Business Insurance by Nicole Gouin https://padlet.com/nicolegouin1/j0zh3ggnro2v3c3x By Nicole Gouin en-us 2020-11-12 00:57:39 UTC 2025-10-21 13:43:02 UTC hello@padlet.com nicolegouin1 https://padlet.com/nicolegouin1/j0zh3ggnro2v3c3x/wish/960449108 Hi there, and welcome to my Padlet! Here, we will discuss the major aspects of business insurance and its importance. I will take you through several videos, websites and images to get a better insight of what business insurance really is, and what it's all about. Hopefully, you find quality information and gain a better understanding of how it works and what to expect in a business setting.      ]]> 2020-11-25 16:39:52 UTC https://padlet.com/nicolegouin1/j0zh3ggnro2v3c3x/wish/960449108 Video #1 nicolegouin1 https://padlet.com/nicolegouin1/j0zh3ggnro2v3c3x/wish/973333870 In this video, it welcomes the overall picture of what business insurance is and why we have it. It explains how it is necessary for occurrences such as accidents, injuries, negligence, theft or other losses. Just like any other type of insurance, it will help pay for these disasters and protect from liabilities once a disaster occurs.  It further talks about the primary types of business insurance that most, if not all businesses will and should obtain. The 3 most common types are general liability, workers compensation and professional liability. That being said, there are many other policies specialized to match different businesses. I chose this video because I thought it was a great introduction to business insurance and gave great examples in a timely manner. ]]> 2020-11-30 20:32:23 UTC https://padlet.com/nicolegouin1/j0zh3ggnro2v3c3x/wish/973333870 Video #2 nicolegouin1 https://padlet.com/nicolegouin1/j0zh3ggnro2v3c3x/wish/973444826 Although this video is quite short, it was the only one that I noticed that gave a simple breakdown of how the cost of business insurance is determined. Due to the fact that every business is different and will require different insurance policies contribute to the overall cost. Some ways insurance companies will determine your premium is based on the business size, the past revenue, the type of industry it is and past experience you have in a business setting. Regardless, if you are in a small business or multimillion dollar business, it is crucial to incorporate business insurance into your business plan. Anything could happen to your business, especially when working with the public. I chose this video because it was specifically created for Canadian business owners.  ]]> 2020-11-30 21:01:52 UTC https://padlet.com/nicolegouin1/j0zh3ggnro2v3c3x/wish/973444826 Video #3 nicolegouin1 https://padlet.com/nicolegouin1/j0zh3ggnro2v3c3x/wish/973520551 This video gives insight to the unexpected risks and dangers a business might experience such as a fire, theft incident, or an uncontrollable event. Realistically, all of these examples are never expected or called for, meaning a business can never really prepare or prevent incidents like these from happening because they do unfortunately happen. The purpose of this video is to inform others, specifically business owners, to inquire in the right type and right amount of insurance to protect their business from the unexpected. This video also demonstrates what a business can do if they were unable to remain because of a disaster. Business interruption insurance is a type to help cover lost revenue, payroll, and other expenses and costs during this time. I chose this video because I think it is a great example and relates to the current pandemic we are facing. A lot of businesses are and have been going through times of temporary shut down and a decrease in profit. Hopefully this will be an eye opener for them to acquire this type of insurance if they haven't already. ]]> 2020-11-30 21:26:30 UTC https://padlet.com/nicolegouin1/j0zh3ggnro2v3c3x/wish/973520551 Video #4 nicolegouin1 https://padlet.com/nicolegouin1/j0zh3ggnro2v3c3x/wish/973576985 This video is on a Toronto-based, small business owner who went through 3 unexpected disasters within his own business as a wood worker. He dealt with a fire, a flood, and a thumb injury. He states in the video “I was just watching my business, my livelihood basically going up in smoke” after discussing the fire incident. Even with the most unexpected incidents that are prone to happen, such as the incidents the woodworker faced, it is very necessary and very crucial to incorporate business insurance into something you are investing in. Without it, there’s that chance of losing everything because of things like physical damages or even lawsuits. I chose this video because it was an example of a local business, started from an entrepreneur, who didn’t think or care to have business insurance until he relaxed how important it was for him and the future of his business.      ]]> 2020-11-30 21:46:38 UTC https://padlet.com/nicolegouin1/j0zh3ggnro2v3c3x/wish/973576985 Image #2 nicolegouin1 https://padlet.com/nicolegouin1/j0zh3ggnro2v3c3x/wish/973670213 This image demonstrates that there’s not just one field of business that requires insurance. Every type of career comes with its different safety risks, different negligence, and different losses. Although some businesses might inherit other types of insurance and policies because of what they specialize in, all businesses should have general liability. ]]> 2020-11-30 22:24:04 UTC https://padlet.com/nicolegouin1/j0zh3ggnro2v3c3x/wish/973670213 Image #1 nicolegouin1 https://padlet.com/nicolegouin1/j0zh3ggnro2v3c3x/wish/973670500 This imagine represents how business insurance works. To put it into perspective, the umbrella represents the insurance, and the pile of money sitting underneath is the business itself. The umbrella is what is protecting the money (the business) from any destruction or interruption from the rain. The rain can be compared to any occurring issues in a business such as physical damages or bodily injuries.]]> 2020-11-30 22:24:12 UTC https://padlet.com/nicolegouin1/j0zh3ggnro2v3c3x/wish/973670500 nicolegouin1 https://padlet.com/nicolegouin1/j0zh3ggnro2v3c3x/wish/973670943 1. What did you learn about your topic that surprised you the most?

