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Do You Need Business Insurance?

Do You Need Business Insurance?
Protecting your business is important to the long-term success regardless of the industry, the size of your business or the assumed level of risk. Business insurance provides coverage and peace of mind related to the financial costs of unforeseen events such as damage caused to third parties, accusations of professional negligence or defective products.

Your business is unique and the coverage requirements will vary depending on your business needs.

Do you require insurance to run a business?

Business insurance is not required to run a business however it is important to consider potential exposures you may be liable for in the event of a claim or lawsuit. A lawsuit can include legal expenses and medical expenses that may threaten and put a financial burden on your business if you are not properly covered. In some provinces, certain professions require Professional Liability or Errors and Omissions Coverage.

Examples of professions that require professional liability insurance include:

  • Lawyers
  • Accountants
  • Architects
  • Real estate agents
  • Appraisers
  • Home inspectors
  • Surveyors
  • Mortgage brokers
  • Occupational therapists… just to name a few.

Click here to learn more about business insurance or to begin your online quote. If you’d like to speak with a business insurance professional, reach out during business hours at 1-800-679-2640