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This Padlet will be all about business insurance and important things to know about it.

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Interruption insurance is a plan that pays you what you should be making after a tragic event. for example if a fire wipes out your entire business and it isn't operational for a few weeks or months then this coverage will pay you what you would've been making based on previous profit until your business is back up and running.
I liked how this website was strictly about this type of coverage and offered different types of this insurance. It was easy to read and understand what you were getting out of each plan.

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Your ability to generate sales could be threatened at any moment. With business interruption coverage, a business owner can collect the income he or she would have expected to generate were it not for the unexpected event.​​

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On this website it explains the different types of business insurance you can buy and what each plan covers. It explains Commercial property insurance, Business Interruption Insurance, Commercial General Liability, and Commercial Vehicle Insurance. These are the four main insurance plans for this company and they cover many different things within them.
This website offers a quote option for anyone interested in what they have to offer and for people looking for a custom plan that fits with what their business is. They also have a live question chat that will have a real person answer any questions right on the website

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You'll want to know your business is protected if you ever suffer a loss. The right business insurance policy can give you peace of mind. But that's not the only time you may find yourself in need of coverage.

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Small business' are completely different then large ones. They offer different plans that protect the owner from smaller things like minor damage, small injuries, company vehicles and customer/employee general insurance. These plans are a lot cheaper then ones of o big company and seem to be more general in coverage.
I liked how this website gave lots of good examples of the different types of plans there is and explains exactly what each plan covers. This website also explains why you need business insurance and does a good job informing the customer of what the main things you need are.

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The right type of business insurance can provide peace of mind in both your personal and business life.

Why do I need business insurance?

Your business may have many assets: vehicles, office space and equipment, inventory, an indispensable employee or partner and, most importantly, yourself. To protect these assets and to protect your business from potential risks, you should consider getting insurance.

All businesses take some risks, but taking too many risks or failing to protect yourself does not make good business sense. Could your business survive if one of the partners dies or becomes disabled? Would you have sufficient cash on hand to deal with any business emergency that could arise? In many cases, the answers to these and other questions about risk is "no".

This document will help you understand the different types of insurance that are available to protect you and your business from potential liability.

Types of insurance

Insurance needs vary greatly and it is best to get advice from an insurance broker or agent who is familiar with your specific type of business. Below are different types of insurance that may apply to your business.

Insurance for owners, partners and key employees

The loss of a key person can devastate your business and your livelihood. These types of insurance can help protect your business and your family from potential risks:

Life insurance - Protects your family in the event that something happens to you. This is especially important in the case of a sole proprietorship, because the owner is personally liable for all the debts of the business.

Disability insurance - Will provide you with income for a specified period of time, if you are unable to work due to an injury or illness.

Partnership insurance or buy-sell insurance - If your business partner passes away, partnership insurance will allow you to purchase the shares and continue running the business.

Critical illness insurance - Provides you with a lump sum benefit, if you are diagnosed with a critical illness.

Key person insurance - If you rely on certain key people to help run your business, protect yourself against the loss of these key employees.

Speak to your accountant to find out which of these are deductible as business expenses and which ones you will need to pay for yourself as an individual.

Insurance for business property and earnings

You need to protect your assets and earnings in the event that a disaster or emergency destroys part or all of your business premises and assets. This could include:

Property insurance - Property insurance will cover the property and buildings owned by your business in the event of destruction or damage due to things like fire and other perils.

Contents insurance - This covers assets that you store at your business premises. If you are leasing space for your business, the owner of the property probably has property insurance, but you are likely responsible for your own contents insurance. If you run your business out of your home, you will likely need separate contents insurance for your business assets.

Business interruption insurance - If you need to shut down your business temporarily due to a fire or other peril, business interruption insurance will cover your loss of earnings until you are back in business.

Vehicle insurance - You will need to insure any vehicles that your business owns. If you use personal vehicles for business purposes, be sure to advise your insurance company.