After being informed on how essential business insurance can be for any company, what surprised me the most was finding out that there is no statutory requirement for a business to have insurance, although it is very recommended and can save a lot of money. 

2. Provide a real-life example of how this topic is relevant or interesting for you?

This topic is relevant to me because I aspire to one day open up my own spa business. Before doing this assignment and researching business insurance, it never even crossed my mind that that would be an expense that would be very useful and important to look into. Especially for a retail business, working on the public and having many different clients a day can encounter all kinds of issues and concerns for the business itself.

3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

If I could pass on my knowledge regarding business insurance to a family member or friend, I think the most important thing to pass on is to get business insurance if they are thinking of opening up one on their own!! Not only that, but explain the reasoning and why it is so important. Sharing all the benefits as well as all the potential risks they'll take if not going through with insurance will help them better understand. ]]> 2020-11-30 22:24:24 UTC https://padlet.com/nicolegouin1/j0zh3ggnro2v3c3x/wish/973670943 Website #4 nicolegouin1 https://padlet.com/nicolegouin1/j0zh3ggnro2v3c3x/wish/973671527 This website gives insight to 7 different ways business insurance can save your company. I think it’s important for business owners to understand the benefits of paying for insurance and to know that it is worth the investment; especially when investing in an entire business and have lots of responsibilities and a lot at risk if things went bad. These 7 benefits are:
1.     Reduces financial risks 
2.     Protects property 
3.     Helps care for your employees
4.     Lessen the financial burden in the aftermath of a disaster 
5.     Safeguards assets  
6.     Helps support your community 
7.     Helps plan for the future with confidence
I chose this website because it is a very positive outlook on what business insurance has to offer for any company. 
]]> 2020-11-30 22:24:42 UTC https://padlet.com/nicolegouin1/j0zh3ggnro2v3c3x/wish/973671527 Website #3 nicolegouin1 https://padlet.com/nicolegouin1/j0zh3ggnro2v3c3x/wish/973671802 This website is an actual example of a Canadian business insurance company. It is called Insurance Bureau of Canada (IBC). This company’s website provides a list of issues that have and are currently impacting commercial insurance such as COVID 19, rising costs, climate change, and the economic environment. Just below is IBC’s action plan to support business owners who are going through challenges such as the ones listed above. Launching a commercial task force as well as launching a business insurance action team are just two of the ways they plan to help. I chose this website because I wanted to get insight on at least one insurance company and get some idea as to what they offer on a broad spectrum. ]]> 2020-11-30 22:24:50 UTC https://padlet.com/nicolegouin1/j0zh3ggnro2v3c3x/wish/973671802 Website #2 nicolegouin1 https://padlet.com/nicolegouin1/j0zh3ggnro2v3c3x/wish/973672037 This website explains the importance of having insurance for your small business. Instead of referring to the broad aspect of business insurance as a whole, it classifies it into 4 main categories of common insurance coverages. It goes into depth with property damage, along with prolonged shutdown. In situations like these, seeking property insurance and business interruption insurance is a great way to cover your losses of profit in the time being. Most of these insurances are customizable to your business and will create a quota based on what your business will need and can afford. I chose this website because it has a good amount of information on why business insurance is important and what it can help with.    ]]> 2020-11-30 22:24:56 UTC https://padlet.com/nicolegouin1/j0zh3ggnro2v3c3x/wish/973672037 Website #1 nicolegouin1 https://padlet.com/nicolegouin1/j0zh3ggnro2v3c3x/wish/973672156 This website breaks down the understanding of business insurance and the commonly used types that can be provided to a business. Although it is highly recommended for a small, medium or large businesses to have business insurance, not all are aware of how important it can be in terms of saving the business and avoiding liabilities. The article expresses that without business insurance, it is crucial to at least work with an experienced, licensed insurance broker. As for the common types of business insurance, there are 6 listed on this website that are fairly self-explanatory: professional liability, property insurance, home-based business (will need additional coverage), product liability insurance, vehicle insurance, and business interruption insurance. I chose this website because it is very straight forward and describes the types of insurance very well.]]> 2020-11-30 22:24:59 UTC https://padlet.com/nicolegouin1/j0zh3ggnro2v3c3x/wish/973672156