Irrespective of the country one is settled in, any business run by that person needs to be insured against as many eventualities as possible. All businesses and self–employed people dealing especially with clients and consumers need to be absolutely insured against instances which might give rise to claims, compensations or litigations. Compensations and settlements if paid out of the profits of a self–employed person or a businessman can never do the business any good.
The same is also true for anyone owning and running a business in Canada. Many different types of insurance which are commonly offered by the insurance agents in Canada like:
- Public liability insurance is a type of business insurance in Canada which is generally used to protect a business against third party claims, to fight litigation in the court of law etc. This insurance helps to compensate for any settlements that need to be made and also covers all expenses incurred when the case is pending in the court of law.
- Accident insurance wherein as the name suggests any loss of life or injuries incurred due to an accident comes under the purview of this insurance. It also includes such things as funeral benefits, rehabilitation of the injured, vehicle modification etc.
- Privacy breach coverage insurance wherein all security incidents irrespective of whether they are intentional or not, which have the potential to make an impact on the business are covered.
- Property and liability insurance which helps the business owners protect their physical assets and property as well as act as a safeguard if and when lawsuits are raised.
- Commercial auto insurance which helps to cover costs incurred due to any damage caused to the vehicle or if there is a third party damage in the instance of an accident.
There are many other insurance benefits that are available and one should only take up an insurance which he is sure to be able to keep alive so as to get its benefits. Hence insurance premiums need to be paid regularly and on time.
Both Canada and UK have certain insurance policies which are readily available in both the countries as a protection against lawsuits and settlements. For the small and medium business owner or for that instance a professional, the public liability insurance uk is a necessity few can do without. Other insurance policies which are especially make for professionals and self–employed businesses are:
- Employer’s liability insurance which is a mandatory insurance required by the law of the state where the business is situated. This holds true for all those businesses who have people in their employment and provides a number of benefits to the workers or employees like hospitalisation coverage, regular income in case the insured person needs to stay out of work either temporarily or permanently etc.,
- Public liability insurance wherein the policy helps to:
- Make provisions for the settlements of claims,
- Bear the expenses incurred when a compensation claim has been taken up in the courts of law,
- Offer financial assistance in instances a third party suffers from bodily harm etc.
- Commercial vehicles insurance which is mandatory for all businesses which own commercial vehicles and use them for transportation of business–related materials, things, and people. In fact, businesses owning a fleet of vehicles can opt for a fleet insurance which provides the same benefits for a number of cars but at a relatively lower premium amount.
While these are the main types of insurance policies available in the UK, others like the equipment liability insurance, the product liability insurance etc., can also be taken up provided they are needed by the business on priority. Care must be taken to ensure proper selection of insurance policies so that it can actually benefit the business instead of becoming a liability after some time.