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Small Business Insurance Chilliwack

No matter what kind of small business you own—restaurant, construction company, hair salon, tattoo parlour, etc.—having the right insurance policy can help ensure that you are covered in the event of an accident or disaster. At Wheeler-Homemakers Insurance, our professional insurance brokers will take the time to really get to know you, your business needs, and your expenses before helping you select the best business insurance policy for your unique situation. Get in touch with us today to find out which small business insurance policies will work best for your business.

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Types of Small Business Insurance

Some of the different types of small business insurance policies that you can choose from include but are not limited to:

Liability Insurance

Small business liability insurance works to provide businesses with protection from costs associated with claims made against the company for property damage and bodily harm. While there are several different types of liability insurance options available, the options that will work best for you will depend on the type of business you own. Some of the types of small business liability insurance you can choose from are:

  • General liability—helps protect employees, clients, and other visitors to your business in the event that someone is injured while on your property.
  • Product liability—protects the business if the company's products cause serious harm to the user or are defective.
  • Professional liability—also known as errors and omissions insurance (E&O) or malpractice insurance, provides protection against being sued for an omission, error, negligence, or misstatement in advertising.

Property Insurance

Fire, storms, flooding, and other natural disasters can be detrimental to any business space. Purchasing property insurance for your small business can help you recover from the financial loss of property damage caused by an event covered under your specific insurance policy. Some of the different scenarios that you can purchase property insurance for include:

  • Damage to the business' physical location caused by a flood, fire, storm, or natural disaster.
  • Damage to tools, assets, and business documentation.
  • Damage caused by vandals and thieves.

Business Income Insurance

In the event that your business has to shut down because of a covered peril, business income insurance works to help cover lost income and expenses over the course of the shutdown. Usually the business income that is covered by this type of insurance is classified as taxable and includes any revenue that is made from a business-related activity.

Small Business Insurance FAQs

What is Business Insurance?

Business insurance policies are uniquely designed to help protect a business' physical property, financial assets, and intellectual property from a wide range of covered losses, such as:

  • Fire damage
  • Storm damage
  • Theft
  • Vandalism
  • Property damage
  • Lawsuits
  • Loss of income

While a standard business insurance policy may not cover all of the different perils that could potentially impact your business, your insurance broker can help you select add-on policies that can be purchased alongside a standard business policy, providing your business with even more coverage against unique risk factors.

Do You Need Insurance to Start a Small Business?

While every business needs insurance to help cover a range of costs associated with covered risks, it is important to keep in mind that there is no one-size-fits-all policy. If you are planning on starting a new business, make sure to speak with a qualified insurance broker to find out which business insurance policies will work best for your unique wants and needs.

Is Business Insurance Mandatory in BC?

Business insurance is not mandatory in BC; however, certain businesses may be required by law to have WorkSafeBC coverage. Even though business owners do not have to purchase business insurance, having a solid insurance policy will help protect you in the event of a workplace accident, lawsuit, or natural disaster.

How Much Does Small Business Insurance Cost?

On average, BC business owners can expect to pay between $300-$1700 for business insurance; however, the total cost of your business insurance policy will depend on a variety of different factors, including the business' size, type, industry, and sector. Your insurance broker can help you select the best business insurance plan for your needs and budget.

What Type of Insurance is Most Important for a Business?

General liability insurance tends to be the most important type of insurance for a business to have. This is because general liability provides coverage for a wide range of different types of claims, including bodily damage, property damage, medical payments, damage to products, property damage, etc.

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