Does My Business Need Insurance?

Posted in Business / Insurance / Regina / Saskatoon



Need Business Insurance Regina use Galon Insurance

Why does my business need insurance?


The main reason businesses should carry business insurance is to protect their assets such as buildings, contents, stock, equipment. The replacement of the real property for the unexpected. As well general liability coverage to protect the business from any lawsuits. Liability covers the operations of the business for any third party property damage or bodily injury they may be found negligent and responsible for. For example a building owner who leases the building to others may liability exposure would be slip and fall of a customer entering the building.


What industries definitely need insurance?


All businesses should carry at least liability insurance and can forgo to self insure their property if they so choose. Industries such as trucking, contractors or other business who perform services for the public should carry insurance and sometimes are required to carry minimum liability limits according to laws or bylaws.


What industries definitely don't need insurance?


None as all businesses can be open to lawsuits and those with smaller risk pay smaller premiums.


What are some of the common business insurance claims?


Theft of tools or equipment is a large one, water damage by sewer backup of broken pipes is another large one for building owners. Slip and fall claims are becoming more and more common. A business has a high responsibility to ensure all customers are safe and warned of any apparent hazards at the business premise.


I'm a freelancer, do I need business insurance?


Yes depending on the type of freelance work would depend on the coverage needs. Freelance writer would be more susceptible to personal and advertising injury suits from libel, slander or defamation of character type losses. Freelance contractor would be more susceptible for damage to third party property.


My company is a service company, no product, or manufacturing or anything dangerous, do I still need business insurance? If so, what would I need?


Mainly commercial general liability of at least $1,000,000 but we would recommend a minimum of $2,000,000 depending on the natures of service work. Some service type work requires errors and omissions coverage such as IT service, architects or engineers etc. Any service work that would be considered professional service work would require errors and omissions for providing misinformation, miscalculations that could cause financial loss to a third party.


How do I make a claim using my business insurance?


Give us a call and report and property losses or any instances that could give rise to a lawsuit. Or if a notice of claim is received to present the notice of claim to us as soon as possible. With any liability claims the business owner should never accept responsibility even if it is black and white their fault until they have spoken with their insurer.


Can I get extra coverage for my business?


Yes we can provide all types of coverage for business above and beyond the standard property and liability coverage. We can provide business interruption coverage to insure the loss of income a business may sustain during repairs of a fire loss or any other insured loss that closes the business for a period of time. We tailor the business insurance package to the needs of the business owner based on the amount of protection they would like and the cost they would like to pay. We quote all our markets to ensure the most comprehensive package at the most competitive premium however we will not sacrifice coverage for price but we will provide the options and explanations to ensure the business owner makes the best choice for them.


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