; retailers and wholesalers can also be found negligent. The logic here is that there is a stream of commerce that a product goes through from its inception to the hands of the consumer. If your organization had any part in that stream, you can be held liable for any problems that arise.

The Basics of Product Liability Insurance Coverage

Generally, there is limited and aggregate amount product liability insurance protection under a typical commercial general liability policy, yet it may not be enough coverage to adequately protect your business. It is wise to discuss your exposure and product liability insurance limits and coverage in depth with an ALIGNED Advocate.

Product liability insurance premiums are based on the type of products sold, volume of sales, where the products are sold to and the role of your organization in the stream of commerce.

Properly disclosing all products sold to your insurer through your broker will ensure adequate product liability insurance protection at a fair price.

Limiting Product Liability Risk
Organizations should consider implementing these techniques to limit product liability risk:

Develop a quality control program and distribute it to your employees. It should outline procedures for product safety, design, testing and inspection. It should also include information regarding traceability, guidance regarding customer complaints and a product recall program.

Place serial or batch numbers on all products to ensure that they are traceable in case of a recall.

Keep records of all information about your products, including testing, product performance, component percentages and complaints.

Ask a legal professional to review warning labels, assembly and operating instructions, disclaimers and any other information distributed to consumers. If you need additional assistance, consult a product safety specialist.

Ask a legal professional to periodically review contracts and hold-harmless agreements for use with your customers and subcontractors. Ensure that these contracts limit the liability you will assume for a quality product. Also consider obtaining certificates that evidence products liability insurance is carried by suppliers of components, parts and or finished good is recommended.

To learn more about product liability insurance and ways to mitigate product liability exposure speak to an ALIGNED Insurance Advocate by call 1-866-287-0448 or connect with us at www.alignedinsuranceinc.com

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Product Liability Insurance 101 - Insurance Broker

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Product Liability Insurance provides solid protection for your business relating to the manufacturing or sale to the public of products, foods, medicines or other items. It is typically found under the Products-Completed Operations Insurance extension, as part of Commercial General Liability (CGL) policy, this coverage provides protection against liabilities for losses due to injuries caused by malfunctions or defects in your products - including design defects or a failure to warn consumers about the dangers of using a product.

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Website #3 - Do You Need Insurance For Your Home Based Business

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Website #3 - Do You Need Insurance For Your Home Based Business

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This webpage does a great job at outlining the details regarding Home Based Insurance.  The main points describe what exactly home based insurance provides and what businesses would benefit from having it.

I found this website to be especially useful for myself because I am currently acquiring tools and building a workshop in my home that I will be using for my future small business. I am not yet earning revenue from my projects, but once I start working I will immediately have to consider this type of coverage because according to this website there is a good chance that our home insurance policy may not cover a loss depending on the circumstances.

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One of the biggest reasons owners do not carry adequate business insurance for their home based business is because they do not know they need it!

Majority of people who own a home carry a homeowner's insurance policy. However, very few home based business owners have coverage for their business. Most home based business owners assume they are covered from their homeowners policy, but this simply is not true.

What Is Home Based Business Insurance?

Let's start here. A home based business is any business where the primary office is located out of the same premise that the business owner lives. That seems pretty straight forward, so what is the insurance part? We are glad you asked! A home insurance policy offers a small amount of coverage for things like books, tools, insturments, etc that may be necessary for a business, or occupation. However, this limits are often not enough. The insurance portion of home based business coverage is designed to cover the business beyond what a homeowner's or tenants policy would.

Can I Claim For My Business Under My Homeowners Policy?

This happens all the time where individuals try to file a claim under their homeowners or tenants policy even though they have not disclosed or do not have a proper home base business policy. The insurance company is able to refuse the claim or void the coverage if this information is not disclosed or the proper coverage is not in place. For instance, if you teach guitar lessons out of your home and one of the students breaks one of the guitars, you may be denied coverage for not disclosing that you ran an operation out of your home or only receive the coverage limit from your homeowners policy, which likely won't be enough. This is the case with a lot of these examples as your homeowner's or tenants policy is not responsible to cover business related damages or losses and often won't respond or will not cover the full amount.

How Do I Get Home Based Business Insurance?