Liability insurance

Mistakes happen. You, your employees, your equipment or your suppliers could be the cause of mistakes that ultimately end up hurting your customers, your employees or other people who are involved with your business. To protect your business from being sued, you should consider these types of insurance to limit your liability:

General liability - Covers injury to clients or employees on your premises

Product liability - Provides protection in the event that your products are defective or cause serious harm to those using them

Professional liability insurance - Provides protection if you are sued by a client for errors, omissions or negligence, when performing professional services

Cyber liability - Protects in the event of a lawsuit stemming from an electronic security breach involving compromised personal or commercial information. Can include situations relating to the theft of devices containing organizational, client, employee, or similar data.

Accounts receivable insurance

Having a client that does not pay can leave you in a difficult situation. You have to pay your employees and suppliers, and are essentially stuck covering the costs of goods sold, without the corresponding revenue. Accounts receivable insurance, also known as credit insurance, can help protect you from this risk, when a client goes bankrupt or refuses to pay.

The risks are often greater when dealing with export markets. The government offers export insurance to cover a variety of risks including accounts receivable insurance.

Health insurance

Providing a health insurance plan for employees can be a key factor in recruitment and retention of employees. You can talk to an insurance broker or company about group plans covering supplemental health and dental benefits for your employees.

Get the right insurance for your business

Making sure you have the correct business insurance can provide peace of mind. To discuss your business insurance options, contact an insurance representative to find or develop a plan that is right for you and your business. You may also wish to contact your local chamber of commerce or industry association, as some organizations offer members lower rates on their business insurance.

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Insurance for your small business - Canada Business Network

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The right type of business insurance can provide peace of mind in both your personal and business life. Your business may have many assets: vehicles, office space and equipment, inventory, an indispensable employee or partner and, most importantly, yourself. To protect these assets and to protect your business from potential risks, you should consider getting insurance.

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This website gave the top 13 insurance coverage plans for small business owners and also gave an example of why it is so important to have them. They explain what each plan covers and why it is important to a specific business to purchase the insurance.
This website did a great job of explaining what the different types of plans there are and why you need specific ones for different types of business'.

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3. Business owner's policy (BOP): A business owner policy packages all required coverage a business owner would need. Often, BOP's will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance . Based on your company's specific needs, you can alter what is included in a BOP. Typically, a business owner will save money by choosing a BOP because the bundle of services often costs less than the total cost of all the individual coverage's.

6. Professional Liability Insurance: this type of insurance is also known as Errors and Omissions Insurance. The policy provides defense and damages for failure to or improperly rendering professional services. Your general liability policy does not provide this protection, so it is important to understand the difference. Professional liability insurance is applicable for any professional firm including lawyers, accountants, consultants, notaries, real estate agents, insurance agents, hair salons and technology providers to name a few..

Newtek is a brand of Newtek Business Services Corp. (NEWT: NASDAQ). Newtek Business Services has been in business for over thirteen years, servicing over 100,000 busines...

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13 Types of Insurance a Small Business Owner Should Have

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1. General Liability Insurance: Every business, even if home-based, needs to have liability insurance. The policy provides both defense and damages if you, your employees or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party. 2. Property Insurance: If you [...]

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In this video they go over Liability coverage, Property coverage, Workers compensation, and auto coverage. They really break down what these are and how you can use these if something were to ever happen. It talks about coverages and how much you can be covered for and what would happen if you didn't have insurance.
They do a great job in this video of really breaking down what these coverages are and puts it into terms that are easy to understand for someone unfamiliar with them.

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This video talks about what types of plans are available to you and describes some of the slang that is used for different plans. They briefly describe a few different coverage plans and how bundling them together is helpful.
This video could've gone more into depth about what they were trying to explain to help people better understand the coverage plans that were talked about at the start of the video.

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This video is all about workers compensation. It explains the importance of this coverage because its coverage for something that is completely out of your control. If one of your employees gets hurt while working for you then you need to make sure you are covered 100% from them trying to get a law suit against you.
This video was very good and descriptive about how important this insurance is and if you chose to get one then workers comp is the one to

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