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Protecting Your Canadian Business With Insurance

Business Startup

Your business may have many assets: vehicles, office space and equipment, inventory, an indispensable employee or partner and, most importantly, yourself. To protect these assets and to protect your business from potential risks, you should consider getting insurance.

All businesses take some risks, but taking too many risks or failing to protect yourself does not make good business sense. Could your business survive if one of the partners dies or becomes disabled? Would you have sufficient cash on hand to deal with any business emergency that could arise? In many cases, the answers to these and other questions about risk is “no”. All businesses take some risks, but taking too many risks or failing to protect yourself does not make good business sense. Could your business survive if one of the partners dies or becomes disabled?

Types of Insurance

Insurance needs vary, and it is best to get advice from an insurance broker or agent who is familiar with your specific type of business. Below are different types of insurance that may apply to your business.
Insurance for owners, partners and key employees.

The loss of a key person can devastate your business and your livelihood. These types of insurance can help protect your business and your family from potential risks:.

Life Insurance: Protects your family if something happens to you. Especially in the case of a sole proprietorship because the owner is personally liable for all the debts of the business.

Disability insurance: Will provide you with income for a specified period, if you are unable to work due to an injury or illness.

Partnership insurance or buy-sell insurance: If your business partner passes away, partnership insurance will allow you to purchase the shares and continue running the business.

Critical illness insurance: Provides you with a lump sum benefit, if you are diagnosed with a critical illness.

Key person insurance: If you rely on certain key people to help run your business, protect yourself against the loss of these key employees.

To find out which of these are deductible as business expenses and which ones you will need to pay for yourself as an individual, please contact an accountant.

Insurance For Business Property and Earnings

You need to protect your assets and earnings if a disaster or emergency destroys part or all of your business premises, and assets including:

Property Insurance: Property insurance will cover the property and buildings owned by your business in the event of destruction or damage due to things like fire and other perils.

Contents Insurance: This covers assets that you store at your business premises. If you are leasing space for your business, the owner of the property probably has property insurance, but you are likely responsible for your contents insurance. If you run your business out of your home, you will likely need separate contents insurance for your business assets. You will likely need separate contents insurance for your business assets if you run your business out of your home.

Business Interruption Insurance: If you need to shut down your business temporarily due to a fire or other peril, business interruption insurance will cover your loss of earnings until you are back in business.

Vehicle insurance: You will need to insure any vehicles that your business owns. If you use personal vehicles for business purposes, be sure to advise your insurance company. Be sure to advise your insurance company if you use personal vehicles for business purposes.

Liability Insurance

Mistakes happen. You, your employees, your equipment or your suppliers could be the cause of mistakes that ultimately end up hurting your customers, your employees or other people who are involved with your business. To protect your business from being sued, you should consider these types of insurance to limit your liability:.

General Liability: Covers injury to clients or employees on your premises.

Product Liability: Provides protection if your products are defective or cause serious harm to those using them.

Professional Liability Insurance: Provides protection if a client sues you for errors, omissions or negligence when performing professional services.

Accounts Receivable Insurance

Having a client that does not pay can leave you in a difficult situation. You have to pay your employees and suppliers and employees and are essentially stuck covering the costs of goods sold, without the corresponding revenue. Accounts receivable insurance, also known as credit insurance, can help protect you from this risk when a client goes bankrupt or refuses to pay.

The risks are often greater when dealing with export markets. When dealing with export markets, the risks are often greater. The government offers export insurance to cover a variety of risks including accounts receivable insurance.

Please visit this page for more details.

Invest Your Money In A Business

Business Startup

It’s everyone’s dream to have their own business, but not everyone knows how to do this right. When you think about starting your own business, it’s like a coin with two faces. It’s also easy because the process is something that you have to follow strictly, but it’s also hard because there are a lot of things that you have to pay attention too.

corparate-financeWhen you’ve never done this before and corporate finance, you don’t have anyone to tell you what to do, the best thing you can do right now it’s to go to a professional business advisor. Seeking one is the most important step that you can do because this person is the only one who can tell you exactly what to expect when you start your own business but also what are the necessary steps in doing everything right and making sure that you have the success that you want.

Here is what you have to do to create your own startup.

Step 1 – Think about the Budget

The budget is the first thing that you have to think about;  it’s the most important aspect. You want to make money, indeed, but you will have to have something to help you get started. You can use your savings, or you can use the money that you have on your credit card. Some businesses require just a small amount of money for creating the startup while others will need a considerable budget.

The truth is that it’s all about what you plan to do – if you want a coffee shop, you’ll have to use more money, but if you want to make customized birthday cards, you will need less than what you spend on a month for clothes, for example.

Step 2 – The Idea

This second step can go hand in hand with step 1 because they are both related and interconnected. The truth is that you can’t determine the budget unless you have a clear idea. You can think in reverse steps, considering first the budget and then see what you can do with the money that you have available.

256However, you also need to know that you have to start on something that you know how to do. For example, if you are extremely good with flowers and you like creating flower arrangements, it’s no use to start a coffee shop or a hairdresser shop.

Take a good time in choosing what you want to do, because this will also contribute to your success. If you start something that you have no idea about, you will have to work harder and invest a lot of money from the start, because you won’t know what to do.

Step 3 – The Plan

Once that you have the budget set and the idea clearly formed, it’s time to think of a business plan. Don’t consider it useless, because it’s not. The business plan will help you put everything on the paper. It’s a document that contains all the important details of your business. Like everything about the idea, the location of your future business (if you’ve got one, and it’s ideal that you have), the number finance (1)of employees, the business form – a single associate or more, who will finance your business or how will you finance it and, of course, the domain.

The plan will also have to contain clear directives on business management and implementing different marketing techniques that will help you make yourself known on the market.

Step 4 – Talk to a Business Advisor

If you haven’t used one for creating the business plan, it’s time you do so. The business advisor will review your business plan, and he or she will tell you what you should change and what you should keep. Participating in the Calgary Chamber to meet other business owners and try to get mentors if needed.

The business advisor has a lot of experience in creating business plans so that you will get the best advice on your plan. Of course, don’t consider this step useless, because it’s a good opportunity to receive advice exactly on those areas that you don’t master. You might be good at doing something, in particular, but creating the business plan it’s their area of expertise.

Step 5 – Get It Started

Once that you have everything set, it’s time to get started. Make sure that you have a good team around you – this is important – to be surrounded by the right people, who have the same passion as you do.


Of course, you will need to take different licenses and other papers. Your local authorities will know what to ask of you, so don’t skip this step. After you have everything right, and you have the name of your business, have insurance you can open up. Contact a larger insurance company for more advice on business insurance.

Take care of the setting and everything else that your future customers might consider important. Just imagine that you enter your shop for the first time and ask yourself how you would like to be served and what would you like to find there.

The marketing techniques are also important and even if you invest some money in them, these will prove to have good results, so don’t forget about them.

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Cascadia INTL
3100, 324 - 8TH AVENUE S.W,
Calgary, AB
Canada T2P 2Z2

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