What insurance do I need as a business owner?

As a business owner, it’s important to ensure you have the proper insurance in place. Every business is different and finding the right balance between risk protection and affordability is key. This infographic will help you understand the types of insurance you may want to consider.

Insurance for business owners

Life and disability insurance

  • Protect your family and business if you aren’t able to work for health reasons or pass away
  • Not offered by all business insurance brokers

Property and General Liability Insurance

Often required when getting a business loan from a bank

Two kinds of insurance bundled into a single package

  • Property Insurance: Covers loss of business assets such as buildings, inventory, materials, equipment and furniture
  • General Liability Insurance: Protects against liability claims made by a third party as a result of negligence.

Business Interruption Insurance

  • Helps recover lost business income and ongoing business expenses if your business needs to be closed temporarily.

Combined Commercial Insurance

  • Includes various types of business coverage that a business owner may need
  • Typically includes business interruption, property and liability coverage
  • Good option for companies who require complete protection, tailored to your requirements, with the convenience of one policy and premium

Vehicle Insurance

  • Company vehicles require separate auto insurance policies

Professional Liability Insurance

  • Also known as errors and omissions
  • Protects against negligence or failure to deliver a service as promised.

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