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Monday, 26 May 2014

Business Owners and Insurance Policies



As a business owner, protecting your business should be your main priority. With so many Fort McMurray commercial insurance policies available on the market today, how do you make the distinction between the policies that you need and the ones that you don’t?

If you own a business, the first type of coverage that you will have to arm yourself with is known as general liability coverage. The latter protects you—or one of your employee, if applicable—against the financial loss associated with someone filing a lawsuit against you. By owning this policy, you will not have to worry about the costs related to your defence. You will not have to worry about the settlement either: Everything will be taken care of by your insurance company. While some lawsuit might not be founded, people may decide to sue you if they have received an injury or experienced professional negligence at the hands of you or one of your employees.

The second type of coverage that you should never underestimate is known as property coverage. Quite simply, this type of policy is there to safeguard the building(s) and any physical property associated with your company. It is good to know that even self-employed people can benefit greatly from this policy. If you believe that you are prone to fire, theft or vandalism, then we don’t recommend going one more day without owning this policy.

Lastly, we recommend that you spend some time discussing what type of business insurance coverage your company needs with your insurance broker. The world of insurance is vast and can sometimes be confusing. What suits a company owner might not fit another. Only by discussing it in details with a professional will you be able to know what’s best for you.

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