Errors and Omissions or Professional Liability Insurance
Like general liability insurance, this enhanced liability coverage protects businesses that deal in the offering of professional advice and services. For some industries, it’s a mandatory purchase and can cover expenses like administrative fees, defence costs, settlements, and awards.
Commercial Automobile Insurance
For companies that have commercial automobiles, whether they’re sedans, vans, or huge trucks, commercial automobile insurance is a must-have to protect your business’s liability if your business vehicles should cause injuries or damages while in use. An endorsement for this coverage may also protect your employees’ vehicles if they use them for business activities.
Equipment Breakdown Insurance
Particularly designed for businesses that make use of a lot of expensive and necessary equipment and tools, equipment breakdown insurance helps protect your business if any of its machinery should unexpectedly break down and you need to purchase a temporary replacement or perform repairs. This helps you keep your business going even if your tools break down.
It can be for some industries. Professional liability insurance, a type of heightened liability insurance for professional occupations, can insure your business against claims alleging negligence, errors, and omissions. For lawyers and medical professionals, this insurance can be required. Otherwise, it’s only highly recommended.
For an average small to medium-sized business in Orillia, business insurance can cost anywhere between $300 and $1,500 a year. Consider it like you would any other integral business expense and factor in its costs into your yearly budget. Insurance is never something you should skip, especially when your business means so much to you.
There are so many reasons why you should carry business insurance in Orillia as an invested business owner. Business insurance protects your business property and protects you against liability, thus giving you peace of mind. It also protects your employees, makes you more reputable as a business, and protects you from bearing the costs of expensive lawsuits. In short, business insurance is one of the main ways you can keep your business prepared for any unpleasant surprises.