There are several options when it comes to insuring your home based business. In order to make sure you have the proper coverage it is always best to discuss with your broker, who can advise based on your operation which of the following makes the most sense for you.

Add An Endorsement To Your Homeowner's Policy

Adding an endorsement or a rider to your current property policy that will provide additional coverage for your home based business is definitely the least expensive option. However, the additional coverage you receive is very minimal. This extension of insurance coverage is best suited for a one-person business with a home office, who does not have a lot of valuable equipment and does not have clients come to their home office. If a fire or other disaster occurs it would not be a major loss for the business. This type of coverage may be appropriate for home based businesses like accountants, or sales people who do not store an inventory at home and simply use a home office. So why is this important to have? Suppose the delivery man has a package for your business and is coming to the door and he slips and hurts himself. Under your homeowners policy alone there is no coverage for those damages, you need to add the home based business endorsement to your policy in order to protect yourself against instances like this.

Home Based Small Business Insurance Policy

Another option is to take out an entirely separate policy for your home-based business. This option covers far more than the endorsement above and as such it yields a higher premium. This policy will cover your inventory and equipment, as well as liability for injury and even employees should it be required. A home based business policy is geared towards businesses who may have clients coming to their home, or who have a large amount of inventory stored in their home. A good example would be a retailer who sells clothes out of their home. If something happens and all the inventory, say $10,000 in clothes is damaged they would have a loss of income of $20,000 - $30,000. You would need a business policy to cover that loss of income.

Business Owner Insurance Policy

The final option is to take out a business owner insurance policy or a commercial insurance policy, the same as what any other business owner would need. Of course this is the most expensive option but it also provides the best coverage. The difference between this option and the option above is this will cover the entire property and operations not located on the property. The limits available on this policy are much higher with more flexibility. This type of policy would be appropriate for a business like a contractor or landscaping company who has a home office but also has a lot of equipment, additional employees and is travelling to different jobs. It is important to note that with some businesses you may require additional coverage for commercial vehicles, errors and omissions insurance, etc.

Why Is A Home Based Business Insurance Policy Important?

Covered by standard homeowners insurance policy Covered by home based business insurance policy

Looking to find out more?

Contact one of our license insurance brokers today at 1-800-361-0941, and they will be happy to discuss home based business insurance with you!

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Do I Need Insurance For My Home Based Business? - McDougall

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One of the biggest reasons owners do not carry adequate business insurance for their home based business is because they do not know they need it! But home based business insurance coverage can be crucial in the time of need.

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Website #4- Guide to Worker's Compensation in Canada for Businesses 

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Website #4- Guide to Worker's Compensation in Canada for Businesses 

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This website produced by The Balance covers some of the details regarding Workers' Compensation Insurance in Canada.  It briefly describes what Workers' Compensation is and which businesses are required to have insurance in place for it.

This website gives a fairly thorough explanation of Workers' Compensation Insurance from the side of the business owner. Generally I find that this information is more geared towards the workers but when it is explained from the other perspective it provides more clarity for the system.

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If you do business in Canada, you may be wondering if you need to have Workers' Compensation insurance there. In most cases, if you have any employees, the answer is yes, which means you have to register your business with your provincial Workers' Compensation Board (WCB) and pay Workers' Compensation Insurance (WCI) premiums based on your industry classification.

Before you start cursing, consider the alternative to Workers' Compensation in Canada. What if one of your employees got injured on the job? Could your business afford to pay their medical bills, whatever damages were awarded by the courts, and the cost of their rehabilitation?

What if more than one worker was injured? Workers' Compensation insurance protects employers from claims resulting from injuries to employees. It protects your business from lawsuits and provides employees with compensation for on-the-job injuries.

The Workers' Compensation Act is based on the Meredith Principle, outlined by then Chief Justice of Ontario, Sir William Meredith, in his report on workers' compensation more than 80 years ago.

The four parts of the principle are:

That employers bear the direct cost of compensation, receiving protection from lawsuits arising from injuries

Workers give up the right to sue their employers and receive compensation benefits at no cost for work-related injuries

Negligence and fault for the cause of injury are not considerations

A system administered by a neutral agency would have exclusive jurisdiction over all matters arising out of the enabling legislation

This neutral agency became the Workers' Compensation Board (WCB).

