5 must have insurance policies for SMBs

Having insurance is vital to the smooth operations of any business. It is like a security blanket which helps provide cash flow during emergencies or contingencies, so that business processes are not interrupted due to unforeseen circumstances. There are various insurance plans that cover a host of situations and liabilities. There are many commercial insurance companies in Vancouver which help small and mid-sized businesses find the best policies for their needs. It is important for business owners to know about these policies and ensure that they have the best plan in place to suit the requirements of their business.

1. Insurance for property. This type of policy covers things like your office building, equipment that you use, and expensive supplies or resources. It protects against all forms of external damage, such as theft, fire and damage due to human error etc. Some policies also have a clause which provides protection against disruption to business activities due to such property damage.

2. Insurance for commercial vehicles. As the name suggests, this policy covers any vehicles that are being utilised for business purposes. The vehicle could be of various types, including trucks, sedans, sport utility vehicles, hatchbacks, minivans, coupes etc. Sometimes employees also use their own personal cars for company business, and this plan also covers those vehicles, in case the employee may not have his/her own insurance for these.

3. Liability insurance to cover general applications. This insurance policy offers protection against damage done to business operations, owners, work force, services or products. It also covers damage done by any of the above to external agencies of varying nature.

4. Compensation to workers in the event of work-related injury. This plan covers those employees who are injured during the course of discharging their office functions. Generally, medical expenditure and salary compensation are given to the affected employee. It is a vital coverage for businesses of all sizes as it protects not only the employee but also the business owner. In the event of injury due to office-related incidents, workers can sue the company for damages. But this insurance cover helps prevent that by offering monetary compensation to the affected worker.

5. Comprehensive business coverage. This is probably the best plan to get for business owners as it provides an all-encompassing set of covers. Comprehensive business coverage plans cover various issues, such as property, vehicle, theft and vandalism, liability etc. It is probably a better idea to get one such comprehensive business insurance policy, instead of a couple of small ones, as it turns out to be more economical for the business owner. It is also often customisable, and business owners can tailor it to their needs.

Risk management is an integral part of any business operation, and getting a sound insurance policy in place to cover the vital unforeseen circumstances is pivotal to effective risk management. Business owners would do well to consult a professional commercial insurance agent in Vancouver to plan out the policy best for their individual needs.

More info visit: http://www.sandsinsurance.ca/commercial_insurance.html