Important Commercial Insurance Add-Ons

by AMC Insurance Insurance

Before your business is up and running, you need to buy commercial insurance in Vancouver for protection against risks that might impact your business. All businesses operate in an unstable environment. You never know when a catastrophe might strike your operations and cause delays in your projects.

There are many types of commercial insurance policies. The most common one is general liability insurance. This policy covers specific potential losses, such as if someone gets injured on your work premises. It also covers damages to properties that you accidentally cause. Moreover, it protects you from defamation if you commit an advertising injury.

Since commercial insurance in Vancouver does not provide broad coverage, you should think about purchasing add-ons. However, the question is which ones?

Let’s look at the top commercial insurance add-ons that will protect your business:

Workers’ Comp Insurance

Imagine one of your employees gets injured while working on a project. The fall from the ladder resulted in leg fractures, which put him off work for several weeks. Not only do you lose manpower but also productivity and end up paying for his medical costs. This is where workers’ comp comes in. It safeguards you and your employees from any work-related injuries by settling partial loss of income and medical bills, and in severe cases, funeral expenses too.

Cyber Liability Coverage

Nowadays, many businesses are becoming victims of cyber attacks from hackers. Hackers steal sensitive information, such as credit card numbers and home addresses. Such incidents can lead to thousands of claims by customers for a breach of privacy. If your business suffers a cyber-attack, this insurance policy will safeguard your online operations and mitigate any financial burden.

Property Insurance

This insurance policy is one-step above general liability insurance. Often, these two policies are combined to form a standard commercial insurance package. Property insurance protects your commercial building, computer equipment, furniture, inventory, and other important assets from fire, theft, lightning, hail, and more perils.

Business Interruption Insurance

As the name says, this commercial insurance in Vancouver offers coverage in unexpected events such as a strike or riot that halts your business operations. If your business suffers a loss during this period, the insurance policy compensates for lost income.

Buying commercial insurance can be tricky because a business running a clothing store and another running a restaurant need different policies. Hence, you should explain to the insurance provider your operations in detail. This way, they will be able to design a policy that suits your business to a T. Make sure you don’t buy too many add-ons, or you will end up paying a high premium.

Robert Cameron is the author of this article. For more details about Cost of Condo Insurance in Burnaby please visit our website: amcinsurance.ca