As an employer, your responsibilities, (besides registering with the appropriate WCB and paying premiums), are to work with employees to prevent illness and injury and to report injuries and help injured employees return to work.

Workers' Compensation is administered provincially rather than federally, which means that exactly which businesses must carry Workers' Compensation insurance and which businesses may choose to carry Workers' Compensation insurance varies from province to territory.

Generally, if your business is incorporated, or if you have any employees, you must register with your provincial Workers' Compensation Board or WCB (and pay Workers' Compensation insurance premiums). Sole proprietors or independent operators running unincorporated businesses with no employees don't have to register for Workers' Compensation insurance, although they may choose to carry optional coverage.

This isn't always the case, however; in the Northwest Territories, all businesses need to register with the WCB within 10 days of commencing operation, even if the business has no workers, as you can't get a business license without a certificate of compliance from the WCB.

In British Columbia (B.C.), virtually every employer has to register with WorkSafe Online, including people who are building their own homes, and people who hire casual domestic help on a regular basis, such as gardeners, cleaners, or nannies.

If you're a really small business, the number of employees you have may determine if you have to register for Workers' Compensation insurance in Canada. In New Brunswick and Nova Scotia, for instance, you must register for coverage if you employ three or more workers or, in Nova Scotia, operate in an industry where Workers' Compensation insurance is mandatory such as restaurants or fishing. In other provinces, such as Alberta, where you must register with the WCB within 15 days of hiring your first full- or part-time worker, or Ontario, where you must register within 10 days of hiring your first full- or part-time worker, the number of employees makes no difference.

In Alberta, directors (registered officers) of corporations are not automatically covered, although they may apply for optional personal coverage. However, if your company is incorporated in B.C., all shareholders or officers who are actively engaged in the company business are regarded as employees of the company.

In New Brunswick, employers who operate a limited company must include in their annual reported payroll all individuals receiving salary from the company, regardless of age, including the owners, executive officers, directors, and managers, which means you will have to include your children in your report if you're paying them to work for your corporation. Other provinces have age restrictions.

It doesn't matter if the employees are full-time, part-time, or casual, or if they're contract workers or subcontractors. In many provinces, such as Alberta, if you hire a proprietor (an individual who operates a company but doesn't have any employees) to do work for you, the proprietor is considered to be one of your workers, unless they maintain their own WCB account.

Even if they do, you're still not off the hook. In Alberta, If you hire contractors or subcontractors with their own WCB accounts, you have a responsibility to ensure that these accounts are in good standing, which you can do by obtaining a clearance from the WCB. This protects you from becoming liable for payment of your contractor's or subcontractor's premiums.

Some industries are exempt from mandatory Workers' Compensation insurance. In Ontario, computer programmers, private health care practices such as those of doctors and chiropractors, private daycares, travel agencies, photographers, and taxidermy are among the exempt industries. Industries that are exempt in one province may not be in another, so you'll need to check with your provincial WCB to be sure.

Even if Workers' Compensation insurance isn't mandatory for your business, you may still want to purchase it voluntarily. If you're a contractor, for example, you may find that principals prefer to deal with contractors who have their own Workers' Compensation insurance, and some companies will insist on proof that you have your own coverage.

When you purchase optional personal Workers' Compensation insurance coverage, be sure to base the amount you buy on your insurable earnings, as this is the amount that will be used to determine compensation if you do suffer a work-related injury. If you purchase only the bare minimum, you won't receive enough benefits to replace your lost income.

The cost of Workers' Compensation insurance depends upon what industry category your business is in. All the WCBs classify businesses according to the industry in which they operate because it's assumed that businesses with similar operations share similar risks.

When you first register with the WCB, you have to supply a complete description of your business operations to determine your industry category. The rates for Workers' Compensation insurance are calculated per $100 of insurable earnings. The Association of Workers' Compensation Boards of Canada has various statistics on provincial assessment rates and rates by industry classification.

There's quite a difference in the average premium rates between provinces. In 2018, for instance, Manitoba has the lowest premium rate at $0.95 per $100 of payroll. The second-lowest average assessment rate for 2018 is Alberta, at $1.02.

Meanwhile, at the other end of the scale, Nova Scotia's 2018 average assessment rate is $2.65, followed by Ontario with an average assessment rate of $2.35.

