Canadian Business Insurance

In the context of global economic and financial instability, widening recession and deteriorating credit crunch, business insurance has gained tangible importance and unquestionable gravity, so much that it has now become a vital necessity rather than a secondary option. The text below discusses some of the available business insurance options in Canada.

For businesses and non-profit institutions in Americaís northern neighbour, having the right insurance is essential to surviving and maintaining sustainable development, especially in an economic environment that is full of opportunity, but also full of risk. In this line of thought, the right type and amount of insurance will provide some fresh air to organizations, as they thread their way through the global financial meltdown. By definition, business insurance refers to an insurance policy that you buy so as to transfer a risk that you can afford (i.e. the payment of a premium with no guarantee of return) in order to cover a risk that you cannot afford.

The small business insurance is of critical importance for the survival of small businesses. For this reason, Canadaís insurers are working in close cooperation with the businesses to provide the small companies with a broader variety of insurance packages at more affordable prices.

The business liability insurance policy is designed to provide coverage to third parties in the event of personal injury, damages or losses incurred to landlords by tenantsí negligence, etc. In some cases, business liability insurance may also cover some of the medical expenses and payments.

The business car insurance policy provides protection for oneís fleet of work vehicles and drivers. This type of insurance includes third party liability insurance, road accident insurance, driverís collision and injury insurance, etc.

The workerís compensation insurance is mandatory for all small and medium-sized enterprises. In addition, one should keep in mind that some workerís compensation insurance policies include additional services such as risk management and loss control services that may contribute significantly to the growth of oneís business.

Finally, the business life insurance may be used to fund oneís buy/sell agreement in the event of his or her business partnerís death. This insurance aims to keep the company running if a key executive or some of the owners passes away.

Although big banks such as Toronto Dominion and the Canadian Imperial Bank of Commerce, together with financial services providers in Canada, offer flexible business insurance solutions, the prices may vary to a considerable extent, depending on the size and type of the company and the insurerís policy. If one seeks to lower the amount of the business insurance costs, he or she may consider joining some business group or association and take advantage of the preferential group rates that most Canadian insurers offer on the market.