All WCBs use a performance-based pricing system, which will also affect the cost of your premiums for better or worse. On the positive side, employers who reduce the number of accidents and injuries in their operations pay less. The downside is that employers with a poor accident and injury track records pay higher premiums.

This experience plan means that you can earn discounts on your Workers' Compensation insurance premiums over time. Some provinces, such as Alberta, provide even more incentive; you can earn an additional discount of up to 20% by participating in the Partners in Injury Reduction program.

Registering with the WCB and paying Workers' Compensation insurance premiums are definitely not among most business people's favorite activities, but they are necessary. Think of what could happen to your business because of even a single judgment for a work-related injury. The WCB insurance programs provide employers with protection, allowing them to pool the risk and share the cost.

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Workers' Compensation Insurance: Does Your Canadian Business Need It?

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If you do business in Canada, you may be wondering if you need to have Workers' Compensation insurance there. In most cases, if you have any employees, the answer is yes, which means you have to register your business with your provincial Workers' Compensation Board (WCB) and pay Workers' Compensation Insurance (WCI) premiums based on your industry classification.

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Video #3 - Workers' Compensation in Ontario 

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Video #3 - Workers' Compensation in Ontario 

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The beginning of the video describes an accident that occurred and the steps that took place afterward in regard to WSIB to give the victim a chance at a decent life after his traumatic injury.  The remainder of the video show cases the fact that there are an alarming number of workers in Ontario that are not covered and shares a story about another worker that was injured but did not have the same opportunities after her injuries because she did not have coverage through WSIB.

I appreciate how this video sheds light on the fact that Ontario has some of the worst WSIB coverage nationally, and uses personal stories to highlight the different outcomes. I have worked at places without being insured and knowing what I know now I won't be doing that in the future.

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A study was complied by Perspicacity Intelligence & Analytics to review they impacts of WSIA coverage expansion in Ontario. Roughly 24% of workers in Ontario are not covered by WSIB. That leaves approximately 1, 678,000 workers in Ontario with no protection in the event of a workplace illness or injury.

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Video #2 - Do You Require Commercial Auto Insurance

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Video #2 - Do You Require Commercial Auto Insurance

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This video provided by Progressive Commercial Insurance outlines the differences between a private and commercial auto insurance policy.   The video also covers some factors that would determine whether or not the vehicle you use for your business operations would be adequately covered by a personal policy or if you would be better served by a commercial policy.

This video packs a lot of information into a relatively short amount of time, and makes it fairly palatable. I was able to use this information to help plan my future insurance needs.

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Commercial Insurance vs Personal Insurance

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Video #4 - Business Interruption Insurance During a Global Pandemic

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Video #4 - Business Interruption Insurance During a Global Pandemic

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This video sheds some light on the fact that many Business Interruption Insurance policy holders are not able to claim losses for having to close their businesses during the COVID19 pandemic.

Although this story is from an American news station I found this video to be eye opening and a very relevant lesson to learn when you go about acquiring insurance for your business.  Most people, myself included, would not think of a detail like this when shopping for a policy so it would be advisable to seek professional advice when purchasing this type of policy.

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Image #1 - Commercial Property Insurance 

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Image #1 - Commercial Property Insurance 

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This image explains in 10 seconds what advantages a Commercial Property Insurance policy would provide.

I believe the graphic using several images gives a prospective business owner a better idea of all the things that are covered in case of a loss.

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Image #2 - Commercial or Private Auto Insurance

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Image #2 - Commercial or Private Auto Insurance

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This infographic explains the difference between a private auto insurance policy and a commercial auto insurance policy for small businesses. I appreciate the different scenarios which help a person to consider what uses would be covered and what would not.

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1. The information I learned during the research for this product is how often business owners can find themselves not qualifying for insurance that they think they have.  This can occur when you are operating under personal policies for your automobile or you home, or when you don't have adequate coverage with your business policies.  A good example of this is businesses not qualifying for Business Interruption Insurance during the COVID 19 pandemic even though they have a policy and pay their premiums. .

2.  This information is relative and interesting to me because I currently operate a small business, and I plan on starting another business in the short term, and it is important to me to operate these businesses professionally.

3.  I would recommend that people I know with their own businesses either seek out professional advice or do a serious reflection on whether or not they are adequately covered by their insurance policies.